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    Title: 投資人情緒與企業外部融資行為 : 不同資訊不對稱程度之影響
    Other Titles: Investor sentiment and the behavior of external financing : the influence in different degree of information asymmetry
    Authors: 林宇恆;Lin, Yu-Heng
    Contributors: 淡江大學會計學系碩士班
    陳薇如
    Keywords: 投資人情緒;外部融資;資訊不對稱;Investor Sentiment;External Financing,;information asymmetry
    Date: 2012
    Issue Date: 2013-04-13 11:30:06 (UTC+8)
    Abstract: 本研究欲探討投資人情緒是否會影響企業外部融資程度,並考量在不同資訊不對稱程度下投資人情緒對於企業外部融資程度是否有不同的影響。
    本研究同時選取直接與間接情緒指標衡量投資人情緒,並以2005年至2010年間於台灣上市、櫃之公司為研究對象,透過Panel Data實證發現,投資人情緒正向影響企業權益融資程度與負債融資程度;資訊不對稱程度較高時會減緩投資人情緒對企業權益融資程度之影響,資訊不對稱程度較高時會增強投資人情緒對企業負債融資程度之影響。這樣的結果顯示投資人情緒確實會影響公司經理人的融資行為,而較差的公司治理機制其資訊不對稱程度較高,進而減緩(增強)投資人情緒對經理人權益(負債)融資行為之影響。
    The main purpose of this study was to investigate whether investor sentiment will affect the level of external financing, and consider whether the investment sentiment in the different degree of information asymmetry will have different effects on the level of external financing.
    In this study, direct and indirect sentiment indicators were selected to measure investor sentiment, and the cabinet of the companies listed in Taiwan from 2005 to 2010 are taken as the research object. Through the evidence from panel data, it is found that investor positive sentiment effect corporate equity financing and debt financing; the higher degree of information asymmetry will slow down investor sentiment on the degree of corporate equity financing, and the higher degree of information asymmetry will enhance investors'' sentiment on the degree of corporate debt financing. Such results show that investor sentiment will affect the company''s manager behavior on financing, and poor corporate management system tend to have higher degree of information asymmetry, and thus mitigate(enhance) the impact of investor sentiment on the equity(debt) issues to the behavior of the managers.
    Appears in Collections:[會計學系暨研究所] 學位論文

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