English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113822/144841 (79%)
Visitors : 51824355      Online Users : 566
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
    •  Adv. Search
    Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer Goto mobile version


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/65355


    Title: Financial Intermediation and Firms’ Financing Choices under Double Information Imperfection
    Other Titles: 兩類不完美訊息下，金融中介與廠商融資決策之研究
    Authors: 林育秀;胡聯國
    Lin, Yu-Hsiu;Hu, Len-Kuo
    Contributors: 國貿系
    Keywords: Financial Intermediary;Imperfect Information;Financing Choice
    金融中介;不完美訊息;融資選擇
    Date: 2010.10
    Issue Date: 2014-04-15 10:33:26 (UTC+8)
    Abstract: This paper proposes a model to analyze the optimal financing choices for firms in a structure that has imperfect information on both the firm`s type and the state of the industry. Assuming that intermediaries start with the production of information that is to their relative advantage, it is discovered that firms with mid-level quality attempt to access commercial bank lending while those with relatively high or low quality levels tend to pursue capital market financing. Moreover, the market share secured by each type of financing may expand or shrink as industry prospects change, depending on the industry`s initial prospects. Finally, each intermediary is allowed to decide on its optimal sequencing of information production and the impact of sequencing on the intermediary`s competitive status for serving the firm`s financing needs is examined.
    本文提出一個含有兩類不完美訊息的模型，假設市場對公司的真實類型（好公司或壞公司）以及產業的真實前景（看好或不佳）並無充分訊息之下，探討廠商融資管道的選擇。研究發現，倘如金融中介於努力擷取兩類訊息時，係優先處理其具有相對優勢的訊息，則對於高品質（指為好公司的機率大）或低品質（指為好公司的機率小）的公司融資透過投資銀行較為有利；而中等品質的公司向商業銀行融資較為有利。此外隨著產業前景的變化，兩類融資管道的市場規模可能擴大或者萎縮，須視該產業前景的初始狀態而定。最後，當金融中介可內部化決定處理兩類訊息的最佳順序時，兩類融資管道的相對競爭優勢也將產生變化。
    Relation: 管理評論, 29(4), 19-37
    Data Type: article
    Appears in Collections:[國際經營與貿易學系 ] 期刊論文

    Files in This Item:

    File Description SizeFormat
    1937.pdf1854KbAdobe PDF21074View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    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 ©   - Feedback