公司治理以及內部資本市場變數對企業融資成本的影響

Abstract

過去論文多為探討公司治理對績效或代理問題之探討，或是單一探討融資成本影響之因素，在台灣，百大企業之負債淨值比高達436.5%，公司債發行在外餘額有1.7兆新台幣，銀行借款也高達23兆台幣，可見外部融資成本對企業是很重要的資金籌集要素，並深深影響著企業的命脈與公司經營成果，故欲探討之。 本研究將借款方式細分為三種，公司債、聯貸案借款以及非聯貸案借款，以公司治理變數及內部資本市場變數來驗證是否對借款成本有所影響，其中公司治理變數以董監持股比、董監質押比、大股東持股比、董監席次控制、盈餘分配、席次盈餘偏離差、席次股份偏離差八種變數來探討，內部資本市場則以集團與否、是否有應收關係人借支以及是否有應收關係人融資等虛擬變數來探討是否存在內部資本市場對借款成本之影響。 本研究包含2002-2015年所有不包含金融業之上市櫃公司，其中公司債涵蓋117家公司，272筆資料；聯貸案含有279家公司，667筆資料；非聯貸案1296家公司，11164筆資料。 實證結果發現，發行公司債之公司相對於銀行借款，其規模顯著較大、信評較好、但公司治理較差，普遍存在內部資本市場，故迴歸結果並不顯著，但解釋力很高，故本研究認為這類公司多為大公司，信評較好，故借款成本較不看重公司治理層面，而僅是在乎借款契約來決定利率高低，且符合避免監督理論，公司治理較差之公司偏向使用發行公司債；而聯貸案相對於一般借款之公司治理也較差，規模較大、信評較好，故迴歸結果也並不顯著；非聯貸案因所有公司幾乎皆涵蓋，樣本較大，迴歸結果支持了公司治理較差或存在內部資本市場但仍向銀行借款者，借款成本顯著較高。

Previous studies have made a lot contributions to the impact of corporate governance and agency problems on enterprises’ performance and only discuss about one kind of fund borrowing. In Taiwan, enterprises’ debt to equity ratio are up to 436.5%. Corporate bond balance near 17 billion and bank loan are near to 23 billion. Therefore, cost of borrowing will be deeply affect corporate’s performance and lifeline. Our study divided the borrowing method to three kinds, corporate bond, syndicated loan and bank loan. And discuss the impact of corporate governance and internal capital market on cost of borrowing. We acquire 117 firms, 272 data of corporate bonds; 279 firms, 667 data of syndicated loan; 1296 firms and 11164 data of general bank loan during 2002-2015, 14 years. Our empirical results show that firms which use corporate bond to borrow money are mostly have large assets, well TCRI, bad corporate governance, and mostly exist internal capital market. Therefore it is not significant when we did the regression. But it shows that these kind of borrowing would not focus on corporate governance but focus on the contract variables. Also the syndicated loan show the similar things, compare to general bank loan, companies which use the syndicated loans are bigger, better TCRI, and worse corporate governance. Only the general bank loans conform to our suspect. Poor corporate governance and exist of ICM would have higher cost of borrowing.