English  |  正體中文  |  简体中文  |  Post-Print筆數 : 11 |  Items with full text/Total items : 88987/118693 (75%)
Visitors : 23571442      Online Users : 267
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/49646
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/49646


    Title: 資訊不對稱下銀行往來關係對聯合貸款條件之影響 以台灣聯合貸款市場為例
    Bank-firm relationship and syndicate loan contract terms under information asymmetry Evidence from Taiwan syndicate loan market
    Authors: 許奇民
    Contributors: 張元晨
    許奇民
    Keywords: 聯合貸款
    syndicate loan
    Date: 2009
    Issue Date: 2010-12-08 15:46:30 (UTC+8)
    Abstract: 有鑒於「聯合貸款」之特殊結構所衍生出的「借款公司」與「主貸銀行」間的資訊不對稱問題,在此資訊不對稱的前提之下,銀行往來關係便顯得重要,「主貸銀行」透過往來關係的建立來蒐集「借款公司」之私有資訊,進而將其反映在「聯合貸款」的條件之上,如借款利率、借款金額及抵押品的要求。然而已存的研究通常使用LPC或Dealogic為其研究資料來源,但是此二資料庫皆以「聯合貸款」資料為大宗,所包含的「一般貸款」資料相對較少,在此情況之下,所能夠衡量的往來關係強度有其侷限性,因此本研究加入台灣經濟新報 ( TEJ ) 所收錄之台灣借款公司之一般貸款資料,重新加以衡量「主貸銀行」與「借款公司」間往來關係強度,並以此作為衡量兩者之間資訊不對稱的嚴重程度。本研究發現,當「主貸銀行」與「借款公司」的往來關係長度越長時,銀行將提供更大的貸款金額,在擔保品的要求上亦將較為寬鬆,但在借款利率的影響上則較不顯著。
    This paper empirically explores the issues in the syndicate loan markets, with an emphasis on how information asymmetry between lenders and borrowers influences syndicate contract terms, which include loan price, loan amount and collateral requirement. Existing literature uses LPC and Dealogic datasets to estimate bank-firm relationship, but most of the loan data in these two datasets are syndicated loans and bilateral loan data is relatively sparse. I use Taiwan’s data which contain many bilateral loan data to re-estimate bank-firm relationship in this thesis. The empirical results show that, borrowing from relationship lender increases loan amount and decreases collateral requirement but the effect on loan price is insignificant in Taiwan.
    Reference: 中文部分
    1. 王俊智, 2004,”台灣聯貸市場利率與參貸家數之決定因素-以上市、櫃公司為例”國立中山大學財務管理學系研究所
    2. 中央銀行經濟研究處2010年4月發行的中華民國台灣地區金融統計月報
    3. 陳家彬與賴怡洵, 2003 ,”銀行往來關係和授信行為之研究”經濟論文,第31卷第3期,499-539
    4. 陳家彬、賴怡洵與許茲盈, 2004 ,”商業銀行關係放款之實證研究”財務金融學刊,第12卷第2期,43-85
    英文部分
    1. Bagnoli, M. and S. G. Watts, 2007 ,”Oligopoly, Disclosure and earnings management” Unpublished manuscript, Purdue University
    2. Berger, A. N. and G. F. Udell, 1995 ,”Relationship Lending and Lines of Credits in Small Firm Finance” Journal of Business 68, 351-81
    3. Best, R. and H. Zhang, 1993 ,”Alternative information sources and the information content of bank loans” Journal of Finance 48, 1507-1522
    4. Bharath S., S. Dahiya, A. Saunders and A. Srinivasan, 2006 ,”Lending relationships and loan contract terms: Does size matter?” Unpublished manuscript
    5. Bharath S., S. Dahiya, A. Saunders and A. Srinivasan, 2007,”So what do I get? The bank’s view of lending relationship” Journal of Finance Economics 85, 368-419
    6. Bhattacharya, S. and G. Chiesa, 1995 ,”Proprietary Information, Financial Intermediation, and Research Incentives” Journal of Financial Intermediation 9, 7-25
    7. Boot, A. W. A. and A. V. Thakor, 1997 , “Financial System Architecture” The Review of Financial Studies, Vol. 10, No. 3 , pp. 693-733
    8. Boyd, J. and E. Prescott, 1986 ,”Financial intermediary coalitions” Journal of Economic Theory 38, 211-221
    9. Diamond, D., 1984 ,”Financial intermediation and delegated monitoring” Review of Economic Studies 52, 393-414
    10. Diamond, D., 1991a ,”Monitoring and reputation: The choice between bank loans and directly placed debt” Journal of Political Economy 99, 689-721
    11. Diamond, D., 1991b ,”Seniority and maturity of debt contracts” Unpublished manuscript, University of Chicago
    12. Fama, E., 1985 ,”What’s different about banks?” Journal of Monetary Economics 15, 29-39
    13. Hadlock, C. J. and C. M. James, 2002 ,”Do banks provide financial slack” Journal of Finance 57, 1383-1419
    14. Ivashina V. and A. Kovner, 2008 ,” The private equity advantage: leveraged buyout firms and relationship banking” EFA 2008 Athens Meetings Paper
    15. James, C., 1987 ,”Some Evidence on the uniqueness of bank loans” Journal of Financial Economics 19, 217-235
    16. Lummer, S. L. and J. J. McConnell, 1989 ,”Further Evidence on the Bank Lending Process and the Capital Market Response to Bank Loan Agreements” Journal of Financial Economics 25, 99-122
    17. Mikkelson, W. H. and M. M. Partch, 1986 ,”Valuation effects of security offerings and the issuance process” Journal of Financial Economics 15, 31-60
    18. Miller, M. and K. Rock, 1985 ,”Dividend Policy under asymmetric information” Journal of Finance 40, 1031-1051
    19. Myers, S. and N. Majluf, 1984 ,“Corporate financing and investment decisions when firms have information that investors do not have” Journal of Financial Economics 13, 187-221
    20. Myron B. Slovin, Marie E. Sushka and John A. Polonchek, 1993 , “The value of bank durability : Borrowers as bank stakeholders” Journal of Finance Vol. 48, No. 1 , pp. 247-266
    21. Rajan, R. G., 1992 , “Insiders and Outsiders: the Choice Between Informed and Arm’s-Length Debt” Journal of Finance 47, 1367-99
    22. Rajan, R. and A. Winton, 1995 ,” Covenants and collateral as incentives to monitor” Journal of Finance 50, 1113-1146
    23. Ramakrishnan, R., and A. Thakor, 1984 ,”Information reliability and a theory of financial intermediation” Review of Economic Studies 52, 415-432
    24. Sharpe, S. A., 1990 ,”Asymmetric Information, Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationship” Journal of Finance 45, 1069-87
    25. Sufi, A., 2007 ,”Information asymmetry and financing arrangements: Evidence from syndicated loans” Journal of Finance 62, 629-668
    26. Verrecchia, R. E. and J. Weber, 2006 ,”Redacted disclosure” Journal of Accounting Research 44, 791-814
    Description: 碩士
    國立政治大學
    財務管理研究所
    97357022
    98
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0097357022
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

    Files in This Item:

    File Description SizeFormat
    702201.pdf1064KbAdobe PDF1965View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback