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| DC 欄位 | 值 | 語言 |
|---|---|---|
| dc.contributor.advisor | 姜堯民 | zh_TW |
| dc.contributor.advisor | Yao-Min Chiang | en |
| dc.contributor.author | 郭力綺 | zh_TW |
| dc.contributor.author | Li-Chi Kuo | en |
| dc.date.accessioned | 2024-06-19T16:05:49Z | - |
| dc.date.available | 2024-06-20 | - |
| dc.date.copyright | 2024-06-19 | - |
| dc.date.issued | 2024 | - |
| dc.date.submitted | 2024-06-13 | - |
| dc.identifier.citation | An, Z., Li, D., & Yu, J. (2015). Firm crash risk, information environment, and speed of leverage adjustment. Journal of Corporate Finance, 31, 132-151.
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| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/92746 | - |
| dc.description.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。 | zh_TW |
| dc.description.abstract | 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. | en |
| dc.description.provenance | Submitted by admin ntu (admin@lib.ntu.edu.tw) on 2024-06-19T16:05:49Z No. of bitstreams: 0 | en |
| dc.description.provenance | Made available in DSpace on 2024-06-19T16:05:49Z (GMT). No. of bitstreams: 0 | en |
| dc.description.tableofcontents | Contents
Ackowledgment i 中文摘要 ii Abstract iii Contents iv List of Tables vi Chapter 1 Introduction 1 Chapter 2 Background and Hypothesis 5 2.1 Mortage loan 5 2.2 Shares pledging 5 2.3 Agency problem 6 2.4 Shares pledging restrictions 7 2.5 The speed of capital structure revision 8 Chapter 3 Research Design and Data 9 3.1 Sample construction 9 3.2 Shares pledging restrictions and capital structure 12 3.3 Shares pledging restrictions and firm value 14 3.4 Shares pledging restrictions and the speed of capital structure revision 15 3.5 Shares pledging restrictions and capital structure deviation 17 3.6 Shares pledging restrictions, capital structure deviation and firm value 18 Chapter 4 Empirical Results 19 4.1 Share pledging restrictions and firm value 19 4.2 Share pledging restrictions and capital structure revision speed 20 4.3 Share pledging restrictions and capital structure deviation 24 4.4 Shares pledging restrictions, capital structure deviation and firm value 26 Chapter 5 Conclusions 30 Chapter 6 Refereces 32 Appendix 34 | - |
| dc.language.iso | en | - |
| dc.subject | 股權質押 | zh_TW |
| dc.subject | 資本結構 | zh_TW |
| dc.subject | 槓桿值偏差 | zh_TW |
| dc.subject | 代理問題 | zh_TW |
| dc.subject | capital structure | en |
| dc.subject | leverage deviation | en |
| dc.subject | shares pledging | en |
| dc.subject | agency problem | en |
| dc.title | 股權質押限制對資本結構與公司價值之影響 | zh_TW |
| dc.title | The Impact of Share Pledging Restrictions on Capital Structure and Firm Values | en |
| dc.type | Thesis | - |
| dc.date.schoolyear | 112-2 | - |
| dc.description.degree | 碩士 | - |
| dc.contributor.oralexamcommittee | 張邦茹;黃柏凱 | zh_TW |
| dc.contributor.oralexamcommittee | Pang-Ru Chang;Po-Kai Huang | en |
| dc.subject.keyword | 股權質押,資本結構,槓桿值偏差,代理問題, | zh_TW |
| dc.subject.keyword | shares pledging,capital structure,leverage deviation,agency problem, | en |
| dc.relation.page | 34 | - |
| dc.identifier.doi | 10.6342/NTU202401093 | - |
| dc.rights.note | 未授權 | - |
| dc.date.accepted | 2024-06-13 | - |
| dc.contributor.author-college | 管理學院 | - |
| dc.contributor.author-dept | 財務金融學系 | - |
| 顯示於系所單位： | 財務金融學系 | |
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