A Study On the Association Between Information Asymmetry, Corporate Characteristics, Stock Volatility and Bank Laon
碩士 === 開南管理學院 === 企業管理研究所 === 91 === The purpose of this article is to explore the decision to choose bank debt rather than public securities in a firm’s marginal financing choice. In addition, rely on the variance of information asymmetry , corporate scale ,growth opportunity, secured debt and indu...
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| Other Authors: | |
| Format: | Others |
| Language: | zh-TW |
| Published: |
2003
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| Online Access: | http://ndltd.ncl.edu.tw/handle/74128692345013858181 |
| Summary: | 碩士 === 開南管理學院 === 企業管理研究所 === 91 === The purpose of this article is to explore the decision to choose bank debt rather than public securities in a firm’s marginal financing choice. In addition, rely on the variance of information asymmetry , corporate scale ,growth opportunity, secured debt and industry classification to discuss the effects result of choosing bank financing and to explore the effects on stock price of bank financing. Using a sample of 2187 events over the 1996 to 2001 time period.
The method of market model and logit regression analysis are adopted. The empirical results can be summarized as follow :
1.The corporates with higher information asymmetry, ratio of
bank debt will be an insignificantly positive.
2.The firms with large scale would have lower ratio of bank
debt.
3.Firms with higher growth opportunity would have higher ratio
of bank debt.
4.The bank financing announcement leads to an significantly
positive on stock return.
5.The firms with large secured debt have significantly
positive relationship with ratio of bank debt.
6.Different industries would have different ratio of bank debt.
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