台灣地區聯合放款契約宣告效果

本研究探討台灣地區放款宣告之效果，藉由台灣地區各內外資銀行團於1992年1月至2001年6月間，產生的146筆聯合放款資料，我們發現聯合放款契約蘊含著豐富的資訊內涵，且聯合放款契約的宣告效果與契約的授信條件、銀行及借款企業的特性存有顯著之關係。本研究的結果發現銀行與借款企業的長期往來關係、總體經濟環境的不確定性、借款企業財務風險及借款企業間資訊不對稱的程度，與銀行所提供的審查、監督及證明所產生的價值皆有著正向關係。此外，相對於取得票券循環額度（NIF）或浮動利率票券（FRN）融資者，我們也發現借款企業以完全現金方式取得銀行融資者能夠獲得較高的放款宣告效果。進一步的結果也顯示，由聯合放款契約的銀行團家數與放款契約宣告效果呈現的負向關係，傾向支持私有負債再協商彈性假說；最後我們也發現，領導銀行團中純粹由本國銀行所組成的聯合放款契約相對於純粹由外國銀行組成者有較高的宣告效果，這顯示外國領導銀行可能因地理、語言及文化的差異所產生的資訊距離而降低其所能提供的審查及監督功能。

關鍵字

聯合放款契約宣告；契約彈性；資訊距離

並列摘要

This paper examines stock price responses to 146 syndicated loan announcements in Taiwan from January 1992 to June 2001. The positive and significant market response to loan announcements values the unique screening, monitoring, and certification services provided by banks. The information content of syndicated loan announcements is significantly linked to various characteristics of bank loans, lenders, and borrowers. The results indicate that loan announcement effects are positively associated with continuing interaction between lenders and borrowers, macroeconomic uncertainty, and financial risk and informational opaqueness of borrowers. The loans providing cashfinancing service have larger announcement effects than those providing notes-issuing service. Consistent with the contractual flexibility hypothesis, the loan announcement effect is found to be inversely related to the number of banks participating in a syndicated loan. The evidence further suggests that loans led purely by foreign banks generate smaller market responses than those led by domestic banks, which implies that the informational distance resulting from geographical and cultural differences between lenders and borrowers could diminish loan announcement effects on stock prices.