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    题名: 民營化對企業聯合貸款借款條件影響
    Privatization effects on syndicated loans
    作者: 羅雅文
    贡献者: 張元晨
    羅雅文
    关键词: 聯合貸款
    民營化
    日期: 2011
    上传时间: 2012-10-30 10:58:35 (UTC+8)
    摘要: 近年來各國政府對國營事業積極進行民營化政策，藉由民營化可以提升企業的獲利能力和經營效率，但是同時也讓企業失去政府在背後支持的保護，可能因此增加其倒閉的風險，而銀行聯合貸款是企業重要的融資來源，銀行相較於一般的債券投資人對公司有更深入的了解和監督，因此在借款條件上更能反映出企業經營的表現，希望透過本文探究公司民營化對其在聯合貸款的借款條件上有何影響。研究樣本為全球開發中國家和歐洲已開發國家的民營化公司，研究結果發現民營化之後企業普遍擁有較低的借款利率和較高的借款金額，可見聯合貸款參與之貸款者相較於有政府在公司背後做保證，更重視企業民營化後在獲利能力和經營效率上的改善，而願意提供較優惠的借款條件給民營化公司。
    參考文獻: Borisova, G.,Fotak, V., Holland, K., and Megginson,W.2011.Government Ownership and the Cost of Debt: Evidence from Government Investments in Publicly Traded Firms. Advance Access published August 30, 2011.
    Borisova, G., and Megginson, W.2011. Does Government Ownership Affect the Costof Debt? Evidence from Privatization.Review of Financial Studies. Advance Access published March 2, 2011
    Brown, C., and Dinc, S. 2009. Too Many to Fail? Evidence of Regulatory Forbearance When the Banking Sector Is Weak.Review of Financial Studies. Advance Access published May 27, 2009, 10.1093/rfs/HHP039.
    Brown, C. and Dinc, S. 2005. The politics of bank failures: Evidence from emerging markets, Quarterly Journal of Economics 120, 1413-1444.
    Carey, M. and Nini, G. 2007. Is the Corporate Loan Market Globally Integrated? A Pricing Puzzle.Journal of Finance 62:2969–3006.
    Collin-Dufresne, P., Goldstein, R. and Martin, J. 2001. The Determinants of Credit Spread Changes. Journal of Finance 56:2177–207.
    Djankov, S., and Murrell, P. 2002. Enterprise Restructuring in Transition: A Quantitative Survey. Journal of Economic Literature 40:739–92.
    Faccio, M., Masulis, R., and McConnell, J. 2006. Political Connections and Corporate Bailouts. Journal of Finance 61:2597–635.
    Fama, E., and French, K. 1993. Common Risk Factors in the Returns on Stocks and Bonds. Journal of Financial Economics 33:3–56.
    Graham, J., Li, S., and Diu, J. 2007.Corporate Misreporting and Bank Loan Contracting.Journal of Financial Economics89, 44– 61.
    Gibbon, H. 1998. “Worldwide Economic Orthodoxy”, Privatisation International 123, 4–5.
    Gibbon, H. 2000. “Editor’s Letter”, Privatisation Yearbook, Thomson Financial, London, p. 1.
    Megginson, W., and Netter, J. 2001. From State to Market: A Survey of Empirical Studies on Privatization.Journal of Economic Literature 39:321–89.
    Megginson, W., Nash, R., and Van Randenborgh, M. 1994. The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis. Journal of Finance 49:403–52.
    Megginson, W., Netter, J., Chahyadi, C. 2005.Size and Impact of Privatisation – A Survey of Empirical Studies.CESifo DICE Report 1/2005
    OECD, 1998.Corporate governance, state-owned enterprises and privatization.OECD Proceedings. OECD Publishing.
    Sheshinski, E. and Lopez-Calva, L. 1999. Privatization and itsBenefits: Theory and Evidence, CESifo Economic Studies 49,429–59.
    Shleifer, A., 1998. State versus Private Ownership.The Journal of Economic Perspectives 12, 133-150.
    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
    描述: 碩士
    國立政治大學
    財務管理研究所
    99357020
    100
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0099357020
    数据类型: thesis
    显示于类别:[財務管理學系] 學位論文

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