本文延伸 Zhang (2019) 的研究，從債權人角度探討經營團隊能力、權力與同質性對債務資金成本的影響。本文以 2006 年至 2018 年的台灣上市櫃公司為研究樣本，發現經營團隊能力(或權力)愈高，可以降低債務資金成本；經營團隊同質性則對債務資金成本有不利的影響。除此之外，本文實證結果顯示同質性與能力(或權力)的交乘項與債務資金成本為顯著負相關，表示經營團隊能力(或權力)愈高，可以減緩同質性對債務資金成本的負面影響。本文為少數討論經營團隊同質性的實證研究，並且同時考量能力、權力與同質性的交互影響，對於經營團隊同質性的研究提供不一樣的觀點。

According to Zhang (2019), This study examines the impact of top management team’s (TMT’s) ability, power, and homogeneity on the cost of debt from the perspective of creditors. Using the data from Taiwan during the period from 2006 to 2018, I find the higher TMT’s ability (or power), the lower cost of debt, but the higher TMT’s homogeneity leads to the higher cost of debt. Furthermore, I also find that the interaction coefficient of TMT’s homogeneity and ability (or power) has a significantly negative impact on the cost of debt. Our results suggest that the TMT’s ability (or power) could mitigate the negative impact of TMT’s homogeneity on the cost of debt. To the best of my knowledge, this paper is one of the few empirical research that discuss the TMT’s homogeneity, as well as consider the interactive effects of TMT’s ability and power. It provides different perspectives on the research of TMT’s homogeneity.

目錄 i
圖目錄 ii
表目錄 iii
第壹章、緒論 1
第一節、研究背景 1
第二節、研究目的 2
第三節、研究流程 5
第貳章、文獻探討與假說發展 6
第一節、經營團隊能力與權力 6
第二節、經營團隊能力、權力與債務資金成本 10
第三節、經營團隊同質性與債務資金成本 12
第參章、 研究方法 15
第一節、變數定義與衡量 15
第二節、實證模型 22
第肆章、實證結果與分析 26
第一節、資料來源與樣本選取 26
第二節、敘述性統計分析 27
第三節、相關係數檢定 29
第四節、實證結果與分析 31
第五節、增額測試：經營團隊能力及權力有效性驗證 38
第伍章、結論與建議 40
第一節、結論與建議 40
第二節、研究限制 42
附錄一、經營團隊同質性之學歷領域背景分類 43
附錄二、經營團隊同質性計算之舉例 46
參考文獻 47

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