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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/105588


    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/105588


    Title: 搜尋公司違反聯貸限制條款的事件：以美國證券交易委員會 EDGAR 系統資料為例
    Identifying Covenant Violations of Syndicated Loan Contracts - Searching From SEC EDGAR Database
    Authors: 由文萱
    Contributors: 張元晨
    由文萱
    Keywords: 聯合貸款
    限制性條款
    違約
    syndicated loan
    Covenant
    violation
    Date: 2015
    Issue Date: 2017-01-04 11:55:14 (UTC+8)
    Abstract: 本篇論文的研究動機。由於許多文獻提到債權人在公司治理上從過去的被動位置轉變為主動利用聯合貸款合約中的限制性條款(covenant) 來規範公司營業活動。小至限制公司資本支出、股利發放，大則影響董事會決定公司 CEO 的去留。限制性條款扮演越來越重要的角色。本文探討從 SEC EDGAR filings 中搜尋公司是否面臨限制性條款的違約(in violation of covenants)。本篇論文能降低未來研究在資料建立上需要人工處理的時間，藉由降低錯誤標記的筆數來達成。
    Covenant violations in syndicated loan agreements are a key factor which demonstrates a shift in control rights to debt holders before a company enters into events of default. This paper focuses on the methodology of identifying incidents of covenant violations using both programming codes and manual searches. We dedicate to minimize the time in hand-collecting while pursue high hitting rates of true covenant violations in SEC EDGAR (Electronic Data Gathering, Analysis, and Retrieval) database. Our findings provide a way to access the U.S. firms’ public financial statements reported to SEC and extends the list of companies provided by Nini, Smith and Sufi (2012).
    Reference: (1) Billett, M. T., Esmer, B., & Yu, M. (2014). Creditor Control and Product-Market Competition. Available at SSRN 2307031.
    (2) Chava, S., & Roberts, M. R. (2008). How does financing impact investment? The role of debt covenants. The Journal of Finance, 63(5), 2085-2121.

    (3) Denis, D. J., & Wang, J. (2014). Debt covenant renegotiations and creditor control rights. Journal of Financial Economics, 113(3), 348-367.
    (4) Freudenberg, F., Imbierowicz, B., Saunders, A., & Steffen, S. (2013, October). Covenant violations and dynamic loan contracting. In AFA 2013 San Diego Meetings Paper.
    (5) Jensen, M. C. (1986). Agency cost of free cash flow, corporate finance, and takeovers. Corporate Finance, and Takeovers. American Economic Review,76(2).
    (6) Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of financial economics, 3(4), 305-360.
    (7) Murfin, J. (2012). The Supply ‐ Side Determinants of Loan Contract

    Strictness.The Journal of Finance, 67(5), 1565-1601.

    (8) Nini, G., Smith, D. C., & Sufi, A. (2012). Creditor control rights, corporate governance, and firm value. Review of Financial Studies, 25(6), 1713-1761.
    (9) Roberts, M. R., & Sufi, A. (2009). Control rights and capital structure: An empirical investigation. The Journal of Finance, 64(4), 1657-1695.
    (10) Tan, L. (2013). Creditor control rights, state of nature verification, and financial reporting conservatism. Journal of Accounting and Economics, 55(1), 1-22.

    (11) Vashishtha, R. (2014). The role of bank monitoring in borrowers׳ discretionary disclosure: Evidence from covenant violations. Journal of Accounting and Economics, 57(2), 176-195.
    Description: 碩士
    國立政治大學
    財務管理研究所
    102357023
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0102357023
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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