銀行提供在資訊不完全的市場提供集合資訊的服務,來監控借款者的信用控制,如果銀行可以降低因外部融資因資訊不對稱所產生舉債的相關成本,那麼有銀行貸款的公司,會有較高的負債水準 (Johnson, 1997b);Slovin, Sushka & Polonchek (1993) 亦提出銀行貸款除了傳遞資訊外,亦可視為公司價值的一項表徵。由於銀行的求償順位較其他債權人來得低,因此銀行在訂定契約時,對公司的經營情況會加以評估,此意味著有銀行貸款的公司,公司體質是可以被接受的。 因此本研究利用兩階段最小平方法 (TSLS) 來探討銀行貸款對我國上市公司對槓桿的使用與托賓Q (Lindenberg.& Ross,1981) 的影響,本研究共計三條聯立方程式,在第一條銀行貸款與槓桿聯立方程式中,本研究發現銀行貸款為我國上市公司一個相當重要的資金來源;且銀行貸款愈高的公司,其負債水準亦愈高,顯示銀行貸款可以減緩因資訊不對稱所產生舉債的相關成本,進而提昇企業的整體負債水準,並發現銀行並不需要透過擔保品來降低因資訊不對稱而產生逆向選擇的情況,也就是銀行具有監督企業營運及資訊傳遞的功能。 在第二條銀行貸款與托賓Q條的聯立方程式中,本研究發現銀行貸款與經營績效 (以托賓Q衡量) 呈不顯著的正相關,可能是本研究樣本有三成以上為電子資訊業,由於該產業大都利用股票市場籌措資金,因此無法突顯有銀行貸款的公司,經營績效愈高;且有銀行貸款的公司,價值較低,可能是新銀行大都為企業投資所設立,其放款徵信的標準值得懷疑,因此無法突顯有銀行貸款的公司,公司價值較高。 在第三條槓桿與托賓 Q條的聯立方程式中,本研究發現負債水準愈高的公司,公司價值 (托賓 Q) 較低,其原因可能是台灣目前借貸市場信譽、管理人力市場融資契約訂定等降低負債代理成本機能不佳,因而使得負債的代理成本 (如資產替代、低度投資) 大於負債的利益,因此有待相關單位改進。
In addition to regular banking activities, banks also are capable of collecting and processing private firms’ information as well. If bank can help reduce the asymmetric-information problems between lenders and borrowers while performing screening and monitoring function, then firms with bank debt are expected to experience higher leverage than others without (Johnson, 1997b). The empirical models in this study is based upon a two-stage-least-square (TSLS) regression procedure to investigate the interdependence among bank debt, leverage and Tobin’s Q (Lindenberg & Ross, 1981), determined for non-financial firms listed in the Taiwan Stock Exchange from 1990 through 1999. This study attempts to revisit the relationships among the following concerns and issues in Taiwan. First, the relationship between bank debt and leverage; Second, the relationship between bank debt and Tobin’s Q. Third, the relationship between leverage and Tobin’s Q First, the results show that bank debt is the main source of firm’s leverage, meaning that firms with bank debt having higher leverage. Furthermore, the study points out that the banks do not need a collateral to attenuate the adverse selection that rises from asymmetric-information and moral hazard. Second, the relationship between bank debt and Tobin’s Q, this study shows that the relationships between bank debt and Tobin’s Q is not statistically significant, indicating banks do not take Tobin’s Q (performance) into consideration when make loans to firms. Since the private banks in Taiwan are generally invested by corporations, the standard to lend is rather complicated and ambiguous. Therefore, the ambiguity between the banks and corporations does not support the positive relationship that firms with bank debt should have high Tobin’s Q (firm value). And third, this study shows that the negative relationship does exit between leverage and Tobin’s Q is not statistically significant. That indicates the benefit of leverage exceeds the agency cost of leverage, implying that the banking market function do not performing well. Thus, it is hoped that the banking authority can utilize findings from this study to correct and improve the financial system in Taiwan. .