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    ASIA unversity > 管理學院 > 財務金融學系 > 會議論文 >  Item 310904400/63715


    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/63715


    Title: 高階經理人權力強度 對企業負債風險管理之影響
    Authors: 周建新;張千雲;陳址閔
    Contributors: 國立高雄第一科技大學;修平科技大學
    Keywords: 利率曝險部位;避險;擇時;衍生性金融商品;經理人權力;exposure, market timing, derivative, CEO power
    Date: 2012
    Issue Date: 2013-08-07 09:29:35 (UTC+8)
    Publisher: 國立高雄第一科技大學;修平科技大學
    Abstract: 對於解釋企業使用衍生性商品,來決定利率曝險部位的動機假說,可以區分為避險假說與擇時假說,分別以降低現金流量波動及減少資金成本目的。本研究基於考慮高階經理人權力對於公司有其重大影響力以及企業使用利率曝險部位選擇動機之不同,對於企業最終利率曝險部位的影響加以研究。
    研究結果顯示,高階經理人權力在不同構面下,對於企業最終利率曝險部位的正反面影響不同,曝險動機也以擇時為主要之考量,顯示企業主要以降低資金成本,支付債權人浮動利息為主,使債權人遭受較大的風險。最後將產業特性及長期負債融資方式的不同對企業曝險部位造成影響,加入討論,結果顯示,不同產業之特性呈顯著影響;而融資方式的不同則呈現不顯著之情形。
    CEO power has different positive and negative impact of the interest rate exposure. Market timing of exposure motivation is the main consideration; show business is mainly to reduce the cost of funds to pay creditors a floating interest that the creditors suffer a greater risk. Finally, join the different industry characteristics and different long-term debt financing ways to the impact of business exposure, the result showed significant effect on the characteristics of different industries; the different ways of financing show no significant circumstances.
    Relation: 2012中部學術財金研討會 論文發表
    Appears in Collections:[財務金融學系] 會議論文

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