臺灣私立大學校院負債資金成本影響因素之研究

A Study of Influential Determinants on Cost of Debt: The Case of Private Colleges and Universities in Taiwan

本研究探討組織特性、財務特性與營運特性之各項變數，對於私立大學校院負債資金成本之影響。實證結果顯示，組織特性、財務特性及營運特性等變數，皆為影響私立學校負債資金成本（負債利率）之因素。個別變數中，私校組織特性之組織類別、組織規模、設立年數等，與負債利率皆呈現顯著的負相關，顯示私立大學校院中屬普通體系、組織規模較大及設立年數較長者，其負債利率相對較低。私校之財務特性方面，流動比率及擔保價值與負債利率呈顯著的負相關，財務槓桿則與負債利率呈顯著的正相關，顯示私立大學校院中流動比率與擔保價值較高，以及財務槓桿較低（低財務風險）者，其負債利率相對較低。私校之營運特性方面，總資產報酬率及學雜費收入分別與負債利率呈顯著的負相關與正相關，顯示高總資產報酬率及學雜費收入較低的私立大學校院，其取得負債之利率相對較低。

This paper estimates the responsiveness of cost of debt of private colleges and universities (PCU) to a number of economic variables， including organization characteristics， finance characteristics， and operation characteristics. The empirical results show that all the characteristics mentioned above associated with the interest rate of debt. In specific variables， authors find that organization type (IND)， organization size (LNTA)， age (AGE)， current ratio (CR)， collateral value (FAR)， and return on assets (ROA)， have significant negative association with interest rate of debt. Hence， common and small PCU and those with large age， high current ratio， collateral value， and return on assets， have lower interest rate of debt than others. However， PCU with high leverage (LEV) and low tuition and fees (LNSCH) have lower interest rate of debt than others.