How Do Banks Charge on Loans to Firms with Insiders Borrowing from Banks with Share Pledges?

內部人股票質押與銀行貸款成本

Yu-Chun Wang(王佑鈞)

《財務金融學刊》 31卷2期 (2023/06) Pp. 61-92

https://doi.org/10.6545/JFS.202306_31(2).0003

摘要

We examine the relation between insiders' share pledging and the cost of bank loans of Taiwanese listed firms. Specifically, we investigate whether banks charge firms different rates when the insiders pledge shares for their personal loans. We find that bank loan spreads are positively related to insiders' share pledging, especially for closely-held firms with controlling shareholders. The effects of insiders’ share pledging on bank loans are more prominent for non-syndicated loans (lower risk-sharing effect) and loans with shorter maturity (severer information problem), indicating that the risk engendered by share pledging is an important factor in bank loan contracting.

關鍵字

Cost of bank loans ； share pledging

並列摘要

本研究發現內部人進行股票質押的公司承擔較高的銀行貸款成本，特別是對於有控制股東的所有權集中公司。股票質押對於銀行貸款成本的影響，尤其是在非聯貸案（風險分散效果較低）以及期限較短（資訊風險較高）的貸款案中較為顯著，表示銀行認為內部人股票質押對於銀行貸款案件來說是重要的風險因子。

並列關鍵字

銀行貸款成本 ； 股票質押

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