The Panel Quantile Regression Analysis of Taiwan Listed and OTC-listed Companies' Bank Relationship and Capital Structure
碩士 === 世新大學 === 財務金融學研究所(含碩專班) === 102 === This paper tests the effects of bank relationship on capital structure. The capital structure is a combination of different equity and debt. The company's capital structure decision is maximizing the value of the company. This paper uses Quantile a...
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| Format: | Others |
| Language: | zh-TW |
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2014
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| Online Access: | http://ndltd.ncl.edu.tw/handle/28srp8 |
| Summary: | 碩士 === 世新大學 === 財務金融學研究所(含碩專班) === 102 === This paper tests the effects of bank relationship on capital structure. The capital structure is a combination of different equity and debt. The company's capital structure decision is maximizing the value of the company. This paper uses Quantile and Panel Data Quantile Regression as empirical analysis methods. The empirical results found the bank relationship in the numbers of bank loans, borrowing rates, the days of the bor-rowings and syndicated loans have a positive effect on every quantile of corporate debt ratio. The numbers of relationship banks have a significantly negative impact on every quantile of corporate debt ratio. The corporate loan concentration ratio and guaranteed amount have a significantly negative impact on the corporate debt ratio for low quantile companies, but not for other quantiles.
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