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    題名: 臺灣聯貸市場之研究 – 以S銀行為例
    Research on the Taiwan syndicated loan market – A case study of S Bank
    作者: 洪嘉駿
    Horng, Jia-Jiunn
    貢獻者: 張元晨
    楊享洪

    Chang, Yuan-Chen
    Yang, Hsiang-Hong

    洪嘉駿
    Horng, Jia-Jiunn
    關鍵詞: 聯合貸款市場
    臺灣聯合貸款市場
    Syndicated Loan
    Taiwan Syndicated Loan Market
    日期: 2024
    上傳時間: 2024-02-01 11:31:26 (UTC+8)
    摘要: 聯合貸款案件的歷史可以回朔至1960年代,初始案件性質主要是以國家主權貸款為主,隨著時間的推移目前已轉變為支援各類商業活動的重要融資工具。據統計,截至2022年,全球聯合貸款總案件金額已達約美金4.7兆元。在臺灣,聯合貸款市場近年來蓬勃發展,2010年達到巔峰,金額超過美金550億元,其後年度總規模維持在美金400億元上下水準,聯合貸款成為企業籌措大量資金的重要途徑之一。
    本研究旨在探討聯合貸款案件在臺灣市場的發展趨勢及特性,並以個案研討方法進行分析。透過文獻探討、研究對象參與聯貸主辦案件的結構分析以及同業比較,歸納出本國聯貸市場的產業結構、客戶屬性及收益性等特質。進一步,本研究推估研究對象在聯貸市場上的經營策略承作及偏好。最後,根據分析結果,提出對研究對象未來發展的建議事項。
    The history of syndicated loan cases traces back to the 1960s, initially dominated by sovereign loans, gradually evolving into a crucial financing tool supporting various business activities. As of 2022, the global total amount of syndicated loans has reached approximately USD 4.7 trillion. In Taiwan, the syndicated loan market has experienced vigorous growth in recent years, reaching its peak in 2010 with an amount exceeding USD 550 billion. Subsequently, the annual total scale of syndicated loans has maintained around USD 400 billion, establishing syndicated loans as a significant avenue for enterprises to raise substantial funds.

    This study aims to explore the development trends and characteristics of syndicated loan cases in the Taiwanese market, employing a case study approach. Through literature review, structural analysis of research participants involved in organizing syndicated loan cases, and industry comparisons, we summarize the industry structure, customer attributes, and profitability characteristics of the domestic syndicated loan market. Furthermore, we estimate the operational strategies and preferences of the study subjects in the syndicated loan market. Finally, based on the analysis results, recommendations for the future development of the study subjects are presented.
    參考文獻: 中文參考文獻
    李泓毅(2021),外資參與臺灣聯貸市場之研究,國立臺灣大學管理學院國際企業學系碩士論文
    行政院主計總處(2021),行業統計分類(第11次修正),資料取自:https://ws.dgbas.gov.tw/001/Upload/463/relfile/11195/90015/f40e1851-7d45-4cd4-b44d-d9c915aea95d.pdf
    邱志坤(2021)國際聯貸風險管理:亞洲地區違約案例探討,國立政治大學經營管理碩士學程論文
    沈盈良(2019),臺灣聯合授信案主辦及參貸之研究-以T商業銀行為例,國立政治大學商學院經營管理碩士國際金融組碩士論文
    金融監督管理委員會銀行局(2023),金融業務統計輯要,資料引自:https://www.banking.gov.tw/ch/home.jsp?id=157&parentpath=0,4&mcustomize=bstatistics_view.jsp&serno=201105120014
    馬唯瑄(2019),影響聯貸案超額認購之因素,國立政治大學財務管理研究所碩士論文
    國泰世華商業銀行股份有限公司(2023),2022年年報
    葉美華(2006),銀行聯合貸款業務之經營模式與策略研究-以臺灣聯貸市場為例,國立政治大學經營管理碩士論文
    盧孟函(2013),聯貸契約之違約條款及豁免機制,國立政治大學法學院碩士在職專班碩士論文。
    臺灣銀行股份有限公司(2023),2022年年報 
    英文參考文獻
    Allen, T. (1990). Developments in the international syndicated loan market in the 1980s. Quarterly Bulletin, Bank of England, February.
    Altunbaş Yener and Alper Kara(2011), Why do banks join loan syndications? The case of participant banks, The Service Industries Journal, Volume 31, No.7, May 2011, 1063-1074
    APAC Loans League Tables Press Release, Refinitiv
    Armstrong, J. (2003). "The syndicated loan market: Developments in the North American context", Working paper, Bank of Canada.
    Enkhtaivan Bolortuya (2019), Do past relationship and experience help a bank in winning a lead mandate in the syndicated loan bid, Banking & Finance Review . 2019, Vol. 11 Issue 1, p59-78
    Esty, Benjamin C. (2001) "Structuring Loan Syndicates: A Case Study of the Hong Kong Disneyland Project Loan." Journal of Applied Corporate Finance 14, no. 3 (fall 2001): 80–95.
    Gadanecz, Blaise, The Syndicated Loan Market: Structure, Development and Implications (December 1, 2004). BIS Quarterly Review, December 2004
    Gadanecz, Blaise,(2003), The pricing and structure of syndicated loans : three empirical studies, Bangor Business School Doctoral Dissertations.
    Global Syndicated Loans Legal Review First Quarter 2023, (2023), Refinitiv
    Godlewski, C. (2010). How to get a syndicated loan fast ? The role of syndicate composition and organization. Finance, 31, 051-092. https://doi.org/10.3917/fina.312.0051working paper.
    Gustafson Matthew T., Ivan T. Ivanov, Ralf R. Meisenzahl (2021), Bank monitoring: Evidence from syndicated loans, Journal of Financial Economics, Volume 139, Issue 2, 2021, Pages 452-477
    Hu Zhenyu(2021), Three essays on syndicated loan, Theses and Dissertation, Texas A&M International University
    Ivashina, Victoria, and David Scharfstein(2010), Loan Syndication and Credit Cycles. American Economic Review, 100 (2): 57-61.
    Maskara, Pankaj Kumar(2007), Two essays on borrowing from banks and lending syndicates University of Kentucky Doctoral Dissertations.
    Rhodes T.(2000), Syndicated lending: Practice and Documentation, Euromoney Books.
    Sufi Amir (2007), Information asymmetry and financing arrangements: Evidence from syndicated loans. The Journal of Finance, 62(2), 629–668.
    Top 1000 World Banks 2023, The Banker
    描述: 碩士
    國立政治大學
    國際金融碩士學位學程
    111ZB1012
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0111ZB1012
    資料類型: thesis
    顯示於類別:[國際金融碩士學位學程] 學位論文

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