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標題: | 高階經理人性別多元化對企業負債期限結構之影響 Top Executive Gender Diversity and Debt Maturity Structure |
作者: | 陳若羚 Ruo-Ling Chen |
指導教授: | 何耕宇 Keng-Yu Ho |
關鍵字: | 高階經理人,性別多元化,負債期限結構,公司治理,資訊不對稱, Top executive,Gender diversity,Debt maturity structure,Governance,Information asymmetry, |
出版年 : | 2023 |
學位: | 碩士 |
摘要: | 本研究基於財務理論上對於企業負債期限結構的影響因素,以及高階經理人性別特質的差異對於決策的影響,探討臺灣上市櫃企業中,有發行公司債的公司,其高階經理人性別多元化是否影響負債期限結構。實證結果發現當公司擁有女性高階經理人,以及女性高階經理人比例超過50%,則公司債中的短天期負債比例皆顯著提升,顯示女性高階經理人更關注公司治理中的資訊透明度,傾向透過提高短天期公司債比例,提高債權人監督公司經營狀況的能力,以降低管理階層與利害關係人之間的資訊不對稱。
此外,公司有女性獨立董事能夠強化女性高階主管在做資本決策時的決定權及執行力,因此當公司同時有一名以上的女性高階主管與女性獨立董事,企業更致力於降低資訊不對稱及提升債權人監督的能力,因此公司有更高的短天期公司債比例。 This paper studies the impact of factors related to corporate debt maturity structure based on financial theory, and the influence of differences in top executives' gender traits on decision-making. It investigates whether gender diversity among top executives in Taiwanese-listed companies that have issued corporate bonds affects the debt maturity structure. The empirical results show that when a company has female top executives or the proportion of female top executives exceeds 50%, the proportion of short-term debt in corporate bonds significantly increases. This suggests that female top executives pay more attention to information transparency in corporate governance, tending to enhance the ability of creditors to supervise the company's operations by increasing the proportion of short-term corporate debt, thereby reducing information asymmetry between management and stakeholders. Furthermore, the empirical results show that a company having female independent directors strengthens the decision-making authority and execution power of female top executives in capital decision-making. Therefore, when a company has both female top executives and female independent directors, the company is more committed to reducing information asymmetry and enhancing creditor supervision. As a result, the company has a higher proportion of short-term corporate debt. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/87924 |
DOI: | 10.6342/NTU202301143 |
全文授權: | 同意授權(限校園內公開) |
顯示於系所單位: | 財務金融學系 |
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