併購與聯貸借款條件

Abstract

本研究利用2000-2016年的美國聯貸案作為樣本，探討併購活動與借貸成本的關係。本研究主要發現從事併購活動的公司可以獲得較佳的聯貸條件，包括較低的利率、較高的借款金額與較長的還款期間，而且併購活動會吸引更多參貸銀行參與。本研究使用語言與殖民歷史作為文化背景的代用指標，發現當被併購方之所在國家的官方語言與殖民歷史與美國(併購方所在國家)較相似，借款人(即併購方)能享受到更低的借款利率，此結果顯示相似的國家背景資訊不對稱程度較低，有利併購整合與價值創造，進而使借款人願意提供較低的借貸利率。最後，研究發現當被併購方之所在國家的GDP較高，借款人(即併購方)能享受到更低的借款利率與較高的借款金額。

This paper investigates the relation between merger and acquisition activities and bank loan financing in the syndicated loan market. I utilize syndicated loans in the US from 2000 to 2016 as the research setting. My key finding is that firms with M&A experience within two years obtain lower loan spreads, larger loan amounts and longer maturities. I also examine how country characteristics of the target companies affect the cost of bank loans, and find evidence supporting the information asymmetry hypothesis. I use language and colonial history as proxies for cultural background. I document that when acquirers and acquirees domiciled in counties with similar official language and colonial history, the effect of M&A experience on loan spreads is more pronounced. I further report that firms engaging M&A deals attract more participant lenders. Lastly, I point out that when the target companies domiciled in countries with higher GDP, the effect of M&A experience on loan spreads and amounts is more pronounced.