English  |  正體中文  |  简体中文  |  Post-Print筆數 : 11 |  Items with full text/Total items : 88987/118697 (75%)
Visitors : 23575433      Online Users : 200
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 140.119/58929
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/58929

    Title: 資訊不對稱對歐洲聯貸市場貸款條件之影響
    The effects of information asymmetry on syndicated loan contract terms in Eurozone countries
    Authors: 盧筱茜
    Lu, Hsiao Chien
    Contributors: 張元晨
    Chang,Yuan Chen
    Lu, Hsiao Chien
    Keywords: 資訊不對稱
    information asymmetry
    Eurozone syndicated markets
    loan price
    Date: 2012
    Issue Date: 2013-07-22 11:12:40 (UTC+8)
    Abstract: 在聯合貸款中,銀行可以透過借款利率、借款期限等貸款條件的設定,降低「借款公司」與「貸款銀行」間的資訊不對稱問題,本文嘗試利用歐洲地區企業聯貸條件的變化,來探討資訊不對稱問題對銀行聯貸條件的影響。本研究發現自1987年至2009年,當公司與「本土銀行」及「其他歐元區銀行」借款時,其借款利率顯著較低,但借款期限則不一定較長。在將樣本期間分成歐元區成立前和成立後,本文發現歐元區成立前,企業向不同銀行借款之聯貸利率無顯著差異;但在歐元區成立之後,企業向「本土銀行」承做的聯貸其利率最低,與「其他歐元區銀行」及「其他非歐元區銀行」之聯貸期限則出現顯著變短的現象。這樣的實證結果顯示歐元的引進確實使歐元區企業與本土銀行(海外銀行)間資訊不對稱問題有效地降低(提高),並反映在利率(聯貸期限)條件上。
    Banks can mitigate information asymmetry between lenders and borrowers through loan contract terms, such as loan price and loan maturity. This paper empirically explores this issue in the syndicate loan markets, with an emphasis on the variation of European industries. I investigate the effects of European syndicated loan markets using data from 1987 to 2009. The empirical results show that, European firms that borrowing from local lenders and other non-Eurozone banks are charged with lower loan prices but the effects on loan maturity are insignificant. Separating the sample period into before and after the establishment of the Eurozone, we find that the effects on loan price are similar before the establishment of the Eurozone. However, after the establishment of the Eurozone, the loan prices from local lenders are lower and the loan maturity from overseas lenders is shorter. These empirical results are consistent with the hypothesis that the introduction of euro mitigates information asymmetry between firms and local banks (overseas banks) which reflects in syndicate loan price (maturity).
    Reference: 1.Barbosa, L. and N. Ribeiro, 2007 , “Determinants of spreads in syndicated loans to euro area corporates” Economic Bulletin, 65-76
    2.Bennardo, A., M. Pagano, S. Piccolo, 2007, “Multiple-bank lending, creditor rights and information sharing” Mimeo, University of Salerno.
    3.Berger, A.N., and G.F. Udell, 1990 , “Collateral, loan quality and bank risk” Journal of Monetary Economics 68, 351-381
    4.Berger, A.N., and G.F. Udell, 2002 , “Small business credit availability and relationship lending: The importance of bank organizational structure” The Economic Journal, F32–F53.
    5.Berger, A.N., Q. Dai, S. Ongena and D. C. Smith, 2003, “To what extent will the banking industry be globalized? A study of bank nationality and reach in 20 European nations” Journal of Banking & Finance 27, 383-415
    6.Boyd, J. and E. Prescott, 1986 , “Financial intermediary coalitions” Journal of Economic Theory 38, 211-221
    7.Degryse, H., S. Ongena, 2004, “The impact of technology and regulation on the geographical scope of banking” Oxford Review Of Economic Policy 62, 571-590
    8.Diamond, D., 1984 , “Financial intermediation and delegated monitoring” Review of Economic Studies 52, 393-414
    9.Gadanecz, B.,2004, “The syndicated loan market: structure, development and implications” BIS Quarterly Review 46, 75-89
    10.Gopalan, R., G.F. Udell, and V. Yerramilli, 2011, “Why do firms form new banking relationships” Journal of Financial and Quantitative Analysis 46, 1-33
    11.Haselmann, R. and P. Wachtel, 2011, “Foreign banks in syndicated loan markets” Journal of Banking & Finance 35, 2679-2689
    12.Ivashina, V., 2009 , “Asymmetric information effects on loan spreads” Journal of Finance Economics 92, 300-319
    13.Jappelli, T., M. Pagano, 2002, “Information sharing, lending and defaults: Cross-country evidence” Journal of Banking & Finance 26, 2017–2045
    14.Miller, S.C., 2010, “A Syndicated Loan Primer” A Guide To The Loan Market , 7-29
    15.Ortiz-Molina, H., and M. F. Penas, 2008, “Lending to small businesses: the role of loan maturity in addressing information problems” Small Business Economics, 361-383
    16.Padilla, A.J., M. Pagano, 2000, “Sharing default information as a borrower discipline device” Europ. Econ. Rev. 44, 1951–1980
    17.Qian, J. and P. E. Strahan, 2007, “How lows and institutions shape financial contracts: The case of bank loans” Journal of Finance 66, 2803-2834
    18.Rajan, R. G., 1992 , “Insiders and Outsiders: the Choice Between Informed and Arm’s-Length Debt” Journal of Finance 47, 1367-99
    19.Ramakrishnan, R., and A. Thakor, 1984 , “Information reliability and a theory of financial intermediation” Review of Economic Studies 52, 415-432
    20.Sharpe, S. A., 1990 , “Asymmetric Information, Bank Lending, and Implicit Contracts: A Stylized Model of Customer Relationship” Journal of Finance 45, 1069-87
    21.Smith, D.C., 2003, “Loans to Japanese borrowers” J. Japanese Int. Economics 17, 283-304
    22.Strahan, P. E., 1999, “Borrower Risk and the Price and Nonprice Terms of Bank Loans” FRB of New York Staff Report
    23.Sufi, A., 2007 , “Information asymmetry and financing arrangements: Evidence from syndicated loans” Journal of Finance 62, 629-668
    24.Vercammen, J.A., 1995, “Credit bureau policy and sustainable reputation effects in credit markets” Economica 62, 461–478
    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0100357019
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

    Files in This Item:

    File Description SizeFormat
    701901.pdf1944KbAdobe PDF132View/Open

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

    社群 sharing

    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback