台灣集團企業之自家銀行角色的研究

The Roles of Banks hold by the Group-Affiliated Firms: Evidences from the Cases of Taiwan

王健安(Chien-An Wang) ； 沈中華(Chung-Hua Shen)

《財務金融學刊》 12卷3期 (2004/12) Pp. 33-76

https://doi.org/10.6545/JFS.2004.12(3).2

摘要

本研究提出國內集團所成立的銀行，其可能扮演的三種功能與對應的假說：（1）解決集團旗下企業未來投資時，所面臨融資限制的問題；（2）提供集團旗下企業在總體經濟不景氣時，維持流動性的保險；（3）作為集團旗下企業較低廉的資金成本來源之一。實證結果較支持前兩個假說：（1）集團企業平時與集團內銀行的借貸往來條件並不是特別的優惠，但在不景氣時，一般銀行普遍採取信用緊縮政策時，集團自家的銀行相對教願意伸出援手，協助集團旗下的企業未來投資時所受到的融資限制，此可解釋集團企業為了日後流動性的保有所付出的保險費。（2）集團發展核心以金融產業為主，集團中的銀行比較以追求自身利潤為營運的目標，因而較少給予集團旗下企業較低利率的貸款。

關鍵字

融資限制 ； 流動性保險 ； 低廉資金成本 ； 銀行集團

並列摘要

This paper discusses the different roles of banks belonged to the conglomerates. We suggest three hypotheses explained the possible functions of group-affiIiated banks: (1) as an easing-financial constrained provider of group firms, (2) as an insurer of group firms' liquidity in the period of financial crisis, (3) as a cheaper funding source of group firms. Using the regression models, our empirical results seem to support the former two hypotheses. The member bank would not offer cheaper funds to its group-affiliated firms, by contrast, to ask for the higher lending interest rate. But in the unusual period of financial crisis, the member bank may provide the liquidity and release firms' financial constraints owing to the whole group benefits. We find firms that affiliated with the bank obtain funds by increasing their credit lines in the period of financial distress while the credit crunch policy was taken by other general banks. Moreover, the banking-and-finance oriented conglomerates don't afford the loans of the lower interest rate to its groups' firms for self-interests.

並列關鍵字

Financial Constraints ； Liquidity Insurance ； Cheaper Funding Source ； Bank-Group

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