| Summary: | 碩士 === 國立高雄第一科技大學 === 財務管理所 === 96 === The purposes of this paper is a new issue, that is debt financing strategies of family firm. We can understand that the meaning of the difference between private debt and public debt. This paper have four hypothesis, the first hypothesis is whether family and non-family firms have different debt financing cost, the second hypothesis is whether CEO ownership more higher more issue corporate bonds, the third hypothesis is whether the more non-family board seats more issue corporate bonds, and last hypothesis is whether family ownership more higher more issue corporate bonds. The sample includes firms listed in the Taiwan Stock Exchange from 2001 to 2007, and proved with panel data.
The result also indicates that the ownership of ultimate controller and manager can’t influence debt financing strategies, and debt financing cost is not difference between family and non-family business. In order to avoid private creditor to interfere company’s policy, ownership the higher of family members, the probability of public debt is higher. Final, the broad seats forms with non-family members can’t influence debt financing strategies of the company.
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