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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/4930

    Title: 負債代理問題交互作用下之投資與融資決策
    Other Titles: Investment and Financial Decision in Interaction of Debt Agency Problems
    Authors: 段昌文
    Contributors: 淡江大學財務金融學系
    Keywords: 債權代理問題;風險移轉;低度投資;邊際投資波動性;投資決策;Tobin’ Q比率;動差母法;資本結構;代理成本
    Date: 2004
    Issue Date: 2009-03-16 11:18:43 (UTC+8)
    Abstract: 本計畫主要探討風險移轉與低度投資交互作用下公司之負債代理問題,我們以GMM方法估計台灣上市公司之邊際投資波動性,此估計值決定風險移轉效果與低度投資誘因之抵換關係,根據此抵換關係我們即可瞭解公司融資與投資決策之相關性;本文應用邊際投資波動性估計值驗證負債與代理成本間之關係;在分類觀察中,高成長與高Tobin』 Q比率公司,由於低度投資誘因,邊際投資波動性與最適負債水準將有正向關係;低成長或低Tobin』 Q比率公司,最適負債水準將因邊際投資波動性之正負值而決定。
    Appears in Collections:[Graduate Institute & Department of Banking and Finance] Research Paper

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