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    題名: 金融契約與廠商投資之研究-股價資訊、抵押品的實質效果
    The Theoretical Studies of Financial Contracts and Firms` Investment Decisions-The Real Effects of Stock Price Information and Collateral
    作者: 林育秀
    Lin, Yu Shou
    貢獻者: 胡聯國
    Len Kuo Hu
    林育秀
    Yu Shou Lin
    關鍵詞: 資訊外部性
    經濟效率
    實質選擇權
    市場個體結構
    借貸限制
    財務槓桿
    抵押品
    狀態確認成本模型
    informational externality
    economic efficiency
    real options
    market microstructure
    financing constraints
    financial leverage
    collateral
    costly state verification model
    日期: 1998
    上傳時間: 2016-04-20 17:16:12 (UTC+8)
    摘要: 本論文包含兩篇獨立但主旨相關的文章， 目的均在探討融資契約與廠商投資的關聯，以分析融資契約的實質效果。第一篇文章「股價資訊外部性與新投資之採行」研究權益證券(股票)集訊、揭訊功能的實質效益，我們由股價資訊公開所產生的外部效果，分析股價資訊效率性與廠商投資效率之間的關聯。在1.眾多異質廠商，2.投資具實質選擇權(real options)特性的假設下，內生化廠商與股市交易者的資訊取得決策，發現1. 均衡時廠商的投資與資訊取得決策取決於廠商技術水準與股價效率性之高低：高股價效率性時，無廠商取得新資訊，皆根據股價判斷投資，低股價效率性時，僅較低技術廠商根據股價資訊投資。2. 股價有額外的資訊揭露效果：由於廠商僅能獲得新資訊的部份效益，且廠商利用資訊有機會成本，將投資證券化可提高新資訊被揭露的可能性，使得資訊可被充份利用，提昇投資效率。3. 股價資訊可提增投資效率，增加廠商期望報酬，但當體系平均技術水準落後，新資訊的實質效益低落時，股價資訊公開的外部淨效益亦趨薄弱，故經濟發展初期，股市資訊公開的外部效益相對不重要。
    This dissertation collects two separate but related papers, both study the channel through which financing contracts can affect firms` investment decisions and the corresponding real effects. The first paper " Informational Externality of Stock Prices and Firms` New Investment Decisions" analyzes what real benefits the information acquisition and signaling function of stocks can produce. From the viewpoint of informational externality, stock prices may disclose some valuable information beneficial to firms` investment decisions. Under the assumptions of " heterogeneous technology" and "new investment as a real option", this paper finds 1. Firms` investment and information acquisition decisions are determined both by their own technology level and stock prices efficiency. With high price efficiency, no firms acquire information directly, all make investment decisions based on stock prices. With low price efficiency, most firms acquire information directly, only few low-tech firms make decisions according to stock prices. 2. Stock prices have additional signaling effect. Firms can ony get half benefits of new information, besides they have opportunity costs in using information. As a result, stock prices can enhance the possibility of information disclosure, improving investment efficiency. 3. When the economy is underdeveloped and the real benefit of new information is small, the net benefit produced by informational externality will be tiny. The stock prices externality effect is thus comparatively unimportant at the beginning stage of economy.
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    描述: 博士
    國立政治大學
    國際經營與貿易學系
    82351503
    資料來源: http://thesis.lib.nccu.edu.tw/record/#B2002001528
    資料類型: thesis
    顯示於類別:[國際經營與貿易學系 ] 學位論文

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