企業負債到期結構與發行擔保負債的決定因素-結合公司治理的實證分析

Abstract

本研究同時檢驗負債到期結構與公司發行擔保負債的決定因素，實證結果發現負債比率、資產規模、債券評等、營運風險等因素，同時對公司的負債到期結構與擔保負債比率有顯著影響。文章當中也結合公司治理的概念，加入公司治理指數(G-index)與管理階層持股比率、管理階層報酬以及執行長同時擔任董事長等變數，實證結果顯示G-index與負債到期結構呈現顯著正向關係，G-index越高的公司，長期負債占總負債的比率會越高。G-index與擔保負債比率則是負向關係，由於G-index較高的公司，對債權人的保護程度較佳，因此也降低債權人對於公司以資產做擔保進行舉債的需求。在部分的迴歸模型當中也發現管理階層報酬與長期負債比率的正向關係。 本文也檢驗負債到期結構與擔保負債比率的關聯性，雖然在普通最小平方迴歸模型呈現顯著負向的關係，但是在修正潛在的內生性問題之後，出現不顯著的結果。

This study examined the determinants of the liabilities and the debt maturity structure. Empirical results show that the debt ratio, asset size, bond ratings, operational risk and other factors have a significant impact on the company's debt maturity structure and secured debt ratio. Article which also incorporates the concept of corporate governance, by adding corporate governance index (G-index) and the ratio of management ownership, management remuneration and also served as chairman and chief executive of the variables.Empirical results show that G-index and the maturity structure of debt presents significant positive relationship, the poorer the corporate governance of companies, their long-term debt to total debt ratio will be higher. G-index and the ratio of secured debt is a negative relationship. Because the higher G-index of companies have a better degree of protection to creditors, it can reduce the assets of the company as collateral for the borrowing needs. Partial regression model also show that the management compensation and long-term liabilities are positive correlates. This paper also examines the relationship of debt maturity structure and secured debt ratio.It has significant negative relationship in ordinary least squares regression model, but there is no significant results after correcting a potential endogeneity problem.