機構投資者持股與公司特性對負債融資決策之選擇

The Influence of Institutional Ownership and Firm Characteristics on Debt Financing Decision

當公司的經營活動其內部資金不足，需要以外部資金挹注時，主要的負債融資方式是藉由銀行借款及發行公司債募集資金為主。融資決策的選擇上，會有不同考量因素。本研究主要針對機構投資者持股比例以及個別公司特性之不同，包括公司規模、產業別、成長機會及信用評等之差異，對於公司之負債融資決策是否產生影響。本文實證結果發現，機構投資者持股比例是影響公司選擇舉債模式主要的因素之一，機構投資者持股比例愈多的公司，傾向選擇發行公司債來融資。另外，規模愈大的公司，愈可能以發行公司債籌措資金；製造業傾向以銀行借款籌措資金；成長性愈高的公司，愈可能以銀行借款的方式做為其籌措資金來源；此外，當公司信用評等愈差，越可能以銀行借款做為其籌措資金的方式。 For the purpose of pursuing the maximization of firm value, firms have to raise external source of finding if the internal funds for supporting operating activities and investment projects are insufficient. There may be different considerations for the firms in determining their financing policies. This study aims at exploring how institutional ownership affects debt financing and investigates the influence of corporate's characteristics, including firm size, industry type, growth opportunity and credit rating on the choice of debt financing. The empirical results indicate that institutional ownership is the main factor affecting the choice of firm's debt financing. The larger institutional ownership and firm size, the more likely that firms will use the corporate bond to raise the funds. Moreover, we conclude that the manufacturing companies tend to adopt bank loan to raise funds; the firm with higher growth rate is more likely to adopt bank loan as the main source of debt financing. Finally, the firm with worse credit rating is more likely to adopt bank loan as the main source of debt financing.