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| 論文名稱 | Foreign Direct Investment and Default Risk: Evidence from Taiwan |
| 研討會開始日期 | 2017-11-22 |
| 研討會結束日期 | 2017-11-24 |
| 所有作者 | Li-Hsun Wang, Chu-Hsiung Lin |
| 作者順序 | 第一作者 |
| 通訊作者 | 是 |
| 研討會名稱 | 5th Annual Conference on Pacific Basin Finance, Economics, Accounting, and Management |
| 是否具有對外公開徵稿及審稿制度 | 是 |
| 研討會舉行之國家 | NATSGP-新加坡共和國 |
| 研討會舉行之城市 | Singapore |
| 發表年份 | 2017 |
| 所屬計劃案 | 106-2914-I-160-060-A1 |
| 可公開文檔 |
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| 可公開文檔 | |
| 可公開文檔 |
[摘要] :
Foreign direct investment (FDI) has become highly popular in recent decades. This study investigates how FDI by Taiwanese firms affects default risk. The results indicate the default risk does not change for FDI in China but increases in non-China areas. The FDIs in non-China areas are primarily in tax haven countries, and they are positively related to agency cost, financial constraint, and earnings management, all of which give rise to the higher default risk. In addition, this study provides evidence that corporate governance lowers default risk by restricting FDI to less opaque markets.
[英文摘要] :
Foreign direct investment (FDI) has become highly popular in recent decades. This study investigates how FDI by Taiwanese firms affects default risk. The results indicate the default risk does not change for FDI in China but increases in non-China areas. The FDIs in non-China areas are primarily in tax haven countries, and they are positively related to agency cost, financial constraint, and earnings management, all of which give rise to the higher default risk. In addition, this study provides evidence that corporate governance lowers default risk by restricting FDI to less opaque markets.
