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| Title: | 破產公司回收率對其供應商借款條件之影響
The Impact of Bankrupt Firm’s Recovery Rate on Supplier’s Loan Condition |
| Authors: | 張廷安 |
| Contributors: | 張元晨
張廷安 |
| Keywords: | 回收率
供應鏈
破產
銀行貸款
Recovery rate
Supply chain
Bankruptcy
Bank loan |
| Date: | 2019 |
| Issue Date: | 2019-08-07 16:05:29 (UTC+8) |
| Abstract: | 本文以1987~2013年間的美國公司為樣本，研究客戶公司破產後，供應商向銀行借款之利差(Loan Spread)是否發生顯著改變，以及研究客戶公司破產後的實際回收率(Recovery Rate)高低，是否對供應商向銀行貸款的利差有顯著影響。
實證結果發現，在客戶公司破產發生後，供應商向銀行貸款的利率顯著上升，平均上升約17~18%，造成供應商債務資金成本上升，該結果與本文及現有文獻之假設相符。而本文的結果還發現，當客戶公司的實際破產回收率愈高，供應商向銀行貸款的利差也愈大，顯示銀行並未認為供應商之客戶公司之破產回收率愈高，能更大程度地彌補供應商之業務損失，而給予較低的貸款利率，該結果與本文假設不符。
但在本文放寬了供應商借款事件年限及刪除缺漏值很多的自變數後，本文的迴歸樣本數大幅提升，迴歸結果為供應商在客戶公司破產後向銀行借款的利率相較破產前依然顯著上升。至於客戶公司的破產回收率高低則產生了與先前不同的結果，當客戶公司的破產回收率愈高，銀行給予供應商的貸款利差愈低，因為銀行認為客戶公司的破產回收率能成為其供應商的一部份還款來源，因此視供應商為還款風險較低之借款者，兩項結果皆符合本文之假設。
This study uses the US firms from 1987 to 2013 as a sample to examine whether the spread of bank loan increases significantly after the bankruptcy of the client firm, and whether the actual recovery rate of bankrupt client firm has a significant impact on the loan spread of supplier firm’s bank loan.
The empirical results show that after the bankruptcy of client firm, the loan spread of suppliers increased significantly by 17-18% on average, resulting in the increase of supplier firm’s cost of debt. This result is consistent with the assumption in this study and existing literature. We also find that the higher the recovery rate of the client firm, the larger the spread of supplier’s bank loan. This indicates that banks see that the higher recovery rate of bankruptcy client firm, to some extent, could not compensates for the loss of the supplier firm and give supplier firm a lower spread of bank loan. This result is inconsistent with the assumptions in this study.
However, after we extended the period of suppliers borrowing and deleted variables with lots of missing values, the number of observations increased substantially. The result shows that after the bankruptcy of client firm, the loan spread of suppliers remain significantly higher after bankruptcy of client firm. As for the recovery rate, we find different results. When recovery rate of the client firm is higher, the lower the spread of supplier’s bank loan. This is because when the recovery rate of client is higher, the lower loan spread given by the bank to suppliers for the reason that recovery rate can be a way of repayments from suppliers, so banks consider suppliers as the borrower with low repayment risk. These results are consistent with our assumptions in this study. |
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| Description: | 碩士
國立政治大學
財務管理學系
105357021 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G1053570211 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU201900171 |
| Appears in Collections: | [財務管理學系] 學位論文
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