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Title:	道德危險下企業資本結構之研究
Authors:	楊俊烈
Contributors:	劉維琪楊俊烈
Date:	1990 1989
Issue Date:	2016-05-03 14:11:07 (UTC+8)
Abstract:	論文摘要當所有者兼經營者向債權人籌資時，由於所有者兼經營者之經營努力水準，債權人無法完全觀察，於是會產生道德危險的問題。債權人必須適當地透過債權期末評價來激勵所有者兼經營者努力於經營以提高公司的價值，由於債權人的債權期末評價會影響債權和權益的期末價值，自會反應在負債比率的變化，所以本文提供了另一研究方向來討論資本結構。本文依據代理理論，分別探討單期、多期和合併代理問題、稅及破產成本的情況下的資本結構，所得幾個重要結論如下： (1)在單期的考量下，債權人只能從期末公司的價值來推論所有者兼經營者是否努力於經營資，當公司的價值較大(小)時，債權人推論所有者兼經營者有(沒有)致力於經營，於是對債權的期末評價較低(高)以使得權益的價值較高(低)以獎勵(懲罰)所有者兼經營者，所以負債比率較小(大)。 (2)在單期的考量下，再加入稅和破產成本兩因素，企圖合併代理問題和破產成本兩種解釋資本結構的理論，所以除了結論(1)之外資本結構也受到邊際節稅利益和邊際破產成本的影響，當公司的價值較大或邊際破產成本較大時，兩者都會使負債比率變小；反之，當公司的價值較小或邊際節稅利益較大時，兩者都會使負債比率變大。 (3)在多期的情形下，由於債權人可利用當期和未來各期誘因來激勵所有者兼經營者在前期提高經營努力水準，反應在負債比率上是負債比率受到當期公司的價值和前期公司價值水準的影響。此外，所有者兼經營者各期的經營努力水準是前期公司的價值的遞減函數，於是產生「價值平滑化」的現象，而價值平滑化也會使各期的負債比率變異變小。且所有者兼經營者和債權人之間的代理關係愈久，債權人愈有可能利用「分散效果」來降低誘因問題，而負債比率也愈接近充分資訊下的負債比率。
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Description:	碩士國立政治大學企業管理學系
Source URI:	http://thesis.lib.nccu.edu.tw/record/#B2002005234
Data Type:	thesis
Appears in Collections:	[Department of Business Administation] Theses

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