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研究生： 張賽
Sai Zhang
論文名稱： CEO文化認同與債務期限選擇
CEO Cultural Identity and Debt Maturity
指導教授： 李韋憲
口試委員:
學位類別： 碩士
Master
系所名稱： 管理學院 - 財務金融學系
Department of Finance
論文出版年： 2017
畢業學年度： 105
語文別： 中文
論文頁數： 63
中文關鍵詞： 文化認同 、債務期限 、不確定性規避 、長期導向
外文關鍵詞： Cultural identity, Debt maturity, Uncertainty avoidance, Long-term orientation
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    • 本研究旨在探討 CEO 的文化認同對企業債務期限選擇的影響。對於 CEO 文化認同採用三階段的研究方法,手動蒐集美國 S&P500 企業 CEO 的 童年階段、後青春期階段和工作階段所處文化環境,再根據 Hofstede 和 Schwartz 的文化維度指標分數,得到基於 CEO 生涯發展的三個階段的文化認 同代理指標,再據此分別探討各階段文化認同對於企業債務期限選擇的實際 影響。實證結果發現,在 CEO 後青春期階段形成之文化認同與債務期限選 擇顯著相關。其中不確定性規避(UA)和長期導向(LONG)兩個文化維度 對債務期限選擇的影響力最為持續穩健。

    I investigate the influence of CEO's cultural identity on corporate debt maturity. I measure CEO cultural identity base on three different stages of CEO life time. I hand collect culture environment of CEOs’ early life, late-adolescent, and last work for S&P 500 companies. I create CEO cultural identity proxies in the three stages of his/her life time based on the cultural dimensions indexes of Hofstede and Schwartz. Accordingly, the actual effects of cultural identification at different stages on corporate debt maturity are explored respectively. I find that CEOs’ cultural identity formed in the late-adolescent stage is significantly related to corporate debt maturity. Among different cultural dimensions, uncertainty avoidance (UA) and long-term orientation (LONG) dimensions have the most robust effect on debt maturity.

    中文摘要 .................................................................... i 英文摘要 ................................................................... ii 誌謝 ...................................................................... iii 目錄 ....................................................................... iv 表目錄 ..................................................................... vi 第一章 緒論 ................................................................ 1 第二章 文獻回顧與探討 ....................................................... 5 2-1 文化認同之內涵 ........................................................ 5 2-1-1 現有文獻研究 ...................................................... 5 2-1-2 三階段的文化判讀 .................................................. 6 2-2 債務期限選擇問題....................................................... 8 2-2-1 代理問題 .......................................................... 8 2-2-2 股東債權人利益衝突 ................................................ 8 2-3 文化認同與債務期限選擇................................................. 8 第三章 樣本與模型 .......................................................... 11 3-1 文化認同變數的構建.................................................... 11 3-1-1 手動蒐集過程...................................................... 12 3-1-2 構建標準化文化距離................................................ 13 3-1-3 文化距離舉例...................................................... 13 3-2 樣本變數.............................................................. 16 3-2-1 樣本範圍選擇...................................................... 16 3-2-2 建立模型 ......................................................... 16 3-3 樣本敘述統計.......................................................... 18 第四章 實證和結果分析 ...................................................... 22 4-1 相關性分析 ........................................................... 22 4-2 多元回歸分析 ......................................................... 22 4-3 進一步回歸分析 ....................................................... 34 第五章 穩健性測試 .......................................................... 36 5-1 傾向分數配對分析(PSM) .............................................. 36 5-2 變換因變數的分析 ..................................................... 44 5-3 調整樣本範圍的分析 ................................................... 48 第六章 結論 ................................................................ 49 6-1 結論與貢獻 ........................................................... 49 6-2 未來之研究方向 ....................................................... 50 參考文獻 ................................................................... 51

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