金融與信貸約束對公司資本結構選擇的影響:新興市場實證研究

Abstract

本篇論文探討金融與信貸約束對公司資本結構選擇的影響，透過新興市場的公司財務資訊並以橫斷面時間序列迴歸法進行分析。歸因於非多角化公司的信用程度較差、信貸約束會較容易實現，故本文認定非多角化公司較易受到信貸約束的影響；此外，當公司擁有投資機會、卻無資金時，此情況在本文中即假定公司受到金融約束。實證結果顯示 (1) 公司受到信貸約束的負債比率會比較低 (2) 公司受到金融約束的負債比率會比較低 (3) 公司受到信貸與金融約束的負債比率會比較低。實證結果不但支持多角化公司可以減少公司的信貸約束，也發現企業由於受到金融約束時、財務困境成本理論對公司資本結構選擇的影響會比優序理論強。

This study investigates the effects of the credit constraints and financial constraints of firm on the capital structure choice in emerging markets by using the panel regression method. Since focused firms are likely to become credit constrained due to their lower credit quality, this research uses focused firm as the measure for credit constrained firm. Additionally, this research identifies firms as financial constrained if firms have investment opportunities but do not have sufficient cash to invest. The results indicate that (1) focused firms have lower leverage ratio than diversified firms, (2) financial constrained firms have lower leverage ratio than financial unconstrained firms, (3) firms which are facing both financial constraints and credit constraints have low leverage ratio. The empirical evidence for the impacts of financial and credit constraints suggests that diversification can alleviate credit constraints, and the contracting costs hypothesis dominates the pecking order hypothesis when firms have financial constraints.