政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/136332

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/136332

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政大典藏 > College of Commerce > Department of Finance > Theses > Item 140.119/136332

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/136332

Title:	金融自由化、經濟政策不確定性與公司資本結構 Financial Liberalization, Economic Policy Uncertainty and Corporate Capital Structure
Authors:	廖俊凱 Liao, Jun-Kai
Contributors:	陳嬿如 Chen, Yenn-Ru 廖俊凱 Liao, Jun-Kai
Keywords:	金融自由化經濟政策不確定性資本結構 Financial liberalization Economic policy uncertainty capital structure
Date:	2021
Issue Date:	2021-08-04 14:44:54 (UTC+8)
Abstract:	過去對於資本結構的研究族繁不及備戴，但對金融自由化程度與公司的融資決策或資本結構的研究討論相對較少，且多半是集中在特定的國家。這些研究多半發現金融自由化對於公司槓桿比率有負向關係，其原因可能在於當法規限制解除後，公司獲得了新的融資管道，抑或是能取得較便宜的權益資金。但金融自由化多半會牽涉到國家的法規限制且可能使外部融資環境改變，可能對該國帶來更多不確定性。因此本研究將經濟政策不確定性加入討論，先觀察其與金融自由化之間的關係，再結合金融自由化指標來探討對於公司槓桿比率的影響。而本研究以兩種不同的金融自由化指標KAOPEN與TOTAL作為金融自由化的衡量指標，樣本為涵蓋經濟政策不確定性指數有衡量國家中資本市場的所有掛牌公司，期間則自1985年至2020年。實證結果發現金融自由化指標對於經濟政策不確定性影響沒有顯著關係，至於KAOPEN對於公司槓桿比率則有顯著負向影響，這與過去Mitton（2006）的研究結果相似，但TOTAL與公司槓桿比率則無顯著關係，至於經濟政策不確定性則多為不顯著影響。在異質性分析當中不同金融自由化指標則會產生不同結果，說明法規層面跟實際上的資本流動對公司槓桿比率影響仍存在差異，至於EPU則仍存在更多討論空間。 In the past few decades, there have been a lot of studies on Corporate Capital Structure. Instead, discussions on Financial Liberalization and Corporate Capital Structure were still not enough and most of them focused on specific area or countries. The potential reasons for this result is that company may have new equity financing channel and the lower cost of equity capital after government lifted the regulatory restrictions. However, financial liberalization will most likely involve regulatory restrictions and may change the external financing environment, which could bring more uncertainty to the country. That is why economic policy uncertainty is included in this study. First, we analyzed the relationship between economic policy uncertainty and financial liberalization. Then our study used two financial liberalization indicators KAOPEN and TOTAL combined with policy uncertainty index to discuss the relationship with corporate leverage. We use all listed companies in the countries covered by EPU index as the sample for the period from 1985 to 2020. We found that financial liberalization has no significant impact on economic policy uncertainty. Then KAOPEN has significant negative relationship with corporate leverage which is similar to the previous result of Mitton(2006). But there is no significant relationship between TOTAL and leverage. Neither is EPU and leverage. In the heterogeneity analysis, KAOPEN and TOTAL show different results, indicating that there are still differences between de jure and de facto measurement on the company`s leverage ratio.As for policy uncertainty, there is still more room for discussion.
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Description:	碩士國立政治大學財務管理學系 108357023
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0108357023
Data Type:	thesis
DOI:	10.6814/NCCU202100737
Appears in Collections:	[Department of Finance] Theses

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