集團企業內部資本市場對資本結構調整速度的影響：以臺灣為例

The impact of the internal capital market of business-group affiliation on the dynamic capitalstr-ucture adjustment speed: Evidence from Taiwan

本文以1996-2020 年的臺灣集團企業為樣本，探討集團內部貸款對於動態資本結構調整速度的影響。實證結果發現，有集團內部貸款的企業會提高資本結構調整速度，尤其在實際負債低於目標負債的樣本中更為明顯，支持融資優勢假說。本文進一步將集團內貸款區分為資金供給者（貸款給集團內的其他公司）及資金需求者（向集團內其他公司借款），則發現資金需求者因為可向集團內借款，降低資金成本，提高負債調整速度。本文進一步發現核心公司且為資金提供者或是席次控制權與現金流量權偏離嚴重且為資金需求者的公司，集團內部借款與資本結構調整速度的正向關係更為明顯。本文實證發現主要支持集團內部融資存在融資優勢的論點，因此可提高集團企業資本結構調整速度。

This study examines the business group internal capital markets using a unique dataset on intra-group loans to investigate the relationship between intra-group loans and the leverage speed adjustment toward target leverage. Using a sample of business group affiliations in Taiwan from 1996 to 2020, this study finds that affiliated firms with intra-group loans have a faster adjustment speed, and the receivers of intra-group loans adjust their leverage faster than the providers, which is consistent with the financing advantage hypothesis. Moreover, when the provider is a core firm within the group or when the receiver in the business groups suffers from a more severe wedge between seat control and cash flow rights, the positive effect between intra-group loans and adjustment speed is more pronounced. Overall, this study highlights the vital role of intra-group loans in shaping the dynamic capital structure and reveals the business groups’ financing advantages.