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標題: 連結性放款、股權結構與授信行為之關係:台灣的實證
Connected Lending, Ownership Structure and Lending Behavior: Evidence from Taiwan
作者: 陳家彬
關鍵字: 應用研究;Banking;財政(含金融,保險);銀行;授信行為;連結性放款;公司治理;利益搶奪;Lending behavior;Connected lending;Corporate governance;Benefit looting
As pointed out by La Porta et al. (1998), firms』 corporate governance can explain theirdifferences in moral hazard, agency problems, information disclosure and monitoring. Thisimplies that banks may need to watch their borrowers』 corporate governance while makinglending decisions. A cross-country study conducted by Bae and Goyal (2003) examining theeffects of corporate governance on lending behavior lacked the loan transaction data inTaiwan. This research is the first study on connected lending between firms and banks inTaiwan. We refer to Yeh and Woidtke』s (2002) work of board composition for the measuresof corporate governance in Taiwan, and add in other connected lending variables. Theprimary purposes of this study are to (1) investigate the effects of the independence of boardand the degree of ownership diverge at borrowing firms on lending behavior; (2) comparethe borrowing terms between firms with and without connected loans, and further analyzewhether the connections influence the lending behavior; and (3) examine the validity ofbenefit looting hypothesis in Taiwanese banks.

La Porta et al.(1998)指出一個公司治理制度能夠說明各公司之間的道德危險、代理問題、資訊揭露及監督管理的差異性,這意味著銀行進行企業授信時,應考慮企業的公司治理情形;而目前公司治理制度對銀行授信行為影響的唯一跨國比較研究(Bae andGoyal 2003)中尚缺乏台灣地區的結果。本研究為國內首次探討臺灣地區企業與銀行之連結性關係放款(connected lending)的研究,我們在公司治理構面的設計上將參考Yehand Woidtke (2002)探討臺灣地區董監事會組成份子的方法,並在模型中加入企業與銀行關連性變數。主要研究目的如下:(1)探討借款企業的董事會獨立性及公司股權偏離程度對放款授信行為的影響,分別由價格項目與非價格項目為之。(2)依據本文定義的連結性指標I、Ⅱ將樣本區分為連結性關係與無連結性關係兩個樣本群,並比較連結性關係與無連結性關係的放款契約在銀行各授信項目上是否存有差異。此外,在進一步控制放款銀行特性及企業財務與公司治理特性後,我們以OLS 及Probit 迴歸分析探討銀行與企業的連結性關係是否會影響銀行的授信行為。(3)檢測利益搶奪(benefitlooting)假說在台灣地區銀行授信行為上是否成立。
其他識別: NSC93-2416-H005-013
Appears in Collections:企業管理學系所

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