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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/58934


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/58934


    題名: 銀行往來關係對公司首次在公開市場發行的債券融資成本之影響
    The Effect of Banking Relationship on the Bond IPO cost
    作者: 曾士豪
    貢獻者: 岳夢蘭
    曾士豪
    關鍵詞: 商譽理論
    銀行往來關係
    首次進入公開市場發行債券
    資訊獨占理論
    套牢問題理論
    信用價差
    日期: 2012
    上傳時間: 2013-07-22 11:13:26 (UTC+8)
    摘要: 本論文透過實證分析，公司可以透過向銀行借款建立商譽，降低首次在公開市場發行債券之成本，此結果與Diamond (1991)所提出的商譽理論一致。但是，如果貸款給公司的銀行亦是替公司發行債券的承銷商，即公司與該銀行有進一步的往來關係，發行債券的成本會相對提高。合理的解釋是銀行握有資訊優勢，會以此優勢套牢公司並且圖利自己，與資訊獨占理論及套牢問題理論一致。換句話說，本研究證實公司選擇與之前貸款融資的銀行作為債券發行的承銷商，並不能降低債券融資的發行成本。在本論文後續的研究，指出會選擇與之前貸款融資的銀行作為承銷商之公司，在股票市場的表現都相對較差，銀行會提高替該公司承銷債券的管理費用與發行債券的成本。
    參考文獻: Altman, E.I. (1968), “Financial ratios, discriminant analysis and the prediction of corporate bankruptcy.” The Journal of Finance, 23, 589-609.
    Ashcraft, A.B., and J.A.C. Santos (2009), “Has the CDS market lowered the cost of corporate debt?” Journal of Monetary Economics, 56, 514-523.
    Booth, J.R. (1992), “Contract cost, bank loans, and the cross-monitoring hypothesis.” Journal of Financial Economics, 31, 25-41.
    Datta, S., M. Iskandar-Datta, and A. Patel (1999), “Bank monitoring and the pricing of corporate public debt.” Journal of Financial Economics, 51, 435-449.
    Diamond, D.W. (1991), “Monitoring and reputation: The choice between bank loans and directly placed debt.” Journal of Political Economy, 99, 689-721.
    Elton, E.J., M.J. Gruber, D. Agrawal, and C. Mann (2001), “Explaining the rate spread on corporate bonds.” The Journal of Finance, 56, 247-277.
    Hale, G., and J.A.C. Santos (2008), “The decision to first enter the public bond market: The role of firm reputation, funding choices, and bank relationships.” Journal of Banking & Finance, 32, 1928-1940.
    Hale, G., and J.A.C. Santos (2009), “Do bank price their informational monopoly?” Journal of Financial Economics, 93, 185-206.
    Klock, M.S., S.A. Mansi, and W.F. Maxwell (2005), “Does corporate governance matter to bondholders?” Journal of Financial and Quantitative Analysis, 40, 693-719.
    Maxwell, W.F. and C.P. Stephens (2003), “The wealth effect of repurchases on bondholders.” The Journal of Finance, 58, 895-919.
    Rejan, R.G. (1992), “Insiders and outsiders: The choice between informed and arm’s length debt.” The Journal of Finance, 47, 1367-1400.
    Santos, J.A.C. and A. Winton (2008), “Bank loans, bonds, and information monopolies across the business cycle.” The Journal of Finance, 63, 1315-1359.
    Yasuda, A. (2005), “Do bank relationships affect the firm’s underwriter choice in the corporate-bond underwriting market?” The Journal of Finance, 60, 1259-1292.
    描述: 碩士
    國立政治大學
    財務管理研究所
    100357029
    101
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G1003570291
    資料類型: thesis
    顯示於類別:[財務管理學系] 學位論文

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