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臺大管理論叢
第
26
卷第
3
期
143
theoretical analysis. Major insights gained from the theoretical model and derivations shed
light on the evolution and effects of information asymmetry on the heterogeneous firms’
intertemporal selection of diversified funding sources, bank-firm relationship, as well as the
resulting micro-financing and macro-trend of direct and indirect financing. The theoretical
findings provide a better understanding of the theoretical causality relationship of
information asymmetry, financing pattern, and banking relationship, which resolve the
deficiencies of previous empirical researches.
The theoretical findings not only offer some insights into businesses’ financing
behaviors, but also some implications for banks, the securities industry, and policymakers.
Although traditional banks seem poised on a knife edge after financial liberalization, indirect
financing, undoubtedly, is still crucial for enterprises with different extent of information
asymmetry or under certain macro-financial environment. In addition, progressive financial
information disclosure creates competitive advantages and disadvantages for relevant
financial intermediaries involving direct and indirect financing. Hence, the theoretical
findings of this study not only characterize the striking and emerging development of non-
bank financial intermediaries, but also identify the struggling shrinkage of the banking
industry, which sheds light on the future competition of the financial industry in emerging
economies. In fact, the improvement of information asymmetry not only has positive and
negative snowballing effects on the future evolution of direct and indirect financing,
respectively, but also implies strict competition among involved financial institutions.
Obviously, this study helps the banking and securities industries, as well as policymakers, to
comprehend the enterprises’ optimal financing behavior and further devise effective
strategies and implement precautionary policies in order to successfully exploit the effects
and evolution of information asymmetry in the financial markets, which will significantly
enhance the financial competitiveness and intermediation functions.