本研究欲探討董監事質押比率與公司財務限制之間的相關性。為了預防金融危機期間的影響，以2010至2017年的上市櫃公司作為樣本，並使用Kaplan and Zingales (1997)所提出的KZ Index做為財務限制的衡量指標。研究內容包括各個變數的敘述統計量，並以最小平方法(OLS)進行迴歸分析來驗證假說。實證結果支持以下論點:董監事質押比率對於公司財務限制是有正向影響的，亦即高度的董監事質押比率會使公司的財務限制程度提高；但是在低質押群組中，董監事質押比率對於公司財務限制的影響力，相較於高質押群組是較高的，本文推測由於高質押群組本身可能就處於財務受限的狀態，因此董監事質押行為對於財務限制程度的影響力將會降低。 This empirical study aims to explore the correlation between share pledging of directors and the financial constraint. We use firm-year observations of listed firms traded in either Taiwan Stock Exchange or Taipei Exchange during 2010 and 2017 as samples to avoid unusual effects caused by the Financial Crisis. To measure the financial constraint, the KZ Index proposed by Kaplan and Zingales (1997) is adopted. The empirical results show the followings. Share pledging of directors has a positive impact on the financial constraint, that is, a high pledge ratio of the directors increases the degree of the firms' financial constraint. Furthermore, the impact of the pledge ratio of the directors on the financial constraint in the low pledge group is greater than it is in the high pledge group. We argue that the low impact of the pledge behavior of the directors in the high pledge group is due to the fact that these firms have been suffered by severe financial constraint.
