關係借貸是否影響企業的信用風險？來自台灣之證據

「關係借貸」(Relationship Lending)係指借款公司與銀行間具有長期往來關係的借貸行為，是借款公司進行融資管道的其中一種方式，與實務上提及的「關係人借貸」(Related Lending)有所不同，本研究主要探討借款公司在不同關係借貸的依賴程度下，其發生財務危機與大額呆帳的機率是否有所不同。本研究以台灣經濟新報(TEJ)資料庫為主要的資料來源，以公司向銀行借款的次數集中度、金額集中度、銀行往來家數與近兩年新銀行加入的家數這四個變數作為關係借貸的代理變數，檢測其對借款公司信用品質的影響。實證結果發現，借款公司的集中度愈高，關係借貸依賴性愈強烈，借款公司發生財務危機與大額呆帳的機率愈低；銀行往來家數愈多，關係借貸依賴性愈微弱，借款公司發生財務危機與大額呆帳的機率愈高。因此，在台灣市場的關係借貸下，有助於借款公司信用品質的提高。

關鍵字

關係借貸；借款公司的集中度；銀行往來家數；財務危機；大額呆帳

並列摘要

“Relationship lending” refers to lending between lenders and borrowers who are in a long-term relationship; it is one method of ensuring financing and is different from “Related lending,” which is another financing method in practice. This paper mainly investigates whether the probability of financial distress and substantial bad debt depends on the relationship between the lender and borrower. The Taiwan Economic Journal (TEJ) database is employed as the main data source. Four variables are used to proxy for the strength of relationship lending, they are Herfindahl-Hirschman indices according to borrowing frequency and borrowing amount, the number of banks that a firm borrows, and the number of banks that start to lend to a firm in the last 2 years, and their effects on the firm’s credit quality are evaluated. The empirical results reveal that the higher the Herfindahl-Hirschman indices, the stronger the dependence of credit quality on relationship lending and the lower the probability of financial distress and substantial bad debt. The more banks a firm borrows, the weaker the dependence of credit quality on relationship lending and the higher the probability of financial distress and substantial bad debt. Therefore, the relationship lending in the Taiwan market is helpful to improve firm’s creditworthiness.

並列關鍵字

Relationship lending ； Concentration of borrowers ； Number of banks ； financial distress ； substantial bad debt

參考文獻

1.Berlin, M., & Mester, L. J. (1998). On the profitability and cost of relationship lending. Journal of Banking & Finance, 22(6), 873-897.

3.Bharath, S., Dahiya, S., Saunders, A., & Srinivasan, A. (2007). So what do I get? The bank's view of lending relationships. Journal of financial Economics, 85(2), 368-419.

4.Boot, A. W. (2000). Relationship banking: What do we know?. Journal of financial intermediation, 9(1), 7-25.

5.Boot, A. W., & Thakor, A. V. (1997). Financial system architecture. Review of Financial studies, 10(3), 693-733.

6.Boot, A. W., & Thakor, A. V. (2000). Can relationship banking survive competition?. The journal of Finance, 55(2), 679-713.

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關係借貸是否影響企業的信用風險？來自台灣之證據

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