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	台湾企业信息透明度与债券发行资金成本关系实证研究——蒙地卡罗模拟法之运用; Empirical Research on the Relationship of Information Transparency and the Capital Cost of Bonds of Taiwan Enterprises——The Application of Monte Carlo Simulation Approach
	沈宜庆
	2009
关键词	信息透明度 年报自愿性披露 债券资金成本 蒙地卡罗模拟法 Information transparency Voluntary disclosure in the annual report The capital cost of bonds Monte carlo simulation approach
英文摘要	本文探讨了企业信息透明度与债券资金成本间的关系。研究样本涵盖1996年至2001年间,共103家发行公司债的台湾上市公司,对其年报自愿性披露水平进行了分析。结果发现,企业发行公司债增额举债成本与其年报自愿性披露水平间呈显着负相关,显示信息的充分披露能获得较低的举债成本。而依市场风险高低所作的分组测试,则显示具有高市场风险的企业,披露水平与债券发行资金成本间关联性并未较低市场风险的企业密切,且高市场风险组的企业,年报中所披露的策略性信息,与债券发行资金成本间的关系并未达显着水平,此也反映出投资人评估企业信息披露是“质“、“量“并重的。; This study focuses on relationship between business information transparency and bond issuing cost.This study works on 103 companies that are bond issuers and publicly listed in Taiwan from 1996 to 2001, and measures voluntary disclosures in the annual reports.We find that issuing incremental cost of bond shows significant negative relation with voluntary disclosure in the annual reports.It shows that full disclosure could reduce loan cost.However, for those companies with higher market risk, the relationship between disclosure level and issuing cost was not so strong as their counterparts.Besides, no significant relationship was found between strategic information and issuing cost for companies with higher market risk.This finding might reveal that investors concern not only the "quantity" but also the "quality" aspects of disclosures.
语种	zh_CN
内容类型	期刊论文
源URL	[http://dspace.xmu.edu.cn/handle/2288/102440]
专题	管理学院－已发表论文
推荐引用方式 GB/T 7714	沈宜庆. 台湾企业信息透明度与债券发行资金成本关系实证研究——蒙地卡罗模拟法之运用, Empirical Research on the Relationship of Information Transparency and the Capital Cost of Bonds of Taiwan Enterprises——The Application of Monte Carlo Simulation Approach[J],2009.
APA	沈宜庆.(2009).台湾企业信息透明度与债券发行资金成本关系实证研究——蒙地卡罗模拟法之运用..
MLA	沈宜庆."台湾企业信息透明度与债券发行资金成本关系实证研究——蒙地卡罗模拟法之运用".(2009).

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