Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/24652
標題: 聯貸案對公司市場表現與經營績效之影響:以上市、上櫃公司為例
The impact of syndicated loan on firm performance: Evidence from public firms
作者: 陳宏維
Chen, Hung-Wei
關鍵字: http://etds.lib.nchu.edu.tw/etdservice/view_metadata?etdun=U0005-1706200921503700;聯貸;多變量迴歸;監督;審查;領導銀行;主要承諾事項;財務比率
出版社: 高階經理人碩士在職專班
引用: 一、中文部分: 王俊智,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,2005。 汪逸真,企業選擇銀行融資方式之研究,國立台灣大學財務金融學研究所,1996。 李芳倫,企業聯合授信主辦行選擇因素之研究,中華大學科技管理研究所碩士論文,2002。 何加政與賴怡洵,台灣地區聯合放款契約宣告效果,2002年國際性聯合財務金融保險學術研討會論文,2002。 沈中華與王健安,銀行了解資金供需雙方資訊不對稱的現象嗎?銀行往來關係、公司投資與融資限制關係之研究,政治大學working paper,2001。 沈中華與李建然,事件研究法:財務與會計實證研究必備,華泰文化事業公司,2000年。 耿平,如何籌組銀行聯合貸款,金融人員研究訓練中心授信主管人員研習班講義,1989。 徐子繁,資本市場融資對股價之影響-以銀行聯貸為例,中興大學財務金融系所,2006 陳梓,台灣金融機構逾期放款與催收問題之研究,大葉大學事業經營研究所,2000。 陳朝鑫,銀行團聯貸宣告對股東財富的影響-異質條件變異數分析法,政治大學企業管理研究所碩士論文,1996。 黃淑卿,上市櫃電子公司聯貸案件之信用風險評估-運用選擇權評價模式,淡江大學財務金融學系碩士在職專班,2004。 鄭訂福,高雄地區銀行參與聯合貸款業務之研究,中山大學高階經營碩士學程專班碩士論文,2001。 蔡欣貝,台灣地區上市上櫃公司聯合貸款之實證研究,南台科技大學會計資訊系,2004。 劉立文,聯合貸款對股東財富影響之研究,國立交通大學科技管理研究所,1995。 劉炯桐,上市上櫃公司銀行聯合貸款之宣告對股價的影響,國立高雄第一科技大學金融營運所,2006。 二、西文部分: Armitage, S., Bank Information About Borrowers: The Stock Market Response to Syndicated Loans Announcements In The UK, Applied Financial Economics, 1995, pp449-459. Berlin, M. and L. Mester, Debt Covenants and Renegotiation, Journal of Financial Intermediation ,1990, 2, pp95-133. Cole, R., The Importance of Relationships to The Availability of Credit, Journal of Banking and Finance,1998, 22, pp959-977. Diamond, 1984 , Small Business: An Area Ripe for Practice Development, Journal of Accountancy ,158, 74-80. Easterbrook, F., Two Agency Costs Explanations of Dividends, American Economic Review, 1984, 74, pp650—659. Fama, Eugene, and Michael Jensen, 1985, Organizational forms and investment decisions, Journal of Financial Economics 14, 101-119. Gorton, G. and J. Kahn, The Design of Bank Loan Contracts, Collateral, and Renegotiation, Working Paper, National Bureau of Economic Research, 1993. Greenbaum, S., and Thakor, A., Bank Funding Modes: Securitization versus Deposits, Journal of Banking and Finance, 1987, 11, pp379-401. Megginson, W.L., Poulsen, A.B.and Sinkey, J.F., Syndicated Loan Announcements and The Market Value of The Banking Firm, Journal of Money, Credit, and Banking, May 1995; 27, 2, pp457-475. Pavel, C., and Phillis, D., Why Banks Sell Loans: An Empirical Analysis, Economic Perspectives Federal Reserve Bank of Chicago, 1987, pp3—14. Rajan, R., and Winton, A., Covenants and Collateral As Incentives to Monitor, Journal of Finance, 1995, 50, pp1113-1146. Steven A. Dennis and Donald J. Mullineaux, Syndicated Loans, Journal of Financial Intermediation ,2000, 9, pp404-426.
摘要: 
本篇論文主要針對民國89年至95年有聯合貸款餘額之台灣上市、上櫃公司,共計108筆聯貸案為樣本,採用多變量迴歸進行分析探討聯合貸款對股票價格影響之市場表現,以及對企業經營績效的改變,實證結果發現:
1.與聯貸後相比,聯貸前具有市場超額報酬,這與銀行審查聯貸案時,多以該企業股價為通過因素有關,聯貸前股價表現佳,則將促使聯貸通過,然而聯貸案通過後卻對股東財富無顯著影響。
2.與聯貸後相比,聯貸前市場會計報酬明顯較好,究其原因企業聯貸前營運績效較佳,將提高聯貸案通過機率,但也隱含著企業可能透過窗飾財務報表,造成銀行審查時較為正面的評價。
3.企業之信用風險並不是影響利率高低之重要因素,而是聯貸金額、借款期限、領導銀行所占比率具顯著相關,表示聯貸金額愈大、借款期限愈短、領導銀行所占比率愈低,則可以和銀行團談判的利率空間愈大。
4.參貸銀行家數及領導銀行所占比重對應收帳款週轉率皆呈正向顯著的影響,表示在銀行團監督審核下,領導銀行所占比重增加、參貸銀行家數愈多時,聯貸後之應收帳款管理改善,原因有二,首先領導銀行對聯貸案專業判斷,足以增加其他參貸行之信心,參貸銀行家數亦可能隨之增加,進而提高聯貸案通過之機率,再則因為聯貸案主要授信條件列有「主要承諾事項」,其承諾內容指出在聯貸案存續期間,借款人皆必須遵守相關財務比率規範,所以主要承諾事項即是銀行團藉以監督企業營運狀況最佳利器,使得銀行團得以該承諾事項持續監督企業。
5.應收帳款週轉率與聯貸金額為負相關,但與聯貸借款期限產生正相關,顯示聯貸金額愈大,將使得營運績效變差,期限愈長,銀行團可以藉此每年審視企業財務狀況,是否符合當初簽訂各項授信條件,表示銀行持續監督效果愈能顯現。
6.信用評等受到聯貸負面影響,原因在於企業辦理聯貸後,相關財務數據欠佳,造成信用評等不佳,而聯貸借款期限對信用評等具顯著關係,顯示企業辦理聯貸後,借款期限愈長,信用評等愈差。

Taking 108 syndicated loans extended to listed companies and OTC companies in Taiwan between 2000 to 2006 as the sample, the paper uses multi-variable regression to examine and analyzes the influence of syndicated loans on the borrower's stock price and operational performance. The empirical results are as follows:
1.Compared with the prior period, there are always excess returns before the syndicated loan is granted. This is because banks usually take company's stock price as an important determinant in the process of syndicated loan. A better stock price performance is a good sign in the obtainment of the loan. However, the approval of the loan has no significant influence on the stockholders wealth.
2. Compared with the performance after the syndicated loan, the accounting rate of return of the prior period is significantly better than that after the company obtains the loan. The reason could be that better operation performance is advantageous to the obtainment of the loan. However it also implies that the company may manipulate the earnings in order to make their financial statements appear more favorable and get a more positive appraisal from banks.
3. The credit risk of company does not carry a lot of weight in determining interest rates, instead, the amount, term, and the percentage of loan that the lead bank takes have a significant correlation. A greater amount, a shorter term, and a lower percentage give more room to negotiate on interest rates with the syndicate.
4.The number of syndicate members and the percentage of loan that the lead bank takes have a significantly positive influence on the accounts receivable turnover. It indicates that, under the supervision of the syndicate, the accounts receivable turnover is improved when the lead lender takes a large percentage of loan and there are more syndicate members. There are two reasons for this. First of all, the lead bank's specialized judgment on the loan may increase confidence of other prospects , enabling more of them to participate, and thus increase the probability of loan approval. Secondly, the conditions to grant the syndicated loan include some “major promises” that request the borrower to observe the requirements for financial ratios. Thus, major promises serve as the best tool for the syndicate to supervise the operation of the borrower and enable the syndicate to continue the supervision.
5. Account receivable turnover is negatively correlated to the amount of a syndicated loan, but it is positively related to the term. It indicates that, the larger the syndicate loan is, the worse the operation performance of the borrower to become. With a longer term of loan, the syndicate may review the financial status every year whether the borrower complies with the regulations. It indicates that continuous supervision encourages better performance.
6. A syndicated loan has a significantly negative effect on the borrower's credit rating. This is because the unsatisfactory financial data cause a poor credit rating. The term of a syndicate loan has a significant influence on the borrower's credit rating, that is, the longer term the syndicate loan has, the worse the credit rating will become.
URI: http://hdl.handle.net/11455/24652
其他識別: U0005-1706200921503700
Appears in Collections:高階經理人碩士在職專班

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