股票市場自由化與依賴股票市場籌資公司的融資限制：台灣之證據

Equity Market Liberalization and Financing Constraints of Equity-Dependent Firms: Evidence from Taiwan

本文實證具有外生性權益融資衝擊的有利股市自由化，能否降低依賴股票籌資以融通資本投資的公司之融資限制。本文利用1991年台灣股市首次自由化之有利經驗為實證對象，發現依賴股票籌資公司之投資對現金流量的敏感度在股市自由化之前顯著為正，於股市自由化之後則顯著降低。不過，非依賴股票籌資公司則無此現象。我們也發現，最可能遭遇融資限制的無發放股利之公司的實證結果，與依賴股票籌資公司的實證有相同的結果。然而，較不可能有融資限制問題的有發放股利之公司的實證結果，則與依賴股票籌資公司不同。

We test whether favorable equity-market liberalization, an exogenous supply shock to equity-financing channel, could reduce financing constraints of equity-dependent firms that depend on external equity to finance their productive investments. Using Taiwan’s first stock-market liberalization starting in January 1991, which experienced a significant reduction in expected returns, we find that investment-cash flow sensitivity for equity-dependent firms was primarily positive before liberalization and declined significantly after liberalization, but not for non-equity-dependent firms. We also find that the same pattern exists for non-dividend-paying firms that are most likely to suffer from financing constraints, but does not exist for dividend-paying firms.