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    題名: 台灣上市櫃生技製藥公司自金融機構取得資金之成本被評估因素探討
    Discussion on the evaluation factors of the cost of obtaining funds from financial institutions in Taiwan listed cabinet biotechnology pharmaceutical companies
    作者: 陳偉鈞
    Chen, Wei-Chun
    貢獻者: 李志宏
    陳偉鈞
    Chen, Wei-Chun
    關鍵詞: 生技製藥資金成本
    資金成本
    信用評等
    財務資訊透明度
    日期: 2015
    上傳時間: 2019-11-06 15:25:41 (UTC+8)
    摘要: 台灣生技製藥產業在政府的扶持下有不錯的成果之外，在台灣股市表現亦相當火紅，但投資大眾眼中，生技製藥產業仍然有相當高的不確定性與夢幻的存在。
    唯這樣的不確定性與夢幻的存在，到底是因為產業尖端科技的困難度高，還是只因為不易被大眾理解，抑或只是因為傳統財務報表的落後指標與無法量化無形資產的關係? 不論是預期或是已實現之利多與利空，往往足以讓股價反應出飆漲與暴跌，顯示虧損的生技製藥公司卻擁有高股價的特性。
    經過本研究的實證結果，證明即便金融機構這樣高度專業與重視風險的立場，依然在某種程度上願意接受此產業暫時的財報不佳，而不會視為立即風險，反而願意接受【股價表現】這類具未來性與題材性的因素來提供營運資金。
    參考文獻: 1.Aboody, D., Hughes, J., & Liu, J. (2005). Earnings quality, insider trading, and cost of capital. Journal of Accounting Research, 43(5), 651-673.
    2.Ashbaugh-Skaife, H., D. W. Collins and R. LaFond, 2006. The Effect of Corporate Governance on Firms’ Credit Ratings, Journal of Accounting and Economics, 42(1-2), 203-243.
    3.Bhojraj, S. and P. Sengupta, 2003. Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and the Outside Directors, Journal of Business, 76, 3, 455-475.
    4.Binsbergen, V., Jules, H., GRAHAM, J. R., & YANG, J. (2010). The cost of debt. The Journal of Finance, 65(6), 2089-2136.
    5.Botosan, C. A. (1997). Disclosure level and the cost of equity capital. Accounting review, 323-349.
    6.Cheng, M. and K. R. Subramanyam, 2008. Analyst Following and Credit Ratings, Contemporary Accounting Research, 25, 1007-1043.
    7.Core, J. E., Guay, W. R., & Verdi, R. (2008). Is accruals quality a priced risk factor?. Journal of Accounting and Economics, 46(1), 2-22.
    8.Francis, J., R. LaFond, P. Olsson and K. Schipper, 2005. The Market Pricing of Accruals Quality, Journal of Accounting and Economics, 39, 2, 295-327. Frost, C. A., 2006. Credit Rating Agencies in Capital
    9.Francis, J., LaFond, R., Olsson, P. M., & Schipper, K. (2004). Costs of equity and earnings attributes. The Accounting Review, 79(4), 967-1010.
    10.Ho, S.S.M., and K.S. Wong. 1999. A study of the relationship between corporate governance structures and the extent of voluntary disclosures. Unpublished Conference Paper, 1999 AAA/TAA Globalization Conference, Taiwan.
    11.Jiang, J., 2008. Beating Earnings Benchmarks and the Cost of Debt, The Accounting Review, 83 (2), 377-416.
    12.Lang, M. H., and R. J. Lundholm. 1996. Corporate disclosure policy and analyst behavior.
    13.The Accounting Review 71 (4): 467-492.
    14.Myers, S., 1984. The Capital Structure Puzzle, Journal of Finance, 39, 575-592.
    15.Ogneva, M. (2007), “Accrual Quality and Expected Returns: The Importance of Controlling for Cash Flow Shocks,”USC Working Paper.
    16.Poon, W., 2003. Are Unsolicited Credit Ratings Biased Downward? Journal of Banking and Finance, 27, 593-614.
    17.Sengupta, P., 1998. Corporate Disclosure Quality and the Cost of Debt, The Accounting Review, 73, 4, 459-474.
    18.黃玉麗, 沈中華, & 林昆立. (2012). 政治關聯 (係) 與債務資金成本. 管理學報, 29(2), 155-185.
    描述: 碩士
    國立政治大學
    經營管理碩士學程(EMBA)
    102932129
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0102932129
    資料類型: thesis
    DOI: 10.6814/NCCU201901216
    顯示於類別:[經營管理碩士學程EMBA] 學位論文

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