楊朝成臺灣大學：財務金融學研究所陳禹君Chen, Yu-ChunYu-ChunChen2007-11-282018-07-092007-11-282018-07-092005http://ntur.lib.ntu.edu.tw//handle/246246/60833本文主要在探討國內上櫃公司轉上市的行為是否影響其融資限制程度。本文採用複迴歸分析，研究期間與樣本為民國八十九年至九十一年提出申請上市的上櫃公司。 關於國內上櫃公司轉上市前後的融資限制程度，本文的研究結果是，上櫃轉上市的行為確實會影響公司融資限制的程度，轉上市後的融資限制程度有升高的傾向，可能解釋方向包括： 一、公司經理人選擇在公司表現最好的時候轉上市，轉上市之後表現就變差，因此融資限制的程度反而提高了，也就是公司經理人選擇轉上市的時機影響轉上市後的融資限制程度； 二、公司轉上市後透明度增加，不確定性降低，資訊不對稱的程度也降低，使得公司資金成本下降，公司可行的投資增加，投資金額也增加，於是融資限制就因而提高了； 三、公司轉上市後一年，投資大部分依賴內部現金流量，原因可能是為了轉上市已付出相當高的成本，建構公司美好的願景，因此轉上市後一年無力做大型投資。 此外，針對符合上市資格但選擇留在上櫃的公司，與轉上市公司的融資限制程度的差異，結果發現，差異在轉上市當年是顯著的，轉上市前後兩年不顯著，轉上市影響融資限制程度的效果似乎是短暫的。This paper aims to answer the question: “Does the transferring from OTC to the Exchange alleviate a firm’s extent of financial constraints?” Baker, Powell and Weaver (1999) indicate that the motives for firms to switch to a larger exchange include management’s desire to improve a firm’s visibility and prestige, to signal its confidence in the firm’s future performance, and to improve liquidity and marketability. These benefits of switching may enable firms to alleviate their degree of financing constraints by reduced information asymmetry and risk. Financing constraints, as defined by Lamont, Polk and Saa-Requejo (2001) are frictions that prevent the firm from funding all desired investments, or “the inability to fund investment due to credit constraints or inability to borrow, inability to issue equity, dependence on bank loans, or illiquidity of assets.” We use the Fazzari, Hubbers and Peterson (1988) cash flow model to examine whether the switch of OTC firms to the TSE affects firms’ financing constraints. Samples of Taiwanese firms for the period 1998-2003 are used for the study. Based on the empirical results we analyzed, the new requirement of transferring could help us tell the degree of financing constraints between the stayers and other firms unqualified of applying for transferring in the OTC market. Besides, the tests on whether the switch affects the degree of financing constraints show that the degree of financing constraints gets worse significantly after switching. The reason may be that firms’ visibility and reputation are enhanced, therefore uncertainty reduced and cost of capital reduced. Lower cost of capital may induce firms to invest more and hence may increase their degree of financing constraint. In other words, the increases of visibility and liquidity from switching may not have monotonic relationship with the degree of financing constraints that firms suffer.Contents Introduction 6 Introduction to Taiwan’s Stock Markets 8 Differences between the OTC and the TSE 12 Differences of the Requirements for Listing between the OTC and the TSE 12 Differences in Liquidity between the OTC and the TSE 12 Differences in Returns and Volatility between the OTC and the TSE 12 Differences in Investments and Financing Behavior between the OTC and the TSE 13 Literature on Listing Changes and Financing Constraints 13 Research Methodology 19 Hypotheses 19 Data Sources 21 Financial Models 21 Data Descriptions 24 Empirical Results 26 Empirical results in hypothesis 1-a: Firms on the OTC and firms on the TSE have the same investment sensitivity to opportunities. 26 Empirical results in hypothesis 1-b: Firms on the OTC and firms on the TSE have the same extent of financial constraints. 26 Empirical results in hypothesis 1-c: High-dividend-payout and Low-dividend-payout group have the same investment sensitivity to opportunities and the same extent of financial constraints on either the OTC or the TSE. 29 Empirical results in hypothesis 2: The switch of OTC firms to the Exchange will not affect the investment sensitivity to opportunities and the degree of financial constraints. 32 Empirical results in hypothesis 3: Switchers and stayers exhibit same investment sensitivity to opportunities and degree of financial constraints. 35 Conclusions 42 References 45 Appendix I 50 Appendix II 55508187 bytesapplication/pdfen-US上櫃轉上市融資限制Listing changeFinancing constraintsthesishttp://ntur.lib.ntu.edu.tw/bitstream/246246/60833/1/ntu-94-R92723037-1.pdf