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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/76584
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/76584


    Title: 台灣上市櫃公司聯合貸款宣告效果、決策動機及其股價報酬之研究
    Stock Returns, Announcement Effects and Motivations of Syndicated Loans: Evidence from Taiwan Listed Companies
    Authors: 何元瑜
    Contributors: 屠美亞
    何元瑜
    Keywords: 聯合貸款
    宣告效果
    資訊不對稱
    錯誤評價
    成長機會
    syndicated laon
    announcement effects
    information asymmetry
    mispricing
    growth opportunities
    Date: 2015
    Issue Date: 2015-07-14 10:37:27 (UTC+8)
    Abstract: 過去文獻多認為銀行因其特殊身分,具有解決資訊不對稱的能力和監督效果,本研究之目的為探討台灣上市櫃公司發行聯合貸款之宣告效果及其長期股價報酬績效並連結公司發行聯合貸款之決策動機。
    研究樣本包含聯貸契約生效日介於1996年至2013年之台灣上市櫃公司,以事件研究法探討聯合貸款契約生效之宣告效果及不同資金用途之宣告效果,再以Rhodes-Kropf, Robinson and Viswanathan (2005)之市價淨值比拆解法拆解出市價淨值比中的錯誤評價和成長機會項目,觀察發行聯合貸款公司之特性;最後以Fama and French三因子模型衡量長期股價異常報酬。
    實證結果發現,台灣上市櫃公司於聯貸契約生效日具有顯著正向異常報酬。以資金用途分類後發現,只有借新還舊和營運資金兩類用途具有正向宣告效果,資本支出類則無。拆解聯合貸款公司之市價淨值比發現,其具有較未發行聯合貸款公司的股價高估和成長機會較低的現象。最後檢驗聯合貸款公司之長期異常報酬,發現股價高估的投資組合具有顯著正向異常報酬,此現象可解釋為何公司會選擇於股價高估時辦理聯合貸款,因可解決資訊不對稱的問題而增加公司價值。也發現一些成長機會高的公司具有顯著正向異常報酬,代表成長機會高的公司若不怕財務彈性限制其成長機會,選擇以聯合貸款籌資,在銀行的監督之下,亦表現良好。綜合以上結果,聯合貸款於台灣為特殊的融資工具。
    Reference: 中文文獻
    李正中 (2010) 上市櫃公司取得聯合貸款對股價報酬之影響,國立臺北大學國際財務金融碩士在職專班論文
    林事達(2008) 台灣聯合貸款宣告對股價之影響~不同聯貸資金用途效果之探討,國立政治大學行政管理碩士學程碩士論文
    陳朝鑫 (1996) 銀行團聯貸宣告對股東財富的影響-異質條件變異數分析法,國立政治大學企業管理學系碩士班論文
    蔡欣貝 (2003) 台灣地區上市上櫃公司聯合貸款之實證研究,南台科技大學會計資訊系碩士班論文
    鄭蕙嬋 (2011) 聯貸契約財務限制條款與企業的盈餘品質,國立政治大學財務管理研究所碩士班論文
    賴玫樺 (2002) 銀行借貸宣告對企業股東長短期影響之研究,國立中山大學企業管理學系研究所碩士班論文
    賴昱蓉 (2011) 銀行放款是否為特殊融資工具?以台灣聯合貸款為例,國立政治大學財務管理研究所碩士班論文
    劉立文 (1996) 聯合貸款對股東財富影響之研究,國立交通大學科技管理研究所
    劉炯桐 (2006) 上市上櫃公司銀行聯合貸款之宣告對股價的影響,國立高雄第一科技大學金融營運所碩士班論文

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    Description: 碩士
    國立政治大學
    財務管理研究所
    102357002
    103
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0102357002
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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