The Impact of Privatization on Loan Conditions

Translated Titles





吳周燕(Chou-Yen Wu);張元晨(Yuan-Chen Chang)

Key Words

民營化 ; 政府股權 ; 聯合貸款 ; 聯貸費用 ; privatization ; government ownership ; syndicated loan ; fee



Volume or Term/Year and Month of Publication

22卷1期(2014 / 03 / 01)

Page #

11 - 53

Content Language


Chinese Abstract


English Abstract

Using a sample of 67 partially and fully privatized firms, this paper investigates the effect of privatization on loan conditions from 1993 to 2007. The empirical results show that loan spreads widen when governments have no control right after privatization. In addition, loans are more likely to be secured when firms are fully privatized. The empirical results also show that credit risk of borrowing companies is more likely reflected through price terms conditions but not through non-price term conditions. These results are consistent with the hypothesis that implicit government guarantee is an important factor for bank loans during the privatization process.

Topic Category 社會科學 > 管理學
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Times Cited
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