中國上市公司產品多角化與銀行聯貸條件關係之研究

產品多角化策略是十分常見的公司發展策略，許多上市公司都會在一定程度上採用該策略。儘管如此，產品多角化策略對公司發展而言，是一把雙刃劍。中國銀行系統跟發達國家大有不同。截至2010年底，中國的聯貸市場呈現持續增長的趨勢，甚至達到了每年336百億美元。大部分發達國家以及新興市場都受到2007年次貸危機的衝擊，而中國卻並沒有收到嚴重波及。本文認為中國的上市公司在成長發展的過程中，往往會進行產品多角化策略，而產品多交化策略也需要龐大的資金支援，而中國的銀行聯貸則可以為上市公司的發展提供這樣的服務。因而，我們認為產品多角化與銀行聯貸之間存在著某種關聯。本文主要探討中國公司產品多角化與銀行借款條件之間的關係，並填補相關領域的學術空白。本文從DealScan資料庫和TEJ資料庫中搜集、整理、合併了1990年至2016年間的資料。我們發現當公司產品多角化程度越高，會導致更借款條件更嚴格，比如更高的利差。從公司的層面，可以嘗試採取適當的產品多角化策略，使得在保證公司發展的前提下，向銀行借款的成本最低；而從銀行的層面，可以嘗試加強控管借款人的風險程度，避免壞賬率的持續增加。本文的實證結果與現有文獻相異，可能是因為中國公司股權結構的特質與眾不同，政府會將國營公司的多角化折損轉移至國有商業銀行，這意味著國營公司與國有銀行之間的某種關係比產品多角化程度更會影響聯貸借款條件。

關鍵字

產品多角化；聯貸；利差；非價格條件

並列摘要

Product diversification is a common corporate strategy for firm’s development. Although many listed firms use product diversification strategy, this strategy has many advantages and disadvantages for firms. The China’s banking system is different from developed countries, and up to the end of 2010, syndicated loan market in China is continuing to increase and reach to $33.6 billion per year. Besides China, most of the developed economies and emerging marketing suffer from the financial crisis during the 2007 subprime crisis happened. Listed firms need a great deal of money for development with product diversification strategy. Banks in China, also have enough cash capital to provide listed firms with external funds services when listed firms need money. Therefore, we think there is a relationship between product diversification and loan contracts. This paper investigates the relationship between product diversification and loan contracts in China to fill the gap. We collect the data between 1990 to 2016 period from DealScan database and TEJ database. We find the higher level of product diversification increases the tight loan contracts like higher all-in-drawn spread. The implicatios of our study is divided into listed firms angle and banks angle. For listed firms, it’s important to decide the correct product diversification strategy which can help firms develop with low costs of external funds. For banks, it’s worth thinking how to monitor the borrowers and avoid increasing the bad debt rate in the future. Opposite to existing research, we find the positive relationship between product diversification and loan spread in syndicated contracts. The relationship between state-owned firms and state-owned commercial banks.may be a reason why our empirical results are different to existing research. And this relationship may also be a reason why loss of state-owned firms transform into state-owned commercial banks.

並列關鍵字

Product diversification ； syndicated loan ； all-in-drawn spread ； non-pricing loan terms

參考文獻

Aivazian, V. A., Qiu, J., & Rahaman, M. M. (2015). Bank loan contracting and corporate diversification: Does organizational structure matter to lenders? Journal of Financial Intermediation, 24(2), 252-282.

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國際替代計量

中國上市公司產品多角化與銀行聯貸條件關係之研究

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