The Relationship between the Corporate Governance Mechanism of Business Groups and Debt Cost

• Main Authors: HSIN-YU CHANG, 張心瑜
• Other Authors: 高惠松
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/14056269113390725916

碩士 === 逢甲大學 === 會計所 === 99 === This research discussion group enterprise governs the mechanism to the debt cost influence, research period was 2003 to 2009 the Taiwan going on the market listed and cabinet company, take was in debt the cost proxy of variable as the debt cost. This research the board of directors composition and the stockholder''s rights structure weighs the company by the internal overseeing mechanism in to govern the mechanism, discusses company of the group enterprise using the multiple regression analysis to govern connection with the debt cost, and further discusses twists when the superior group enterprise and the group enterprise manage the loss, its company governs. The real diagnosis result is as follows: Company of the group enterprise governs the mechanism to have the remarkable influence to the debt cost. Board of directors of scale and independent directors and supervisors the group enterprise won stocks the ratio and the debt cost assume the inverse correlation, but major stockholders of the group enterprise own stocks the ratio and the debt cost present correlation. Twists company of the superior group enterprise to govern the mechanism and the debt cost assumes the markable correlation, contains independent directors and supervisors, exterior shareholder owns stocks the ratio and the organization investor owns stocks the ratio and the debt cost assumes the inverse correlation; But its board of directors scale, independent directors and supervisors own stocks the ratio, the major stockholder own stocks the ratio and the debt cost present correlation. Under the management loss, company of the group enterprise governs the mechanism and the debt cost is not remarkable is connected. Knew by the real diagnosis result that, company of the group enterprise governs the mechanism to be able to affect the debt cost height, but when the group enterprise is belongs twists the superior group enterprise, its board of directors composes with the stockholder''s rights structure to the debt cost influence direction and the group enterprise slightly has the difference, the concealed group enterprise should regard itself manages the condition necessary company to govern the machine-made measure to be able to reduce the debt cost effectively; Moreover, the group enterprise manages when the loss carries on financing to give the letter, discovered the financial report form ratio compares the company to influence the debt cost to govern the mechanism to come obviously.