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    政大機構典藏 > 商學院 > 會計學系 > 學位論文 >  Item 140.119/111714


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    题名: 具銀行相關經驗之董事對借款條件之影響：以聯貸市場為例
    The effect of board of directors’ banking experience on debt contracting: evidence from the syndicated loan market
    作者: 簡鈺庭
    Jian, Yu Ting
    贡献者: 詹凌菁
    簡鈺庭
    Jian, Yu Ting
    关键词: 聯合貸款
    董事經驗
    銀行產業
    資訊不對稱
    Syndicated loans
    Director experience
    Banking industry
    Information asymmetry
    日期: 2017
    上传时间: 2017-08-10 09:40:17 (UTC+8)
    摘要: 本研究係探討董事具銀行相關經驗對聯合貸款特性之影響。董事具銀行相關經驗應能降低借款企業與銀行間的資訊不對稱，而使得借款企業取得較低的聯貸利差並影響主辦銀行之放貸比率。此外，本研究預期資訊不對稱較高之企業，具銀行相關背景董事較能有效降低聯貸利差並對主辦銀行之放貸比率有影響；於低資訊不對稱之企業則對聯貸利差及主辦銀行之放貸比率之影響較小。本研究以2001至2014年（不含2008及2009年）之樣本進行實證研究。研究結果顯示具銀行相關經驗之董事與聯貸利差呈負相關，與主辦銀行之放貸比率無關聯性。而將樣本區分為高資訊不對稱及低資訊不對稱後，研究結果顯示於高資訊不對稱之企業，具銀行相關經驗之董事與聯貸利差呈負相關，並與主辦銀行之放貸比率呈正相關；而於低資訊不對稱之企業，則未發現具銀行相關經驗之董事與聯貸利差及主辦銀行之放貸比率具關聯性。
    This study investigates the effect of board of directors with experience in the banking sector on syndicated loan features. I predict that having banking experience directors on board may alleviate the information asymmetry between borrowers and lenders and thereby reduce yield spreads and affect the portion of loan retained by lead arrangers. I further predict that for high information asymmetry firms, their directors with banking experience could assist them to receive lower cost of debts and influence lead arrangers’ share. For low information asymmetry firms, there is no effect on both cost of debts and lead arranger’s share. I use 7,738 firm-year observations during 2001 to 2014 (exclude the year 2008 and 2009) to test my predictions. The empirical results suggest that firms with more banking experience directors enjoy lower syndicated loan spread and that banking experience directors do not influence the share of loan retained by lead arrangers. I further separate the sample into two high and low information asymmetry groups. The evidence suggests that banking experience directors are negatively associated with loan spreads and positively associated with lead arrangers’ proportion of loan facility among the firms with high information asymmetry, while there is no such evidence among the firms with low information asymmetry.
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    描述: 碩士
    國立政治大學
    會計學系
    104353009
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0104353009
    数据类型: thesis
    显示于类别:[會計學系] 學位論文

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