政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/78057

政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/78057

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | 全文筆數/總筆數 : 113392/144379 (79%)
造訪人次 : 51194269 線上人數 : 955

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

搜尋範圍

查詢小技巧：

您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果

若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料

進階搜尋

主頁 ‧ 登入 ‧ 上傳 ‧ 說明 ‧ 關於政大典藏 ‧ 管理

到手機版

政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 > Item 140.119/78057

請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/78057

題名:	銀行往來關係及議價能力如何影響聯合貸款條約中使用依據績效調整利率的條款 Banking Relationship, Bargaining Power and the Use of Performance Pricing Covenants in Syndicated Loan Contracts
作者:	李光耀 Lee, Kuang Yao
貢獻者:	張元晨 Chang, Yuan chen 李光耀 Lee, Kuang Yao
關鍵詞:	聯合貸款銀行往來關係議價能力依據績效調整利率的條款 syndicated loans banking relationship bargaining power performance pricing covenants
日期:	2014
上傳時間:	2015-09-01 16:09:47 (UTC+8)
摘要:	借款公司與銀行間彼此往來關係以及議價能力是否是決定聯合貸款契約中依績效調整利率條款內容的重要因素? 本研究嘗試利用1993至2010美國聯貸案之資料來檢視此一關係是否確實存在。實證結果發現，當借款公司與銀行已有往來關係且公司之籌資選擇較少時，會比較傾向簽訂利率向上調整之績效條款。此外，由於單一主辦行於聯貸案中無法向借款公司剝削所有利益，因此對於已和借款公司有往來關係的主辦行來說，其較不傾向簽訂利率向上之調整績效條款。最後，本研究發現，對於主辦行排名較後面的銀行來說，其更傾向簽訂利率向下之調整績效條款來吸引客戶(借款公司)。 It is shown in this thesis that long-term banking relationships and bargaining power are important determinants of performance-pricing covenants (PPC) inclusions in syndicated loan contracts. Using a large sample of syndicated loans data (1993-2010), I find that syndicated loans tend to include more interest-increasing PPC when a long-term banking relationship exists and when borrowers have fewer financing alternatives. The presence of banking relationship with lead arrangers reduces the odds of using interest-increasing PPC, because lead arrangers might not be able to capture all rents from holding-up borrowers. Finally, I find lenders with lower league table ranking are likely to use more interest-decreasing PPC to attract borrowers, which again is consistent with the hold-up hypothesis.
參考文獻:	Adam, T., D. Streitz,. 2014. Hold-Up and the Use of Performance-Sensitive Debt, Working Paper. Cai, J., Mattes, J. A., & Steffen, S. 2012. Performance Pricing versus Financial Covenants: Agency Costs and Incentive Alignment, Working Paper. Manso, G., B. Strulovici, and A. Tchistyi. 2010. Performance-sensitive debt. Review of Financial Studies 23 (5), 1819–1854. Asquith, P., A. Beatty, and J. Weber .2005. Performance pricing in bank debt contracts. Journal of Accounting and Economics 40, 101–128. Roberts, M. R., & Sufi, A. 2009. Control rights and capital structure: An empirical investigation. The Journal of Finance, 64(4), 1657-1695. Demiroglu, C., & James, C. M. 2010. The information content of bank loan covenants. Review of financial Studies, 23(10), 3700-3737. Murfin, J. 2012. The Supply‐Side Determinants of Loan Contract Strictness. The Journal of Finance, 67(5), 1565-1601.. Renzis, De T., Francis, B., Hasan, I., 2010. Performance Pricing Provisions in Bank Loans: A Cross-Country Analysis, Working Paper. Adam, T., V. Burg, T. Scheinert, and D. Streitz. 2014.Managerial Optimism and Debt Contract Design, Working Paper. Panyagometh, K., Roberts, G. S., Gottesman, A. A., & Beyhaghi ,M. 2013. Performance Pricing Covenants and Corporate Loan Spreads. Working Paper. Bhanot, K. and A. S. Mello .2006. Should corporate debt include a rating trigger? Journal of Financial Economics 79, 69–98. Bharath, S., S. Dahiyab, A. Saunders, and A. Srinivasan .2007. So what do i get? the bank’s view of lending relationships. Journal of Financial Economics 85, 368–419. Bharath, S. T., S. Dahiya, A.Saunders, and A.Srinivasan .2011. Lending relationships and loan contract terms. The Review of Financial Studies 24, 1142–1203. Dass, N. and M. Massa .2011. The impact of a strong bank-firm relationship on the borrowing firm. Review of Financial Studies 24, 1204–1260. Degryse, H.and S.Ongena .2005. Distance, lending relationships, and competition. The Journal of Finance 60, 231–266. Agarwal, S. and R. Hauswald .2010. Distance and private information in lending. Review of Financial Studies 23, 2757–2788. Koziol, C.and J. Lawrenz .2010. Optimal design of rating-trigger step-up bonds: Agency conflicts versus asymmetric information. Journal of Corporate Finance 16, 182–204. Rajan, R. G. 1992. Insiders and outsiders: The choice between informed and arm’s length debt. The Journal of Finance 47, 1367–1400. Ross, D. G.2010. The “dominant bank effect:” how high lender reputation affects the information content and terms of bank loans. Review of Financial Studies 23, 2730–2756. Tchistyi, A., D. Yermack, and H.Yun .2011. Negative hedging: Performance-sensitive debt and ceos’ equity incentives. Journal of Financial and Quantitative Analysis 46, 657–686.Von Thadden, E.-L. 1995.Long-term contracts, short-term investment and monitoring. Review of Economic Studies 62, 557–575.
描述:	碩士國立政治大學財務管理研究所 102357016
資料來源:	http://thesis.lib.nccu.edu.tw/record/#G0102357016
資料類型:	thesis
顯示於類別:	[財務管理學系] 學位論文

文件中的檔案:

檔案	描述	大小	格式	瀏覽次數
701601.pdf		1350Kb	Adobe PDF2	354	檢視/開啟

在政大典藏中所有的資料項目都受到原著作權保護.

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 © - 回饋