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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/54306
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/54306


    Title: 超額認購後公司資金後續運用之研究
    The use of loans from international syndicated market
    Authors: 盧怡寧
    Contributors: 張元晨
    盧怡寧
    Keywords: 聯合貸款市場
    超額認購
    貸款資金之運用
    代理問題
    Date: 2011
    Issue Date: 2012-10-30 10:41:55 (UTC+8)
    Abstract: 在日益競爭激烈的聯貸市場中,發生超額認購之情形越來越普遍。當公司發生超額認購後,通常會對貸款條件進行調整。本研究使用LPC資料庫與Compustat資料庫,並且依據「超額認購後公司的調整情形」作分類,分別研究其後續資金運用之決策上有何差異。實證結果指出,超額認購後調升貸款金額的公司中,投資機會較高之公司群後續將資金運用於資本支出上,投資機會較低之公司群則是將資金以現金形式保留在公司內部,且兩者均不會將資金發還給外部投資人。另外,此兩類公司之經理人薪資以及紅利均上升,但是卻伴隨著較差的盈餘表現,印證公司內部存在某種代理問題。尤以投資機會較高之公司群而言,前三大經理人持股反而在高額認購後下降,更加深股東與經理人之間存在代理問題的疑慮。
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    6. Harford, J., and D. Haushalter. ,2003, "Cash Flow Shocks, Investment, and Financial Constraint: Evidence from a Natural Experiment.` Unpibl. Paper. Univ. of Orefon

    7. Hite, Gailen, James Owers, and Ronald Rogers, 1987, "The market for interfirm asset sales:Partial sell-offs and total liquidations", Journal of Financial Economics 18, 229-252.

    8. Ivashina, V. and Z. Sun, 2008, “Institutional Demand Pressure and the Cost of Leveraged Loans,” Harvard Business School Working Paper.

    9. Jensen, Michael C., 1986, "Agency costs of free cash flow, corporate finance, and takeovers", American Economic Review 76, 323-329.

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    11. Lang, Larry H. P., and Robert H. Litzenberger, 1989, “Dividend Announcements: Cash Flow Signalling Vs. Free Cash Flow Hypothesis.” Journal of Financial Economics, September 24(1), pp.181-192.
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    Description: 碩士
    國立政治大學
    財務管理研究所
    99357010
    100
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0099357010
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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