企業與銀行借款關係對公司債發行條款之影響:以臺灣上市櫃公司為例

The Effect of Bank Loan Relationship on Corporate Bond Terms: Evidence from Taiwan

羅佳敏(Chia-Min Lo)

指導教授 ： 何耕宇

國立臺灣大學/管理學院/財務金融學研究所/碩士(2021年)

https://doi.org/10.6342/NTU202100863

摘要

本論文旨在研究臺灣上市櫃公司與銀行的借款關係對後續發行公司債條款的影響，並檢視2002-2020年間臺灣上市櫃公司新發行的公司債，實證結果發現當公司在發債前一年曾與特定銀行(指與承銷商為同一金控之銀行)建立借款關係，可顯著降低公司債發行利差且增加發行金額，此結果符合Diamond (1991) 的商譽建立理論及Datta, Iskandar-Datta, and Patel (1999) 的銀行交叉監督效益理論。然而，因公司受限於投資計畫年限和資產負債管理，我們並未發現銀行借款關係對發行期數有顯著的影響。此外，當公司具備資訊不對稱程度高或違約可能性大的特性時，會放大前述的銀行借款關係效果，特別是在發行利差的減少上。整體而言，本論文的實證分析佐證了公司可在發債前建立與特定銀行的借款關係，以取得更有利的融資條件進入公開債券市場籌資。

關鍵字

債券條款 ； 銀行借款 ； 商譽建立 ； 交叉監督 ； 資訊不對稱 ； 違約可能性

並列摘要

This dissertation studies the effect of bank loan relationship on corporate bond terms by examining the new issuance of straight bonds by listed companies in Taiwan from 2002 to 2020. Our empirical results suggest that bond issuing yield spreads are lower and that issuing amounts are higher when issuers secured bank loans with specific banks one year prior to the bond issuance. Specific banks refer to the banks belonging to the same financial holding company as bond underwriters. The results are consistent with reputation building theory (Diamond, 1991) and bank cross-monitoring theory (Datta, Iskandar-Datta, and Patel, 1999). However, we do not find that bank loan relationship has a significant effect on bond maturity, probably due to the limitation of capital budgeting and asset-liability management. Furthermore, this effect would be magnified, especially in the reduction of bond issuing yield spreads, when firms have high degree of information asymmetry or high likelihood of default. Overall, our empirical study provides evidence that borrowers building bank loan relationship prior to bond issuance could receive more favorable bond terms when financing in the public bond markets.

並列關鍵字

Bond Term ； Bank Loan ； Reputation Building ； Cross-Monitoring ； Information Asymmetry ； Likelihood of Default

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