English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 113313/144292 (79%)
Visitors : 50948302      Online Users : 914
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/52532
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/52532


    Title: 銀行團認購行為偏好探討–以國際聯貸市場為例
    The determinants of the financial institutions’ subscription in global syndicated loan market
    Authors: 蔡依純
    Tsai, Yi Chun
    Contributors: 張元晨
    蔡依純
    Tsai, Yi Chun
    Keywords: 聯貸市場
    銀行認購行為
    Date: 2010
    Issue Date: 2012-04-12 13:58:42 (UTC+8)
    Abstract: 近年來,國際聯貸市場蓬勃發展,已為當前公司主要外部融資來源之一,許多學者亦針對國際聯貸市場的相關特性進行研究探討,本次研究將針對銀行團在國際聯貸市場上認購行為偏好進行探討,以「超額認購」該現象為例,探討銀行團進行認購決策時的關鍵因子。
    全球聯貸案件資料由DealScan資料庫提供,期間為1987年至2009年,利用配對樣本方式進行Logistic迴歸分析,探討造成超額認購現象的因子為何。實證結果發現,當聯貸市場有新競爭者加入,如機構投資人或是外商銀行進入該市場,造成聯貸市場上資金供給增加,因此當市場上有較好的投資案出現時,銀行即會競相進行認購,進而造成超額認購;因此,造成超額認購的主要原因來自於市場上資金供給面的變化。
    Using a sample of global syndicated loan from 1987 to 2009, I collected data from LPC’s DealScan and Compustat database to examine which factors affect the determinants of the financial institutions’ subscription in global syndicated loan market. Using the oversubscribed syndicated loan as our sample, we test the intention of lenders’ subscription and the results show that the odds of oversubscription increased as the capital supply increased in the syndicated loan market. The primary factor for the increase of supply is when new investors, such as institutional investors or foreign banks, joined the syndicated loan market. Therefore, I find that the amount of capital supply can influence financial institutions’ subscription in the syndicated loan market.
    Reference: Bae, Kee-Hong and Goyal, Vidhan K., 2009, “Creditor Rights, Enforcement, and Bank Loans”, The Journal of Finance, Vol. 64, No. 2, 823-860
    Baker, Malcolm P., 2009, “Market-Driven Corporate Finance”, Working paper
    Carey, Mark and Nini, Greg, 2007, “Is the corporate loan market globally integrated? A pricing puzzle”, The Journal of Finance, Vol.62, No.6, 2969-3007
    Champagne, C. and Kryzanowski, L., 2007, “Are current syndicated loan alliances related to past alliances?”, Journal of Banking and Finance, Vol. 31., No. 10, 3145-3161
    Chava, Sudheer and Roberts, Michael R., 2008, “How Does Financing Impact Investment? The Role of Debt Covenants”, The Journal of Finance, Vol.63, No.5, 2085-2121
    Chui, M. K. F., Domanski, D., Kugler, P. and Shek, J., 2010, “The Collapse of International Bank Finance During the Crisis: Evidence from Syndicated Loan Markets”, BIS Quarterly Review, 39-49
    Esty, Benjamin C., 2001, “Structuring Loan Syndicates: A Case Study of the Hong Kong Disneyland Project Loan”, Journal of Applied Corporate Finance, Vol.14, No.3, 80-95
    Esty, Benjamin C., 2003, "When Do Foreign Banks Finance Domestic Investment? New Evidence on the Importance of Legal and Financial Systems", Working paper
    Esty, Benjamin C. and Megginson, William L., 2003, “Creditor Rights, Enforcement, and Debt Ownership Structure: Evidence from the Global Syndicated Loan Market”, Journal of Financial and Quantitative Analysis, Vol. 38, No. 1, 37-60
    Gadanecz, Blaise, 2004, “The syndicated loan market: structure, development and implications”, BIS Quarterly Review, 75-89
    Gray, Richard, Holmes, Patrick and Muzilla, Kevin, 2003, “Why banks should look again at market flex and MAC clauses”, International Financial Law Review, Vol.22, No.4, 18-20
    Houston, Joel, Itzkowitz, Jennifer and Naranjo, Andy, 2007, “Borrowing Beyond Borders: The Geography and Pricing of Syndicated Bank Loans”, Working paper
    Ivashina, V., 2009, “Asymmetric information effects on loan spreads”, Journal of Financial Economics, Vol. 92, No. 2, 300-319
    Ivashina, V. and Scharfstein, D., 2010, “Bank lending during the financial crisis of 2008”, Journal of Financial Economics, Vol. 97, No. 3, 319-338
    Ivashina, V. and Sun, Z., 2010a, “Institutional stock trading on loan market information”, Journal of Financial Economics, Vol. 100, No. 2, 284-303
    Ivashina, V. and Sun, Z., 2010b, “Institutional demand pressure and the cost of corporate loans”, Journal of Financial Economics, Vol. 99, No. 3, 500-522
    Massoud, Nadia, Nandy, Debarshi, Saunders, Anthony and Song, Keke, 2010, “Do hedge funds trade on private information? Evidence from syndicated lending and short-selling”, Journal of Financial Economics, Vol. 99, No. 3, 477-499
    Nandy, Debarshi and Shao, Pei, 2010, “Institutional Investment in Syndicated Loans”, Working Paper
    Nini, Greg, 2008, “How Non-Banks Increased the Supply of Bank Loans: Evidence from Institutional Term Loans”, Working Paper
    Qian, J. and Strahan, P. E., 2007,”How Laws and Institutions Shape Financial Contracts: The Case of Bank Loans”, The Journal of Finance, Vol. 62, No. 6, 2803-2834
    Standard & Poor’s, 2010, “A Syndicated Loan Primer”, Standard & Poor’s A Guide to Loan Market
    Sufi, Amir, 2007, “Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans”, The Journal of Finance, Vol.62, No.2, 629-668
    Taylor, A. and Sansone, A., 2007, “The handbook of loan syndications and trading”, McGraw-Hill.
    Tykvová, T., 2007, "Who chooses whom? Syndication, skills and reputation", Review of Financial Economics, Vol. 16, Issue 1, 5-28
    Tykvová, T. and Schertler, A., 2010, “Overcoming Distances via Syndication with Local Friends: The Case of Venture Capital”, Working paper
    Tykvová, T. and Schertler, A., 2008, “Syndication to Overcome Transaction Costs of Cross-border Investments? Evidence from a Worldwide Private Equity Deals’ Dataset”, Working paper
    李孟芳, 2010, “The Effects of Market Technical on Loan Spread: Evidence From Global Syndicated Loans”, 國立政治大學財務管理研究所碩士論文
    楊雅靖, 2010, “Information asymmetry and syndicated loan pricing”, 國立政治大學財務管理研究所碩士論文
    葉美華, 2006, “The Study of Banking Business Model and Strategy about Syndicated Loan Product – in Taiwan Syndication Market”, 國立政治大學經營管理碩士學程碩士論文
    曾子健, 2003, “公司證券依存度、股價低估與預期報酬之關係-美國股票市場之實證分析”, 國立中央大學產業經濟研究所碩士論文
    Description: 碩士
    國立政治大學
    財務管理研究所
    98357009
    99
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0098357009
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

    Files in This Item:

    There are no files associated with this item.



    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback