同產業公司槓桿比率之改變對公司債期結構之影響

Abstract

近年來關於債期結構的研究逐漸增加，從許多不同面相研究公司如何決定負債期限，如流動性(Greenwood (2010))、投資動機(Diamond and He(2014))、負債比率(Brick and Ravid (1985))等，但幾乎沒有文獻將債期結構與同產業間公司的互動互相連結，故本論文利用Leary and Roberts (2014)的同產業公司平均股價報酬衝擊當作同產業資本結構(槓桿比率)變化之代理變數，探討同產業公司之資本結構變化對公司債期結構之影響。研究結果發現，同產業間公司資本結構的變化確實會對公司自身資本決策造成顯著影響，進而影響公司債期結構，且同業槓桿比率越高，公司發行短債比例越低。本論文另對公司評等高低對同產業公司之槓桿比率對公司短期負債比例推論之影響進行分析，發現低評等及無評等的公司受同業資本決策的影響較顯著。

This research investigates the relationship between peer firms’ leverage and maturity choice of the firm. We employ the average of the peer firms’ stock return shocks as a proxy of change of the peer firms’ capital structures. This approach is developed in Leary and Roberts (2014). The empirical results of this study show that the change of peer firms’ capital structure does affect a firm’s maturity choice, and that peer firms’ equity shock will have positive effect on a firm’s short term debt ratio. Moreover, we find that firms with lower rating and without rating are sensitive to the peer firms’ stock return shock.