公司治理對財務限制的影響：以不同生命週期之觀點

The Impact of Corporate Governance on Financial Constraints: Does the Life Cycle Stage of a Firm Matter?

本文旨在探究公司治理與財務限制之關聯性，並且加入企業生命週期之考量，探究公司治理對財務限制之影響在不同生命週期是否有差異。實證結果顯示公司治理顯著負向影響財務限制，且這種影響僅發生在生命週期的初創期、成長期與衰退期，即良好的公司治理機制有助於減輕公司面臨的財務限制，但當處於成熟期時，公司治理與財務限制無顯著相關關係。因此公司可以根據所處生命週期的不同階段調整公司治理機制，進而降低財務限制，促進公司發展。

This paper examines the relationship between corporate governance and financial constraints, and probes whether the firm’s life cycles influence the relationship between them. The empirical results indicate that the deviation between ultimate control and ownership, CEO duality, management ownership, blockholder ownership, institutional ownership, family ownership and family control are significantly related with financial constraints. Furthermore, the relationships between them are different across different life cycles. Therefore, firms can adjust the different aspects of corporate governance according to their life cycle, thereby reducing the financial constraints and promoting the firm's development.