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Title:	銀行放款是否為特殊融資工具?以台灣聯合貸款為例 Are bank loans special? evidence on the syndicate loans from Taiwan
Authors:	賴昱蓉
Contributors:	屠美亞賴昱蓉
Keywords:	聯合貸款資訊不對稱累積異常報酬銀行放款營運績效
Date:	2010
Issue Date:	2011-09-29 16:47:44 (UTC+8)
Abstract:	在台灣，聯合貸款已逐漸成為企業普遍使用的籌資工具之一，由於結合了私有負債(private debt)所具備的契約彈性與公開負債(public debt)的分散風險特點，使聯合貸款成被視為特殊的資本市場籌資工具。過去文獻以聯貸宣告效果檢驗銀行監督掃描的能力，但對於貸款後公司的長期股票報酬與營運績效表現並未進行驗證，有鑑於此，本研究由長期觀點出發，探討台灣企業進行聯合貸款後股票長期累積超額報酬以及聯合貸款前後營運績效相對表現重新審視銀行在聯貸過程中之監督功能及降低資訊不對稱的能力。本文以持有期間累積異常報酬法(BHARs)衡量公司聯貸後股票三年累積超額報酬與聯貸前一年與後三年財務相對績效表現，同時採用多元迴歸分析檢視公司特性與聯合貸款契約條件對公司長期績效的影響。研究期間自1990~2005年，研究對象為台灣上市櫃公司樣本期間內確定已簽訂之新台幣計價幣別聯貸契約，上市公司230筆，上櫃公司33筆，總計有效樣本共263筆。實證結果發現，在公司股票報酬表現的部分，聯合貸款後三年的股票持有期間累積報酬顯著低於同規模同產業之公司，且樣本內規模較大的公司累積異常報酬顯著低於規模較小的公司，但財務限制高與低的子樣本間累積異常報酬並無顯著差異；在公司營運績效表現的部分，樣本公司聯合貸款簽約前一年度與後三年度財務績效指標顯著低於比較公司，而各年度之間的變化並無顯著差異，同時，這些借款者聯貸前後期的營運績效並未因財務限制高低不同而有所差異；在多元迴歸分析的部分，只有規模大小對聯合貸款前後營運獲利相對表現具有顯著性影響，其餘變數在統計上無解釋能力。研究結果顯示台灣金融機構不具監督掃描的能力，且其聯合貸款對象的後續股票報酬與經營能力並不因為公司財務限制高低而有顯著差異，因此，本研究亦認為銀行無法從眾多借款者中辨識體質較健全的公司，隱含台灣企業承作聯合貸款之行為不應存在資訊內涵效果。
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Description:	碩士國立政治大學財務管理研究所 98357014 99
Source URI:	http://thesis.lib.nccu.edu.tw/record/#G0098357014
Data Type:	thesis
Appears in Collections:	[Department of Finance] Theses

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