政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/52532

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/52532

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政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 > Item 140.119/52532

請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/52532

題名:	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
作者:	蔡依純 Tsai, Yi Chun
貢獻者:	張元晨蔡依純 Tsai, Yi Chun
關鍵詞:	聯貸市場銀行認購行為
日期:	2010
上傳時間:	2012-04-12 13:58:42 (UTC+8)
摘要:	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.
參考文獻:	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
描述:	碩士國立政治大學財務管理研究所 98357009 99
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0098357009
資料類型:	thesis
顯示於類別:	[財務管理學系] 學位論文

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