美國上市公司聯合貸款決策之研究

Determinants of Syndicated Loan Choice: Evidence from US Listing Companies

游孟樺(Meng-Hua Yu)

指導教授 ： 陳聖賢

國立臺灣大學/管理學院/財務金融學研究所/碩士(2008年)

https://doi.org/10.6342/NTU.2008.10126

摘要

企業融資決策的文獻中，多著重於探討公開市場融資與民間融資之決策差異。本研究進一步以美國上市公司為例，試圖找出影響企業選擇聯合貸款的決定因素。主要將採用單變量的比較以及多元機率迴歸模式，研究資訊不對稱、成長性、信用評等水準以及過去採用聯合貸款之經驗對企業決策的影響。同時也將利用傳統的事件研究法進一步探討採用聯合貸款之經驗之重要性。研究結果顯示，資訊不對稱的程度越高、成長性越高的企業，越不傾向採用聯合貸款。信用水準的影響則因代理變數選擇的不同而有不同的結果。而本文首次引入企業過去的聯貸經驗為一新的變數，顯示其對聯合貸款之選擇有正向影響，多次進出聯貸市場更能進一步降低資訊不對稱程度。

關鍵字

聯合貸款 ； 雙邊貸款 ； 資訊不對稱 ； 信用評等水準 ； 關係金融

並列摘要

Most prior researches documented the determinants of choice between public debt and private debt. Alternatively, this paper is aiming for find out the determinants of the syndicated loan, evidence by US listing companies. In this paper, univariate comparison and multivariate probit regression are applied to examine the determinants from the demand side, including agency variables, growth opportunity, experience, and credit quality of the borrowers. Traditional event study is applied to discuss the unique role of experience in the syndicated loan market. Results demonstrate that level of information asymmetry, growth opportunity both have negative impact on the choice of syndicated loan, while credit quality has mixed impact according to difference proxies used. This study also introduces a new variable- previous borrowing experience in syndicated loan market, which has significant positive influence on the next syndicated loan initiation. Further, information asymmetry problem could be mitigated through multiple accesses to syndicated loan market.

並列關鍵字

Syndicated loan ； bilateral loan ； information asymmetry ； credit quality ； relationship banking

參考文獻

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