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| Title: | 跨國上市對國內同業公司聯合貸款條件之影響
The Impact of International Cross-listing: Effects on Syndicated Loans Contract Terms of Rival Firms at Home |
| Authors: | 許家瑜
Hsu, Chia-Yu |
| Contributors: | 張元晨
Chang, Yuan-Chen
許家瑜
Hsu, Chia-Yu |
| Keywords: | 聯貸市場
同業競爭
跨國上市 |
| Date: | 2020 |
| Issue Date: | 2020-07-01 13:39:51 (UTC+8) |
| Abstract: | 現今有許多公司會藉由跨國上市或是聯合貸款籌募所需資金，其中又以美國市場為非美國籍企業選擇跨國上市的主要地點之一。公司在美國跨國上市後，由於必須符合美國之相關法令，定期進行公司資訊的揭露，因此將使得公司資訊的透明度上升並且增加了公司融資的管道，進而對國內同業公司產生競爭壓力。本文著重於探討當非美國公司於美國跨國上市後，知名度提高，並增加了融資管道，對於國內同業公司造成競爭壓力，使得其未來在進行聯合貸款時，對於借款條件和聯貸銀行團組成的影響。
實證結果顯示非美國公司在美國跨國上市後，國內同業公司未來所獲得之聯貸條件中只有借款期限與預期相符，借款期限會縮短，但是結果不顯著。另外，主貸行的家數會顯著增加，而主貸行所持有之份額會顯著下降。而我們也發現若同業公司來自原本就受到高度監理的金融產業及監理制度較完善、投資人保護較強的國家，這樣ADR事件較不會對其聯貸條件產生負面的影響。
Nowadays, cross-listing and syndicated loan are two of the major funding channels for multinational companies. The US stock market is one of the main locations for non-US firms to cross-list their shares abroad. After cross-listing in the United States, foreign firms must comply with the disclosure rules, which will enhance their financial transparency and creating competitive pressure on domestic rival firms. This thesis examines whether syndicated loans contract terms and syndicated structure of domestic rival firms will change after cross-listing.
The empirical results show that non-US firms cross-listing in the United States have reduced the loan maturity of rival firms. However, the result is insignificant. And the results also show that lead arrangers will increase significantly, while the share held by lead bank will decrease significantly. |
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簡晧雯 (2015年6月)。跨國上市對公司聯合貸款條件之影響。國立政治大學財務管理研究所碩士學位論文。 |
| Description: | 碩士
國立政治大學
財務管理學系
107357029 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107357029 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202000608 |
| Appears in Collections: | [財務管理學系] 學位論文
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