142 / 322
企業之不對稱資訊、銀行往來關係及直接與間接融資
142
L
it
*
, indirect financing level D
it
*
= B
it
*
+ S
it
*
(B
it
*
denotes bonds and S
it
*
denotes stocks),
banking relationship H
it
*
, and production level N
it
*
and K
it
*
, implicit differentiation, partial
total derivative, and comparative statistics analysis are employed in this theoretical analysis.
3. Findings
The micro-foundation theoretical framework delineates that a higher level of
enterprises’ creditworthiness θ
it
(i.e., the improvement of information asymmetry) may result
in a less intensive banking relationship. In other words, an enterprise with a higher (lower)
extent of information asymmetry may have a more intensive (less intensive) banking
relationship. An enterprise with a significant (insignificant) asymmetric information problem
is more inclined to select indirect (direct) financing arrangements when its creditworthiness
or information asymmetry is improved. Besides, economic expansion (depression) could
contribute to a more intensive (less intensive) banking relationship due to lower (higher)
financing costs from banks or indirect financing, compared to direct financing. An enterprise
with a lower (higher) extent of information asymmetry is more inclined to have a higher
(lower) level of indirect financing during economic expansion. Although direct and indirect
financing are substitutes during a given economic state, they are complements in a complete
business cycle.
4. Research Limitations/Implications
Given the complexity of the existing micro-foundation theoretical framework developed
in this study, loan contract terms could only incorporate interest rate and loan amount. Loan
duration and collateral requirements could not be incorporated in the theoretical model. In
addition, for simplicity but without loss of generality, the asymmetric information problem
did not distinguish adverse selection and moral hazard problem for detailed analysis. In the
absence of these variables, some implications regarding loan contract terms and information
asymmetry need to be applied with caution. Further studies could extend to analyze more
loan terms and information asymmetry variables in theoretical analysis.
5. Originality/Contribution
Most current papers associated with direct and indirect financing focus only on existing
macro-trends and empirical analysis, whereas this study addresses the importance of
information asymmetry and banking relationship from the micro-behavior foundation and