政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/34199
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113648/144635 (79%)
造访人次 : 51639083      在线人数 : 618
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/34199


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/34199


    题名: 非營利組織融資行為之研究-以私立大專院校為例
    作者: 蔡依縈
    贡献者: 許崇源
    蔡依縈
    关键词: 非營利組織
    融資行為
    資本結構理論
    日期: 2002
    上传时间: 2009-09-18
    摘要: 時至今日，非營利組織發展越來越成熟，對於社會的影響也越來越深遠。但是，各類非營利組織通常本身並無足夠自主財源藉以支持整個事業的運作和發展，故仍必須向政府、私人企業及一般社會大眾進行融資的工作，才能維持其長期性和計畫性的社會改善行動。
    在過去十幾年間，非營利組織逐漸向私部門汲取經驗，以試圖改善其組織運作之效果及效率；特別是在策略規劃、行銷、融資、資訊系統以及組織發展等領域上。但就目前國內的文獻而言，其多著重於非營利組織之策略規劃以及績效評估之研究，對於非營利組織之資本結構和融資決策之研究則鮮少著墨。
    因此，本研究乃根據兩大組織資本結構理論：融資順位理論（The Pecking Order Theory）以及最適資本結構靜態抵換理論（The Static Trade-Off Theory）之假設，試著以國內非營利組織之相關資料，進一步探討國內非營利組織之管理階層融資決策過程，以及組織所取得的補助款多寡，是否會影響非營利組織之管理階層之融資決策。
    因國立大專院校並無融資行為，本研究所研究之非營利組織標的，以國內之私立大專院校為限；本研究之實證結果發現，當私立大專院校之盈餘波動越大時，比較不願意向外融資；代表私立大專院校在盈餘不穩定時，不會利用融資的方式取得資金，以免盈餘較大的波動性增加了拖欠成本的可能性，而進一步影響到學校整體穩健的營運。
    另外，私立大專院校之實證結果未支持任何財務理論，可能原因在於私立大專院校在從事融資活動時，未有任何之借款偏好。至於就補助款比率而言，實證結果符合假說預期，代表當私立大專院校所取得之補助款越多時；亦即有較穩定之資金管道時，越不會對外融資；另外，針對利息補助款比率來說，實證結果發現，當私立大專院校取得之利息補助款越多時，並不會提高其對外取得融資的意願。就敘述性統計量來看，平均而言，私立大專院校對外借款仍須負擔約七成的利息費用，因此，教育部之利息補助並沒有大幅降低學校的負擔，所以，縱使有利息補助的措施，亦未顯著影響學校向外取得更多資金之意願。
    綜上所述，當私立大專院校之盈餘波動性越高時、補助款越多時，其對外融資的傾向會降低；至於，利息補助則因教育部所提供之補助金額有限，所以，私立大專院校並不會因取得較高的利息補助款金額，而增加對外籌資的機會。
    Nonprofit Organization (NPO) has well developed and has great impact on the society. NPO may not have enough funds to support its long-term social improvement plans, so it has to borrow money from government, financial intermediary, or others.
    NPO have learnt many from the other sectors to get the organization more effectively and efficiently in the past years, especially about strategy planning, marketing, financing, information system and organization development. Unlike most of domestic studies that focus on the strategy planning and performance evaluation, the study focuses on the issue of capital structure and finance decision. According to organization capital structure theory, this study uses domestic NPO’s data to analyze finance decision and examines how subventions influence university’s finance decision.
    Because national universities have no bank liability, so the study focuses on the financial behavior of private universities. The empirical result shows that the greater the earnings fluctuated, the fewer the private university lent. In addition, the financing behavior of the private university doesn’t support any capital structure theory. It may mean that the private university management has no financing preference. When the private university obtains more subventions, the management doesn`t borrow more because it has steady fund resource. When the private university obtains more subventions on interest expense, the management doesn’t borrow more. This result doesn’t support the assumption. Perhaps the subventions on interest expense don’t alleviate the burden of interest expense substantially.
    參考文獻: 一、中文部分
    司徒達賢，1999，非營利組織之經營管理，台北：天下遠見。
    江明修，1999，第三部門：經營策略與社會參與，台北：智勝出版社。
    吳光新，2002，台灣地區民間福利機構的組織變遷—以南投仁愛之家為例，國立中正大學社會福利系研究所未出版碩士論文。
    杜拉克 (Drucker,Peter F.)，余佩珊譯，1994，非營利機構經營之道，台北：遠流出版。
    官有垣，1998，非營利組織的董事會角色與功能之研究，國立中正大學學報，第9卷第1 期。
    許士軍，1990，管理學，台北：東華書局。
    許世雨，1999，非營利組織與公共行政，收錄於第三部門：經營策略與社會參與，江明修（編），台北：智勝出版社。
    許弘毅，2001，私立大學院校之財務結構及會計處理，國立政治大學會計研究所未出版碩士論文。
    陳金貴，1994，美國非營利組織的人力資源管理，台北：瑞興圖書公司。
    陳隆麒，1999，當代財務管理，台北：華泰文化事業股份有限公司。
    張文瑛，1999，非營利組織一般公認會計原則之研究-以經濟事務財團法人為例，國立中興大學會計研究所未出版論文。
    潘文文，1995，非營利組織公共關係策略之研究—我國宗教性社會福利組織之個案分析，國立中興大學公共政策研究所未出版碩士論文。
    劉維琪、李怡宗，1993，融資順位理論之調查研究，管理評論，卷12（7月）：119-143。
    蕭新煌，2000，非營利部門組織與運作，台北：巨流圖書。
    教育部資訊網：http://www.edu.tw
    教育部私立大學校院整體發展獎助及補助作業：http://moe.cycu.edu.tw/moe2002/index.asp
    二、英文部分
    Bacon, P. W. 1992. Do Capital Structure Theories Apply to Nonprofit Hospitals？ Journal of the Midwest Finance Association 21: 86-90.
    Bitter, B. I., & Rahdert, G. K. 1976. The exemption of nonprofit organizations from federal income taxation. The Yale Law Journa 85(3): 299-358.
    Bowman, W. 1999. Chapter 11 for Nonprofit Organizations. In K. Shapiro and N. Peterman (eds.). Wiley Bankruptcy Law Update. New York: Wiley, 1999.
    Brigham, E. E, and Gapenski, L. C. 1997. Financial Management:Theory and Practice. Orlando, Fla. Dryden Press.
    Brody, E. 1998. The Limits of Charity Fiduciary Law. Maryland Law Review, 57 (4): 1400-1501.
    Donaldson, G. 1961. Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity. Boston: Harvard Business School.
    Donaldson, Gordon. 1985. Financial Goals and Strategic Consequences. Harvard Business Review.（May-June）: 57-66.
    Efron, B. 1979. Bootstrap methods: Another look at the jackknife. Annals of Statistics, 7:1-26.
    Efron, B., and Tibshirani. 1993. An Introduction to the Bootstrap, NewYork: hapman & Hall.
    Froelich, K. A., Knoepfle, T. W, and Pollak, T. 2000. Financial Measures in Nonprofit Organization Research: Comparing IRS 990 Return and Audited Financial Statement Data. Nonprofit and Voluntary Sector Quarterly, 29 (2): 232-254.
    Gentry, W M. 2000. Endowment Assets, Tax-Exempt Debt, and the Capital Structure of Not-for-Profit Hospitals. Paper presented to the Ninety-Third Annual Conference on Taxation of the National Tax Association, Santa Fe, N.M., Nov.
    Grossman, S. and Hart, O. 1982. Corporate Strategy and Capital Structure and Managerial Incentives in The Economics of Information and Uncertainty, J. McCall ed. Chicago. University of Chicago Press,: 107-137.
    Hansmann, H. 1980. The Role of Nonprofit Enterprise. Yale Law Journal, 89: 835-901.
    Hansmann, H. 1981. The Rationale for Exemption Nonprofit Organizations form Corporate Income Taxation. The Yale Law Journal: 54-100.
    Harris, M., and Raviv, A. 1991. The Theory of Capital Structure. Journal of Finance, 46 (1): 297-355.
    Ittner, C. D., D. F. Larcker, and M. V. Rajan. 1997. The Choice of Performance Measure in Annual Bonus Contracts. The Accounting Review 72（2）: 231-255.
    Jensen, M. 1986. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers. American Economic Review, 76 (2): 323-329.
    Jensen, M. C., & Meckling, W. H. 1976. Theory of the Firm: Managerial Behavior, Agency Cost, and Ownership Structure. Journal of Financial Economics, 3: 305-360.
    Keating, E., and Frumpkin, P. 2000. Reengineering Nonprofit Accountability: Toward a More Reliable Foundation for Regulation. Paper presented to the Twenty-Ninth Annual Conference of the Association for Research on Nonprofit Organizations and Voluntary Activity, New Orlean, La., Nov.
    Kim, E.H. 1978. A Mean-Variance Theory of Optimal Capital Structure and Corporate Debt Capacity. Journal of Finance, 33: 45-63.
    Kotler, P. 1982. Marketing for Nonprofit Organization,2nd: 12-15.
    Kraus, A., and Litzenberger, R. H. 1973. A State-Preference Model of Optimal Financial Leverage. Journal of Finance, 28 (4): 911-922.
    Meredith, R. 1996. Deal Ending Takeover Effort: Chrysler to Sell NonAuto Lines. New York Times, Feb. 9: 1.
    Miller, M. H., and Modigliani, E. 1961. Dividend Policy, Growth, and the Valuation of Shares. Journal of Business, 34 (4): 411-432.
    Myers, S. C. and Majuf, N. S. 1984. Corporate financing and investment decisions when firms have information that investors do not have. Journal of finance economics: 187-221.
    National Association of College and University Business Officials. 1998 NACUBO Endowment Study. Washington, D.C.: Cambridge Associates, 1998.
    Oleck, H. L. 1980. Nonprofit Corporations, Organization, and Associations. New Jersey:Prentice Hall.
    Oleck, H. and M. Stewart. 1994. Nonprofit Corporations, Organizations, and Associations, 6th ed. (New Jersey : Prentice-Hall Inc.)
    Salamon, L. 1999. America’s Nonprofit Sector: A Primer, 2nd ed.
    Shyam-Sunder, L., and Myers, S. C. 1994. Testing Static Trade-Off Against Pecking-Order Models of Capital Structure. Working paper 4722, National Bureau of Economic Research, Cambridge, Mass., Apr.
    Smith, Clifford W., Jr.; Warner, Jerold B. 1979. On Financial Contracting: An Analysis of Bond Covenants. Journal of Financial Economics, 7（2）.
    Turcker, D. J. 1981. Voluntary Auspices and The Behavior of Social Service Organizations. Social Service Review 55, 4: 603-27.
    Van Der Werf, M. 2000. A University Pays the Price for Relying on One Source of Funds. Chronicle of Higher Education, Dec. 1: A35-A37.
    Wedig, G. J. "Risk. 1994. Leverage, Donations, and Dividends-in-Kind: A Theory of Nonprofit Financial Behavior. International Review of Economics and Statistics, 3 (3): 257-278.
    Wedig, G. J., Sloan, F A., Hassan, M., and Morrisey, M. A. 1989. Capital Structure, Ownership, and Capital Payment Policy: The Case of Hospitals. Journal of Finance, 43: 21-40.
    Weisbrod, B. 1977. The Voluntary Nonprofit Sector: An Economic Analysis. San Francisco: Now Lexington Press.
    Woods Bowman, 2002. The Uniqueness of Nonprofit Finance and the Decision to Borrow. Nonprofit management & Leadership, 12, 3: 293-311.
    Wyatt, E. 2000. College Endowments Learn to Live with Risk. New York Times, Nov. 19, Business sec:1.
    Zingales, L. 2000. In Search of New Foundations. Journal of Finance, 55 (4): 1623-1653.
    描述: 碩士
    國立政治大學
    會計研究所
    90353041
    91
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0090353041
    数据类型: thesis
    显示于类别:[會計學系] 學位論文

    文件中的档案:

    档案 描述 大小格式浏览次数
    35304101.pdf9KbAdobe PDF2797检视/开启
    35304102.pdf10KbAdobe PDF2810检视/开启
    35304103.pdf10KbAdobe PDF2792检视/开启
    35304104.pdf9KbAdobe PDF2968检视/开启
    35304105.pdf201KbAdobe PDF21353检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈