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系統識別號 U0026-3012201401030400
論文名稱(中文) 地域性多角化與公司治理對公司權益資金成本之影響
論文名稱(英文) Geographic Diversification, Corporate Governance and Cost of Equity Capital
校院名稱 成功大學
系所名稱(中) 財務金融研究所
系所名稱(英) Graduate Institute of Finance
學年度 103
學期 1
出版年 103
研究生(中文) 黃郁翔
研究生(英文) Yu-Shiang Huang
學號 R86011173
學位類別 碩士
語文別 英文
論文頁數 43頁
口試委員 指導教授-王明隆
口試委員-顏盟峯
召集委員-黃炳勳
口試委員-黃華瑋
中文關鍵字 地域性多角化  公司治理  權益資金成本 
英文關鍵字 geographic diversification  corporate governance  Cost of equity capital 
學科別分類
中文摘要 本研究主要探討地域性多角化與公司治理對於公司權益資金成本的影響,資料來源方面,我們採用來自33個國家的全球樣本資料,期間為2002年到2012年,並將樣本公司分為美國、日本和其他國家。研究結果顯示,不論是哪個國家,地域性多角化策略皆會造成公司權益資金成本上升,而公司內部公司治理制度越加完善,則有助於降低公司的權益資金成本。因此,本研究進一步探討地域性多角化與公司治理的交乘作用對於權益資金成本的影響。研究結果發現,交乘作用在每個國家並不一致,日本存在權益資金成本下降的效果,而美國存在權益資金成本上升的現象,主因為美國公司規模大且體系較為複雜,因此會產生較多政策之間的協調成本與跨國監督成本,而使公司權益資金成本上升。
英文摘要 This study mainly examines the effect of geographic diversification and corporate governance on firm’s cost of equity capital. We use the data of global corporations across over 33 countries from 2002 through 2012, and firm samples are classified into those from the United States, Japan and other countries. The results show regardless of country, increases in geographic diversification increases firm cost of equity capital, while the better the corporate governance, the lower the cost of equity capital. Therefore, this study further examines the interaction effect of geographic diversification and corporate governance on firm cost of equity capital. The results show that the interaction effect is inconsistent in every country. We find the cost of equity capital to decrease in Japan and to increase in United States. One specific explanation for this result is because both the organization and scale of United States multinational firms are larger and more complex, this may result in large coordination costs between corporate policies and monitoring costs when diversifying overseas, thereby increasing firm cost of equity capital.
論文目次 摘要 I
ABSTRACT II
誌謝 III
CONTENTS IV
LIST OF TABLES VI
Chapter 1 Introduction 1
1.1 Research background and motivations 1
1.2 Research objective 3
1.3 Research contribution 4
1.4 Research framework 4
Chapter 2 Literature review 5
2.1 Theory and Prior Evidence on Geographic Diversification 5
2.1.1 Gain from Geographic Diversification 5
2.1.2 Loss from Geographic Diversification 7
2.2 Theory and Prior Evidence on Corporate Governance 8
2.3 Hypotheses Development 9
Chapter 3 Data and methodology 12
3.1 Methodology and Data Selection 12
3.2 Measurement of the Cost of Equity Capital 14
3.2.1 Claus and Thomas Model (2001) 15
3.2.2 Easton (2004) 16
3.2.3 Ohlson and Juettner-Nauroth (2005) 16
3.2.4 Gordon Finite Horizon Model (1997) 17
3.2.5 Price–Earnings–Growth (PEG) ratio 18
3.3 Measurement of Geographic Diversification 18
3.3.1 Sales-Based Herfindahl Index 19
3.4 Measurement of Corporate Governance 19
3.5 Control Variables Selection 20
3.5.1 Size 20
3.5.2 Beta 21
3.5.3 Leverage 21
3.5.4 Inventory 21
3.5.5 Book to Market Ratio 22
3.5.6 Foreign Operations 22
3.5.7 Loss 22
3.6 Regression Model 23
Chapter 4 Empirical Results 26
4.1 Descriptive Statistics Analysis 26
4.2 Regression Analysis 32
Chapter 5 Conclusions and Suggestions 38
References 40
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