銀行貸款契約完整性與公司財務決策之關聯性

The Relationship between the Completeness of Bank Loan Contract and Corporate Financial Decisions

王培恆(Pei-Heng Wang)

指導教授 ： 劉文謙

中原大學/商學院/財務金融研究所/碩士(2019年)

https://doi.org/10.6840/cycu201900403

摘要

本研究採用文本分析方法建構契約完整性衡量指標，以美國非金融業公開發行公司與銀行簽訂的貸款協議為樣本，探討貸款契約中約定事項章節完整性和違約事件章節完整性分別與公司財務決策之關聯性。實證結果發現，約定事項章節與違約事件章節完整性對公司財務決策的影響不同，約定事項章節越完整，越能提高公司績效、減少公司現金持有與資本支出，而違約事件章節越完整，越能降低公司績效、減少現金持有與增加資本支出。此外，約定事項章節與違約事件章節越完整皆能改善公司績效與運營。總體而言，完整貸款契約有利於公司整體績效表現，債權人扮演積極角色於公司治理和管理決策。

關鍵字

財務契約 ； 完整性 ； 公司績效 ； 現金持有決策 ； 投資決策 ； 文本分析

並列摘要

Using several measures of contract completeness based on text analysis, this paper uses the texts of private loan contract of US non-financial public corporations to explore each relationship between the completeness of covenants sections or defaults sections of bank loan contract and corporate financial decisions. The empirical results find that the completeness of covenants sections and defaults sections has different effects on the company's financial decisions. The more complete the covenants sections, the better the company's performance and the lower both the company's cash holdings and capital expenditures, while the more complete the defaults sections, the worse the company's performance, the lower the company's cash holdings and the more capital expenditures. Alternatively, we find that the more complete both of covenants sections and defaults sections, the corporate's performance would be improved after the contract was signed. Overall, a complete loan contract is good for the company's performance, and creditors play an active role in corporate governance and management decisions.

並列關鍵字

Financial Covenant ； Completeness ； Corporate Performance ； Cash Holding ； Corporation Investment ； Text Analysis

參考文獻

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