政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/76862
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113311/144292 (79%)
造访人次 : 50940650      在线人数 : 969
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/76862


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/76862


    题名: 民營化與經理人薪酬對聯貸條件之影響
    作者: 吳周燕
    Wu, Chou Yen
    贡献者: 張元晨
    Chang, Yuan Chen
    吳周燕
    Wu, Chou Yen
    关键词: 民營化
    政府股權
    聯合貸款
    聯貸費用
    經理人薪酬
    聯貸利率加碼
    財務限制條款
    privatization
    government ownership
    syndicated loan
    fee
    executive compensations
    spread
    covenants
    日期: 2015
    上传时间: 2015-07-27 11:21:58 (UTC+8)
    摘要: 【第一部份論文中文摘要】
    本文使用1993 年至2007 年間67 家實施部分及完全民營化公司為樣本，探討國營企業民營化後對聯貸條件之影響。實證結果顯示，民營化後若政府沒有控制權，則聯貸利差擴大，若完全民營化則會被銀行要求提供擔保品，此外，借款公司的信用風險比較會透過聯貸利差及相關費用反映出來，比較不會透過聯貸金額或到期日等條件反映。這些實證結果與本文假說一致，顯示政府保證效果在民營化過程中對於銀行借款是一項重要因素。

    【第二部份論文中文摘要】
    本部分論文以美國1992年至2010年有銀行聯貸之1,560家借款公司及71家銀行為樣本，探討銀行CEO薪酬對於銀行風險及聯貸條件的影響。實證結果顯示非銀行業借款公司CEO的Vega與股票報酬變動度、系統性風險及非系統性風險間為顯著負向關係，但是其Delta則與股票報酬變動度為顯著正向關係，隱含CEO的Vega不會顯著提高股票報酬的風險，但Delta則會顯著提高股票報酬的風險。在探討CEO薪酬對聯貸條件影響時，結果顯示Vega及Delta與聯貸利率加碼間為顯著負向關係，但與財務限制個數間並無顯著關係存在。CEO相對負債權益比與聯貸利率加碼為顯著負向關係，隱含當CEO相對負債權益比較高時，的確會傾向降低公司風險，因此聯貸利率加碼較低。

    銀行業借款的實證結果顯示，銀行CEO的Vega及Delta均會顯著提高股票報酬的風險，且與Z-Score有負向關係但並未具統計上顯著性。此外，銀行CEO的Vega均與聯貸利率加碼及財務限制條款之個數間為正向關係，Delta則與聯貸利率加碼有正向關係，與財務限制條款之個數間為負向關係，但以上結果不具有統計上之顯著性。實證結果隱含，由於銀行業彼此間有資訊優勢，CEO的風險性薪酬對銀行營運之影響反而無法如同一般產業之公司明顯反映於聯貸條件上。
    【第一部份論文英文摘要】
    Using a sample of 67 partially and fully privatized firms, this paper investigates the effect of privatization on loan conditions from 1993 to 2007. The empirical results show that loan spreads widen when governments have no control right after privatization. In addition, loans are more likely to be secured when firms are fully privatized. The empirical results also show that credit risk of borrowing companies is more likely reflected through price-term conditions. These results are consistent with the hypothesis that implicit government guarantee is an important factor for bank loans during the privatization process.

    【第二部份論文英文摘要】
    Using sample of syndicated loans by 1,560 borrowing companies and 71 banks from 1992 to 2010, this paper investigates how CEO risk-taking incentives affect the syndicated loan conditions. For the results based on industrial firms’ syndicated loans, we find that CEO’s Vega is negatively related with stock return volatility, systemic risk, and idiosyncratic risk. Besides, there is a significantly positive relation between CEO’s Delta and stock return volatility. The results imply that CEO’s Vega lowers stock return volatility. However, CEO’s Delta raises the risk of stock return volatility, which is consistent with the findings in previous literature. We also find that both CEO’s Vega and Delta have negative relation with loan spreads but insignificantly related to financial covenants. Moreover, CEO’s debt to equity ratio to firm’s leverage has negative impacts on loan spreads. This implies that higher CEO’s debt to equity ratio to firm’s leverage promotes CEO to reduce firm risk resulting in lower spreads.

    For the results based on banks’ syndicated loans, we provide evidence that both bank CEOs’ Vega and Delta have significantly positive relations on the risk of stock returns. In additions, they have insignificantly negative relation with banks’ Z-Score. We also find that higher CEOs’ Vega leads to higher loan spreads and more covenants. Higher CEOs’ Delta are associated with higher spread but fewer covenants. The results imply that banks in the financial industry are familiar with each other, thus CEO risk-taking incentives may have insignificantly impacts on loan conditions relative to industrial companies.
    參考文獻: 【第一部份論文】
    Ahn, S. and Choi, W., 2009, “The Role of Bank Monitoring in Corporate Governance: Evidence from Borrowers’ Earnings Management Behavior,” Journal of Banking and Finance, Vol. 33, No. 2, 425-434.
    Baiman, S. and Verrecchia, R. E., 1996, “The Relation Among Capital Markets, Financial Disclosure, Production Efficiency, and Insider Trading,” Journal of Accounting Research, Vol. 34, No. 1, 1-22.
    Ben-Nasr, H., Boubakri, N., and Cosset, J., 2012, “The Political Determinants of the Cost of Equity: Evidence from Newly Privatized Firms,” Journal of Accounting Research, Vol. 50, No. 3, 605-646.
    Berg, T., Saunders, A., and Steffen, S., 2012, “The Total Costs of Corporate Borrowing in the Loan Market: Don`t Ignore the Fees.” Working paper, Bonn University, New York University, and ESMT European School of Management and Technology.
    Borisova, G. and Megginson, W. L., 2011, “Does Government Ownership Affect the Cost of Debt? Evidence from Privatization,” Review of Financial Studies, Vol. 24, No. 8, 2693-2737.
    Borisova, G. F., V. Holland, K. V., and Megginson, W. L., 2012, “Government Ownership and the Cost of Debt: Evidence from Government Investments in Publicly Traded Firms.” Working paper, Iowa State University, Bocconi University, and University of Oklahoma.
    Bortolotti, B. and Faccio, M., 2009, “Government Control of Privatized Firms,” Review of Financial Studies, Vol. 22, No. 8, 2907-2939.
    Brown, C. Q. and Dinc, I. S., 2005, “The Politics of Bank Failures: Evidence from Emerging Markets,” Quarterly Journal of Economics, Vol. 120, No. 4, 1413-1444.
    D’Souza, J. and Megginson, W. L., 1999, “The Financial and Operating Performance of Privatized Firms during the 1990s,” Journal of Finance, Vol. 54, No. 4, 1397-1438.
    D’Souza, J., Megginson, W. L., and Nash, R., 2007, “The Effects of Changes in Corporate Governance and Restructurings on Operating Performance: Evidence from Privatizations,” Global Financial Journal, Vol. 18, No. 2, 157-184.
    Dass, N. and Massa, M., 2011, “The Impact of a Strong Bank-Firm Relationship on the Borrowing Firm,” Review of Financial Studies, Vol. 24, No. 4, 1204-1260.
    Diamond, D. W. and Verrecchia, R. E., 1991, “Disclosure, Liquidity, and the Cost of Capital,” Journal of Finance, Vol. 46, No. 4, 1325-1359.
    Diamond, D. W., 1984, “Financial Intermediation and Delegated Monitoring,” Review of Economic Studies, Vol. 51, No. 3, 393-414.
    Faccio, M., Masulis, R. W., and McConnell, J. J., 2006, “Political Connections and Corporate Bailouts,” Journal of Finance, Vol. 61, No. 6, 2597-2635.
    Fan, J., Wong, T. J., and Zhang, T., 2007, “Politically Connected CEOs, Corporate Governance, and Post-IPO Performance of China’s Newly Partially Privatized Firms,” Journal of Financial Economics, Vol. 84, No. 2, 330-357.
    Focarellia, D., Pozzolob, A. F., and Casolaroc, L., 2008, “The Pricing Effect of Certification on Syndicated Loans,” Journal of Monetary Economics, Vol. 55, No. 2, 335-349.
    La Porta, R., Lopez-de-Silanes, F., and Shleifer, A., 1999, “Corporate Ownership around the World,” Journal of Finance, Vol. 54, No. 2, 471-517.
    La Porta, R., Lopez-de-Silanes, F., Shleifer, A., and Vishny, R., 2002, “Investor Protection and Corporate Valuation,” Journal of Finance, Vol. 57, No. 3, 1147-1170.
    Megginson, W. L., Nash, R., and Van Randenborgh, M., 1994, “The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis,” Journal of Finance, Vol. 49, No. 2, 403-452.
    Rajan, R. and Winton, A., 1995, “Covenants and Collateral as Incentives to Monitor,” Journal of Finance, Vol. 50, No. 4, 1113-1146.
    Roberts, M. R. and Sufi, A., 2009, “Renegotiation of Financial Contracts: Evidence from Private Credit Agreements,” Journal of Financial Economics, Vol. 93, No. 2, 159-184.
    Sufi, A., 2007, “Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans,” Journal of Finance, Vol. 62, No. 2, 629-668.


    【第二部份論文】
    Altman, E. I., 1968, “Financial Ratios, Discriminant Analysis and the Prediction of Corporate Bankruptcy,” Journal of Finance, Vol. 23, No. 4, 589-609.
    Anantharaman, D., Fang, V. W., and Gong, G., 2013, “Inside Debt and the Design of Corporate Debt Contracts,” Management Science, Vol. 60, No. 5, 1260-1280.
    Baber, W. R., Janakiraman, S. N., and Kang, S., 1996, “Investment Opportunities and the Structure of Executive Compensation,” Journal of Accounting and Economics, Vol. 21, No. 3, 297-318.
    Bai, G., and Elyasiani, E., 2013, “Bank Stability and Managerial Compensation,” Journal of Banking and Finance, Vol. 37, No. 3, 799-813.
    Baiman, S. and Verrecchia, R. E., 1996, “The Relation Among Capital Markets, Financial Disclosure, Production Efficiency, and Insider Trading,” Journal of Accounting Research, Vol. 34, No. 1, 1-22.
    Black, F. and Scholes, M., 1973, “The Pricing of Options and Corporate Liabilities,” Journal of Political Economy, Vol. 81, No. 3, 637-654.
    Cain, M. D. and McKeon, S. B., Forthcoming, “CEO Personal Risk-Taking and Corporate Policies, Journal of Financial and Quantitative Analysis.
    Cassell, C. A., Huang, S. X., Sanchez, J. M., and Stuart, M. D., 2012, “Seeking Safety: The Relation between CEO Inside Debt Holding and the Riskiness of Firm Investment and Financial Policies,” Journal of Financial Economics, Vol. 103, No. 3, 588-610.
    Chava, S. and Purnanandam, P., 2010, “CEOs verus CFOs: Incentives and Corporate Policies,” Journal of Financial Economics, Vol. 97, No. 2, 263-278.
    Chava, S. and Roberts, M. R., 2008, “How does Financing Impact Investment? The Role of Debt Covenants,” Journal of Finance, Vol. 63, No. 5, 2085-2121.
    Chhaochharia, V. and Grinstein, Y., 2009, “CEO Compensation and Board Structure,” Journal of Finance, Vol. 64, No. 1, 231-261.
    Coles, J. L., Daniel, N. D., and Naveen, L., 2006, “Managerial Incentives and Risk-Taking,” Journal of Financial Economics, Vol. 79, No. 2, 431-468.
    Coles, J. L., Daniel, N. D., and Naveen, L., 2013, “Calculation of Compensation Incentives and Firm-related Wealth using Execucomp: Data, Program, and Explanation,” Working paper.
    Coles, J. L., Daniel, N. D., and Naveen, L., 2014, “Co-Opted Boards,” Review of Financial Studies, Vol. 27, No. 6, 1751-1796.
    Core, J. E. and Guay, W., 2002, “Estimating the Value of Employee Stock Option Portfolios and Their Sensitivities to Price and Volatility,” Journal of Accounting Research, Vol. 40, No. 3, 613-630.
    Core, J. E. and Larcker, D. F., 2002, “Performance Consequences of Mandatory Increases in Executive Stock Ownership,” Journal of Financial Economics, Vol. 64, No. 3, 317-340.
    Daniel, N., Li, Y., and Naveen, L., 2013, “No Asymmetry in Pay for Luck,” Working paper, Drexel University, Temple University, and Temple University.
    Dass, N. and Massa, M., 2011, “The Impact of a Strong Bank-Firm Relationship on the Borrowing Firm,” Review of Financial Studies, Vol. 24, No. 4, 1204-1260.
    DeYoung, R., Peng, E. Y., and Yan, M., 2013, “Executive Compensation and Business Policy Choices at U.S. Commercial Banks,” Journal of Financial and Quantitative Analysis, Vol. 48, No. 1, 165-196.
    Dezso, C. L. and Ross, D. G., 2012, “Are Banks Happy When Managers Go Long? The Information Content of Managers’ Vested Option Holdings for Loan Pricing,” Journal of Financial Economics, Vol. 106, No. 2, 395-410.
    Diamon, D. W. and Verrecchia, R. E., 1991, “Disclosure, Liquidity, and the Cost of Capital,” Journal of Finance, Vol. 46, No. 4, 1325-1359.
    Edmans, A. and Liu, Q., 2011, “Inside Debt,” Review of Finance, Vol. 15, No.1, 75-102.
    Fahlenbrach, R. and Stulz, R. M., 2011, “Bank CEO Incentives and the Credit Crisis,” Journal of Financial Economics, Vol. 99, No. 1, 11-26.
    Frydman, C. and Saks, R. E., 2010, “Executive Compensation: A New View from a Long-term Perspective, 1936–2005,” Review of Financial Studies, Vol. 23, No. 5, 2109-2138.
    Guay, W. R., 1999, “The Sensitivity of CEO Wealth to Equity Risk: An Analysis of the Magnitude and Determinants,” Journal of Financial Economics, Vol. 53, No. 1, 43-71.
    Guthrie, K., Sokolowsky, J., and Wan, K., 2012, “CEO Compensation and Board Structure Revisited,” Journal of Finance, Vol. 67, No. 3, 1149-1168.
    Ivashina, V., 2009, “Asymmetric Information Effects on Loan Spreads,” Journal of Financial Economics, Vol. 92, No. 2, 300-319.
    Jensen, M. C. and Meckling, W. H., 1976, “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics, Vol. 3, No. 4, 305-360.
    John, T. A. and John, K., “Top-Management Compensation and Capital Structure,” Journal of Finance, Vol. 48, No. 3, 949-974.
    Knopf, J. D., Nam, J., and Thornton, J. H., 2002, “The Volatility and Price Sensitivities of Managerial Stock Option Portfolios and Corporate Hedging,” Journal of Finance, Vol. 57, No. 2, 801-813.
    Low, A., 2009, “Managerial Risk-taking Behavior and Equity-Based Compensation,” Journal of Financial Economics, Vol. 92, No. 3, 470-490.
    Mehran, H., 1995, “Executive Compensation Structure, Ownership, and Firm Performance,” Journal of Financial Economics, Vol. 38, No. 2, 163-184.
    Merton, R. C., 1973, “Theorty of Rational Option Pricing,” The Bell Journal of Economics and Management Science, Vol. 4, No. 1, 141-183.
    Nam, J., Ottoo, R. E., and Thornton, J. H., 2003, “The Effect of Managerial Incentives to Bear Risk on Corporate Capital Structure and R&D Investment,” Financial Review, Vol. 38, No. 1, 77-101.
    Perry, T. and Zenner, M., 2001, “Pay for Performance? Government Regulation and the Structure of Compensation Contracts,” Journal of Financial Economics, Vol. 62, No. 3, 453-488.
    Rogers, D. A., 2002, “Does Executive Portfolio Structure Affect Risk Management? CEO Risk-Taking Incentives and Corporate Derivatives Usage,” Journal of Banking and Finance, Vol. 26, No. 2-3, 281-295.
    Stulz, R. M., 2015, “Risk-Taking and Risk Management by Banks,” Journal of Applied Corporate Finance, Vol. 27, No.1, 8-18.
    Sun, J., Cahan, S. F., and Emanuel, D., 2009, “Compensation Committee Governance Quality, Chief Executive Officer Stock Option Grants, and Future Firm Performance,” Journal of Banking and Finance, Vol. 33, No. 8, 1507-1519.
    Sundaram, R. and Yermack, D., 2007, “Pay Me Later: Inside Debt and Its Role in Managerial Compensation,” Journal of Finance, Vol. 62, No. 4, 1551-1588.
    Tung, F. and Wang, X., 2012, “Bank CEOs, Inside Debt Compensation and the Financial Crisis,” Working paper, Boston University and Ohio State University.
    Wang, C., Xie, F., and Xin, X., 2010, “Managerial Ownership of Debt and Bank Loan Contracting,” Working paper, Chinese University of Hong Kong, and George.
    Wei, C. and Yermack, 2011, “Investor Reactions to CEOs’ Inside Debt Incentives,” Review of Financial Studies, Vol. 24, No. 11, 3813-3840.
    描述: 博士
    國立政治大學
    財務管理研究所
    98357501
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0098357501
    数据类型: thesis
    显示于类别:[財務管理學系] 學位論文

    文件中的档案:

    档案 大小格式浏览次数
    750101.pdf3032KbAdobe PDF2201检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    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 ©   - 回馈