國際多角化、企業集團與銀行聯貸關係之研究

The Relationship of Business Group, International Diversification, and Syndicated Loan Contract

洪嘉聖(Chia-Sheng Hung)

指導教授 ： 俞海琴

中原大學/商學院/國際經營與貿易研究所/碩士(2017年)

https://doi.org/10.6840/cycu201700227

摘要

本研究旨在探討國際多角化、企業集團和貸款利率之間的關係。我們認為當企業有進行國際多角化或是這個公司是有所屬集團所持有時，當它進行聯貸案時貸款銀行將提供較低的貸款利率給該借貸公司。以往的研究指出，國際多角化與貸款利率是呈現負相關性，所以，我們認為，加入企業集團，能夠更加清楚地了解國際多角化與貸款利率之間的關係。同時我們也認為企業集團對於貸款利率會有相同的效果。

我們使用的數據來自TEJ和DealScan資料庫。本文探討企業集團是否能夠舒緩國際多角化與貸款利率之間的關係。當企業隸屬於集團時，是否能從聯貸案中得到較低的利率。我們以中國上市企業，從2000到2015年的資料作為研究期間。本文使用Herfindahl指數來衡量國際多角化。另外，還加入了其他變數包含企業特徵以及信評虛擬變數來探討對貸款利率的影響。

實證結果顯示，國際多角化對貸款利率具有負面的影響，企業集團對貸款利率亦同時具有負面影響。但是，如果企業同時具有國際多角化以及集團多角化時，可能會因為彼此力量的抵銷而對於貸款利率產生正面影響。而企業集團確實有調節國際多角化與貸款利率之間關係的功能在，能使企業能從聯貸案中得到較低的利率；同時，我們的實證結果也顯示信評虛擬變數與企業集團一樣具有調節國際多角化與貸款利率之間關係的功能在，也能使企業在聯貸案中得到較低的利率。

關鍵字

貸款利率 ； 國際多角化 ； 企業集團

並列摘要

This study examines the relationship between international diversification, business group and loan spread. We think a loan spread may be lower in the loan syndication when the firm does the strategy of international diversification. The previous studies show a negative relationship between international diversification and All-in-drawn spread. In this study, we add a group variable into this relationship and we think it may also have the same effect as international diversification.

Using data from TEJ database and DealScan database, this paper examines if the business can moderate the relationship between international diversification and All-in-drawn spread. If firms within the group, would they can get a lower loan spread in loan syndication when they are conducting international diversification. Our samples of China-listed firms are over the 15-year period from 2000 to 2015 to be our research period. We measure international diversification by Herfendale index. Other variables like firm characteristics and rating dummies are controlled in this model.

The result shows that international diversification has a negative impact on loan spread. Meanwhile, a business group has a negative impact on loan spread. However, when firms are affiliated with groups, the relationship between international diversification turns out to be positive. Also, our result shows the firms who were rated are also have the same effect as the firm in the relationship between international diversification and loan spread.

並列關鍵字

loan spread ； International Diversification ； Business group

參考文獻

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