以債籌資與公司治理

Abstract

負債為公司籌措資金的重要方式之一，籌資決策關係著公司治理的運作。本文由公司籌資決策的考量因素為出發，分析公司以債籌資的利益、成本、所受規制程度及對公司治理的影響。第二章討論公司資本結構，公司以股權或負債籌資的差異與效果，第三章討論公司以債籌資的兩大主要途徑，發行公司債及融資借款，各於法制、契約上有何重要規範及債權人保護機制，第四章以台灣高速鐵路股份有限公司為案例，探討其以債籌資型態及對公司產生的作用。 如何運用負債以使公司利益最大化尚無普遍公認的標準，因股東與債權人間存在利益衝突，公司利益最大化的概念也依其資產是否足以清償負債而有流動，須注意負債相關代理成本的防免，才能充分發揮舉債籌資的益處。以我國現行法制及公司債契約通常型態，公司債債權人對公司的干涉程度尚屬有限；考量公司資金成本，發行公司債為長期、穩定的籌措資金途徑。銀行通常為公司借款最重要的債權人，具有監控優勢，其反應會釋放訊息予其他投資者，有助於矯正公司管理上的鬆懈，對公司治理有正面效用，而融資契約中若干為保護債權人而設的條款，足以影響公司日後經營決策。

Debt financing is one of the important ways for companies to raise fund. Funding decisions are highly related to the function of corporate governance. This thesis begins with the factors of the decision of financing in a company, and analyzes the benefits, the costs, the extent of regulation and the impact on corporate governance. The second chapter discusses capital structure, also with the difference between stock equity and debt financing. The third chapter talks about the main two approaches of debt financing: corporate bond and loan financing, and goes into the important regulation and mechanism of protecting creditors in both legal and contractual system of each approach. The fourth chapter gives an example of Taiwan High Speed Rail Corporation, looks into its ways of debt financing and the effects on this company. There is no common standard for how to use debt to maximize the interest of companies. Because there are conflicts of interest between shareholders and creditors, the concept of maximizing the interest of companies depends on whether the company is in a state of insolvent. To exert the benefit of debt financing, it is necessary to prevent the agency costs of debt. According to the legal regulation and contract pattern of corporate bond in our country, it is very limited for bondholders to interfere the function of company. Considering the cost of financing, issuing corporate bond is a long-term and steady way of financing. Banks are usually the most important creditors of companies. Banks have advantage to monitor debtors. Their reactions release signals to other stakeholders. It is helpful to correct managerial slack of the debtor, and is also helpful to corporate governance. Some clauses meant to protect creditors in the debt covenants could influence the company’s future decision making.