外資參與臺灣聯貸市場之研究

The Research of Foreign Institutions in Taiwan Syndicated Loan Market

李泓毅(Hung-Yi Lee)

指導教授 ： 盧秋玲

國立臺灣大學/管理學院/國際企業學研究所/碩士(2021年)

https://doi.org/10.6342/NTU202101213

摘要

過去研究發現外資具有授信業務上技術優勢但也同時因為對借款人不熟悉面臨資訊不對稱問題。Haselmann Wachtel (2011)提出由外資主辦之聯貸案利率較其他來的高，在小型金融市場外資之進入能小幅降低借款利率，但效果不顯著。然而本研究以臺灣市場的外資進入為題，研究結果發現外資主辦之聯貸案利率顯著較低，與Haselmann Wachtel (2011)的結果不同。其主要原因為外資在臺灣會篩選財務狀況較好的借款人且外資在外幣資金成本上具有比較優勢，有能力以低價提升臺灣聯貸市場滲透率。另一方面，外資主辦與聯貸案授信期限和額度呈顯著負相關。本研究進一步探討過往借貸關係之影響，過去研究說明有過往借貸關係能降低借款利率。本研究結果發現過往借貸關係對外資主辦之聯貸利率無顯著影響，但與台資主辦之聯貸案利率呈顯著負相關，由此說明外資的確受距離及資訊不對稱影響。

關鍵字

聯合貸款市場 ； 臺灣聯貸案 ； 外資 ； 聯貸加碼利率 ； 借貸關係

並列摘要

Foreign lenders in syndicated loan market enjoy technological advantages but face more information asymmetry, suggested in past studies. Haselmann Wachtel (2011) found that the spread charged by foreign banks was higher; however, in small financial systems, foreign involvement had no material impact on the spread. My research focuses on the foreign entry in Taiwan syndicated loan market. The empirical results suggest that the spread charged by foreign arrangers is significantly lower, which is inconsistent with Haselmann Wachtel (2011). The reasons are foreign institutions prefer transparent borrowers with sound financial conditions and foreign institutions have greater funding ability, supporting low-price competition. On the other hand, foreign arrangement is significantly negative correlated with maturity and loan size. Moreover, past research has proposed that previous lending relationship can lower the spread, and my research shows that loans arranged by domestic banks agree with it. However, in foreign-arranged-loans, relationship is negative correlated with spread but not significant. It proves that foreign lenders are impacted by distance and asymmetric information.

並列關鍵字

Taiwan Syndicated Loan Market ； Foreign Lenders ； Spread ； Relationship

參考文獻

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