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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/58932


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/58932


    Title: 影響跨國債券發行者選擇發行地的因素-以投資者保護探討
    How do Bond Issuers Choose their Target Market: From the perspective of Investor Protection
    Authors: 葉宗浩
    Contributors: 岳夢蘭
    葉宗浩
    Keywords: 跨國發行
    債券
    股東保護
    債權人保護
    Date: 2012
    Issue Date: 2013-07-22 11:13:04 (UTC+8)
    Abstract: 本篇論文利用1994年至2012年全球債券的跨國發行資料，結合La Porta et al.(1998)中對49個國家所進行的投資者保護程度調查的資料。研究法律給予股權投資者及債權投資者的保護對於跨國債券發行的影響。實證發現，股權投資者保護越好的國家，對於債券發行者越有吸引力，造成國外發債比例較低、國內債券市場由較多外國發行者組成，以及吸引較多來自股東保護差地區的發行者；相反地，較佳的債權投資者保護，會對債券發行者產生排斥的作用，造成國外發債比例較高、國內債券市場由較少外國發行者組成，以及吸引較少來自債權人保護差地區的發行者。
    A sample of global bond issue data from 1994 to 2012 is employed in this paper. Following La Porta et al.(1998) which investigated investor protection in 49 main countries, this paper investigates the impact of shareholder and creditor protection on the choice of the location where cross-border bonds will be issued. The result shows locations with better shareholder protection are more attractive to bond issuers. The evidence discovers that countries with better shareholder protection have less bonds issued outside of their countries and their bond markets consist of more foreign bond issuers from countries with worse protection. On the other hand, creditor protection has the opposite effect. Evidence shows that countries with better creditor protection have more bonds issued outside of their countries and consisting of less foreign bond issuers from countries with worse protection in their bond markets.
    Reference: 1. K.H. Bae and V.K. Goyal, 2009. Creditor Rights, Enforcement, and Bank Loans. Journal of Finance Vol.XIV, NO. 2, 823-858.
    2. N. Boubakri and H. Ghouma, 2010. Control/ownership structure, creditor rights protection, and the cost of debt financing: International evidence. Journal of Banking and finance Vol.34, 2481-2499.
    3. A. Bris and C. Cabolis, 2008. The value of investor protection: firm evidence from cross-border mergers. The Review of Financial Studies v2/n2.
    4. P. Brockman and E. Unlu, 2009. Dividend policy, creditor rights, and the agency costs of debt. Journal of Financial Economics Vol.92, 276–299.
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    Description: 碩士
    國立政治大學
    財務管理研究所
    100357032
    101
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0100357032
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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