股權質押限制對資本結構與公司價值之影響

Abstract

本文探討了臺灣 2007 年和 2011 年兩次股權質押限制對企業資本結構的影響。我使用 DID 估計方法研究這些法規變化對於資本結構調整速度、與目標槓桿值的偏差以及公司價值等方面的影響。研究發現，2007 年股權質押限制的實施導致高股權質押公司資本結構調整速度的提升，與目標槓桿的偏差減少，從而逐漸使得資本結構回歸到較為合理的水平。而2011年的股權質押限制實施後，高股權質押公司資本結構調整速度增加，但是與目標槓桿的偏差也隨之增加，總體來說，這些法規的實施有效地減少了代理問題，並提升了公司價值。

The paper investigates the impact of restrictions on share pledging in Taiwanese firms, focusing particularly on two regulatory changes in 2007 and 2011 and their effects on corporate capital structure. Employing the Difference-in-Differences estimation method, the study reveals the implications of these regulatory changes on the capital structure and firm value. The research finds that the implementation of share pledging restrictions in 2007 resulted in an increase in the speed of capital structure revision and a decrease in deviation from target leverage for companies with high levels of share pledging, gradually bringing their capital structure back to a more optimal level. Conversely, after the enforcement of share pledging restrictions in 2011, although the speed of capital structure revision increased for high share pledging companies, so did the deviation from target leverage. The paper offers explanations for this phenomenon and validates the hypothesis through correlation regressions. Overall, the implementation of these regulations effectively reduces agency problems and enhances firm value.