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標題: 資訊揭露與授信條件關聯性之研究
The Relationship between Information Disclosure and Loan Terms
作者: 顏志安
Yen, Chih-An
關鍵字: information disclosure;資訊揭露;loan spread;agency problems;cost of debt capital;利率加碼;代理問題;負債資金成本
出版社: 企業管理學系所
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Since a series of recent corporate scandals involving renowned firms show linkage with insufficient disclosure of information, banks and investors now seriously doubt the reliability of corporate information, and corporate governance has become a focus for the global capital market. Among governments' efforts to formulate more strict regulations, requirements have been made for corporations to improve information disclosure in order to reduce information asymmetry between inside and outside the firm. In 2003, the Securities and Futures Institute (SFI) in Taiwan launched “Information Disclosure and Transparence Ranking System” (IDTRS), expecting that this system can improve the companies' information transparency. According to the past research, improving information disclosures is one of the best solutions to reduce risk. Therefore this study will discuss whether or not the information disclosure affects loan terms. In this study, information transparency is measured as the disclosure level and the change of ranking and transparency of voluntary information disclosure in 3rd, 4th and 5th appraisal.
Primary results indicate that information disclosure definitely influences loan terms. Enhancing the information disclosures helps enterprises obtain a lower interest spread. Further the negative relationship between the level of disclosures and the loan spread is stronger (weaker) for firms that are characterized by high (low) market uncertainty. From the perspective of transparency of voluntary disclosure, the loan size of the more transparent firms is greater than that of the less transparent firms.

其他識別: U0005-0807201015364300
Appears in Collections:企業管理學系所

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