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題名 社會資本對聯貸結構的影響—以借款公司及主辦銀行觀點探討
The impact of social capital on syndicate structures - borrowing company and lead arranger perspectives作者 張以昕
Chang, Yi-Hsin貢獻者 張元晨
張以昕
Chang, Yi-Hsin關鍵詞 社會資本
聯合貸款
主辦銀行
Social Capital
Syndicate Loan
Lead Arranger日期 2019 上傳時間 1-Jul-2019 10:44:35 (UTC+8) 摘要 社會資本在社會科學領域已被廣泛證實對社會、社群以及個人都具有經濟利益。同時亦有文獻在探討社會資本對上市公司的經濟利益。銀行聯貸是公司重要的融資來源、也是銀行獲利的來源之一，本文利用美國地區的聯貸資料，驗證社會資本與聯貸結構的關聯性。聯貸結構細分為三種，聯貸組成的放款人總數、主辦銀行保留的貸款美元金額、以及主辦銀行保留的貸款比例。另外本研究分為兩部份，分別就借款公司、以及主辦銀行分析。實證結果發現，當借款公司的總部所在地之社會資本越高，則因為社會資本可作為加強監督機制，所以聯貸結構的集中程度就越低，主辦銀行可以組成成員更多的銀行團，並且可以持有較低份額的貸款比例。若是主辦銀行位於社會資本水平較高的縣，主辦銀行因此聲譽較為良好而更值得信任，則聯貸案件的組成結構較為分散，主辦銀行可以吸引更多參與者組成銀行團，並且可持有較小的金額、比例的貸款。在聯貸案件中扮演重大角色的借款公司、或主辦銀行，其總部所在地的社會資本程度越高，皆可吸引到更多參與者、組成更大的銀行團，並且主辦銀行不須負擔高比例的聯貸金額做為向參貸行許下加強盡職調查和監督的承諾。
Social capital has been widely proven in the social sciences to have positive economic benefits for societies, communities and individuals. Syndicate loan is an important source for company financing and one of the sources of bank earning profit. In this study, we verify the correlation between social capital and syndicate structure with US syndicated data. Our study proxied for loan syndicate structures with three variables, the total number of lenders, the dollar amount and percentage of the loan kept by the lead arranger. We focus on two aspects of the major roles of bank loan syndicate: borrowing company and lead arranger.Our empirical result shows that firms located in higher levels of social capital areas incur lower level of the concentration of syndicate structure because social capital can enhance the monitor mechanism. That is, there could be formed a larger bank group and lead arranger could hold a smaller amount of the loan both in dollar amount and in percentage of the loan. Another empirical result shows that lead arrangers headquartered in higher social capital counties incur higher bank reputation Therefore lead arrangers could attract more participants and keep smaller percentage of the loan.Borrowing companies and lead arrangers play crucial roles in syndicate loans. They could attract more participating banks, form a larger bank group and lead arrangers need not afford the high portion of loan if lending companies and lead arrangers locate in high-social-capital area.參考文獻 Adhikari, B. K., & Agrawal, A. (2016). Does local religiosity matter for bank risk-taking? Journal of Corporate Finance, 38, 272-293.Buckley, F. H., & Brinig, M. F. (1998). The bankruptcy puzzle. Journal of Legal Studies, 27(1), 187-207.Cheng, C. S. A., Wang, J., Zhang, N., & Zhao, S. (2017). Bowling Alone, Bowling Together: Is Social Capital Priced in Bank Loans? Journal of Accounting, Auditing & Finance, 32(4), 449-479.Coleman, J. S. (1988). Social Capital in the Creation of Human-Capital. American Journal of Sociology, 94, S95-S120.Cornett, M. M., Minnick, K., Schorno, P. J., & Tehranian, H. (2018). Bank Behavior and Social Capital, working paper.Dennis, S. A., & Mullineaux, D. J. (2000). Syndicated loans. Journal of financial intermediation, 9(4), 404-426.Diamond, D. W. (1984). Financial Intermediation and Delegated Monitoring. Review of Economic Studies, 51(3), 393-414.Ellul, A., & Yerramilli, V. (2013). Stronger risk controls, lower risk: Evidence from US bank holding companies. The Journal of Finance, 68(5), 1757-1803.Graham, J. R., Li, S., & Qiu, J. P. (2008). Corporate misreporting and bank loan contracting. Journal of Financial Economics, 89(1), 44-61.Guiso, L., Sapienza, P., & Zingales, L. (2008). Social capital as good culture. Journal of the European Economic Association, 6(2-3), 295-320.Gupta, A., Raman, K., & Shang, C. (2018). Social capital and the cost of equity. Journal of Banking & Finance, 87, 102-117.Habib, A., & Hasan, M. M. (2017). Social capital and corporate cash holdings. International Review of Economics & Finance, 52, 1-20.Hansen, B. A., & Hansen, M. E. (2008). Religion, social capital and business bankruptcy in the United States, 1921–1932. Business History, 50(6), 714-727.Hasan, I., Hoi, C. K., Wu, Q., & Zhang, H. (2017a). Does social capital matter in corporate decisions? Evidence from corporate tax avoidance. Journal of Accounting Research, 55(3), 629-668.Hasan, I., Hoi, C. K., Wu, Q., & Zhang, H. (2017b). Social Capital and Debt Contracting: Evidence from Bank Loans and Public Bonds. Journal of Financial and Quantitative Analysis, 52(03), 1017-1047.Haselmann, R., & Wachtel, P. (2011). Foreign banks in syndicated loan markets. Journal of Banking & Finance, 35(10), 2679-2689.Hauswald, R., & Marquez, R. (2006). Competition and strategic information acquisition in credit markets. The Review of Financial Studies, 19(3), 967-1000.Helliwell, J. F., & Putnam, R. D. (1995). Economic growth and social capital in Italy. Eastern economic journal, 21(3), 295-307.Ivashina, V. (2009). Asymmetric information effects on loan spreads. Journal of financial Economics, 92(2), 300-319.Kleimeier, S., & Chaudhry, S. M. (2015). Cultural differences and the structure of loan syndicates. Finance Research Letters, 15, 115-124.Lee, S. W., & Mullineaux, D. J. (2001). The size and composition of commercial lending syndicates.Lin. (2017). Building a network theory of social capital Social capital (pp. 3-28): Routledge.Lin, Ma, Malatesta, & Xuan. (2012). Corporate ownership structure and bank loan syndicate structure. Journal of Financial Economics, 104(1), 1-22.Putnam, R. (2001). Social capital: Measurement and consequences. Canadian journal of policy research, 2(1), 41-51.Rupasingha, A., & Goetz, S. J. (2007). Social and political forces as determinants of poverty: A spatial analysis. The Journal of Socio-Economics, 36(4), 650-671.Rupasingha, A., & Goetz, S. J. (2008). US county-level social capital data, 1990-2005. The northeast regional center for rural development, Penn State University, University Park, PARupasingha, A., Goetz, S. J., & Freshwater, D. (2006). The production of social capital in US counties. The Journal of Socio-Economics, 35(1), 83-101. 描述 碩士
國立政治大學
財務管理學系
106357013資料來源 http://thesis.lib.nccu.edu.tw/record/#G0106357013 資料類型 thesis dc.contributor.advisor 張元晨 zh_TW dc.contributor.author (Authors) 張以昕 zh_TW dc.contributor.author (Authors) Chang, Yi-Hsin en_US dc.creator (作者) 張以昕 zh_TW dc.creator (作者) Chang, Yi-Hsin en_US dc.date (日期) 2019 en_US dc.date.accessioned 1-Jul-2019 10:44:35 (UTC+8) - dc.date.available 1-Jul-2019 10:44:35 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2019 10:44:35 (UTC+8) - dc.identifier (Other Identifiers) G0106357013 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/124126 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財務管理學系 zh_TW dc.description (描述) 106357013 zh_TW dc.description.abstract (摘要) 社會資本在社會科學領域已被廣泛證實對社會、社群以及個人都具有經濟利益。同時亦有文獻在探討社會資本對上市公司的經濟利益。銀行聯貸是公司重要的融資來源、也是銀行獲利的來源之一，本文利用美國地區的聯貸資料，驗證社會資本與聯貸結構的關聯性。聯貸結構細分為三種，聯貸組成的放款人總數、主辦銀行保留的貸款美元金額、以及主辦銀行保留的貸款比例。另外本研究分為兩部份，分別就借款公司、以及主辦銀行分析。實證結果發現，當借款公司的總部所在地之社會資本越高，則因為社會資本可作為加強監督機制，所以聯貸結構的集中程度就越低，主辦銀行可以組成成員更多的銀行團，並且可以持有較低份額的貸款比例。若是主辦銀行位於社會資本水平較高的縣，主辦銀行因此聲譽較為良好而更值得信任，則聯貸案件的組成結構較為分散，主辦銀行可以吸引更多參與者組成銀行團，並且可持有較小的金額、比例的貸款。在聯貸案件中扮演重大角色的借款公司、或主辦銀行，其總部所在地的社會資本程度越高，皆可吸引到更多參與者、組成更大的銀行團，並且主辦銀行不須負擔高比例的聯貸金額做為向參貸行許下加強盡職調查和監督的承諾。 zh_TW dc.description.abstract (摘要) Social capital has been widely proven in the social sciences to have positive economic benefits for societies, communities and individuals. Syndicate loan is an important source for company financing and one of the sources of bank earning profit. In this study, we verify the correlation between social capital and syndicate structure with US syndicated data. Our study proxied for loan syndicate structures with three variables, the total number of lenders, the dollar amount and percentage of the loan kept by the lead arranger. We focus on two aspects of the major roles of bank loan syndicate: borrowing company and lead arranger.Our empirical result shows that firms located in higher levels of social capital areas incur lower level of the concentration of syndicate structure because social capital can enhance the monitor mechanism. That is, there could be formed a larger bank group and lead arranger could hold a smaller amount of the loan both in dollar amount and in percentage of the loan. Another empirical result shows that lead arrangers headquartered in higher social capital counties incur higher bank reputation Therefore lead arrangers could attract more participants and keep smaller percentage of the loan.Borrowing companies and lead arrangers play crucial roles in syndicate loans. They could attract more participating banks, form a larger bank group and lead arrangers need not afford the high portion of loan if lending companies and lead arrangers locate in high-social-capital area. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景與動機 1第二節 研究架構 2第二章 文獻回顧 3第一節 定義社會資本(Social Capital) 3第二節 社會資本是否具有經濟利益 3第三節 影響聯貸結構的因素 5一、 借款公司對聯貸結構的影響 5二、 主辦銀行對聯貸結構的影響 7第三章 樣本與研究方法 8第一節 樣本來源及選取 8一、 聯貸結構的衡量 8二、 社會資本的衡量 9三、 控制變數 10第二節 研究方法 14第四章 實證結果 16第一節 借款公司的社會資本對聯貸結構的影響 16一、 敘述統計 16二、 迴歸分析結果 19三、 固定效果模型 25第二節 主辦銀行的社會資本對聯貸結構的影響 28一、 敘述統計 28二、 迴歸分析結果 32三、 固定效果模型 38第三節 社會資本之間的交互作用對聯貸結構的影響 41第五章 結論與建議 43第一節 結論 43第二節 後續研究 44第六章 參考文獻 46 zh_TW dc.format.extent 1157448 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0106357013 en_US dc.subject (關鍵詞) 社會資本 zh_TW dc.subject (關鍵詞) 聯合貸款 zh_TW dc.subject (關鍵詞) 主辦銀行 zh_TW dc.subject (關鍵詞) Social Capital en_US dc.subject (關鍵詞) Syndicate Loan en_US dc.subject (關鍵詞) Lead Arranger en_US dc.title (題名) 社會資本對聯貸結構的影響—以借款公司及主辦銀行觀點探討 zh_TW dc.title (題名) The impact of social capital on syndicate structures - borrowing company and lead arranger perspectives en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Adhikari, B. K., & Agrawal, A. (2016). Does local religiosity matter for bank risk-taking? Journal of Corporate Finance, 38, 272-293.Buckley, F. H., & Brinig, M. F. (1998). The bankruptcy puzzle. Journal of Legal Studies, 27(1), 187-207.Cheng, C. S. A., Wang, J., Zhang, N., & Zhao, S. (2017). Bowling Alone, Bowling Together: Is Social Capital Priced in Bank Loans? Journal of Accounting, Auditing & Finance, 32(4), 449-479.Coleman, J. S. (1988). Social Capital in the Creation of Human-Capital. American Journal of Sociology, 94, S95-S120.Cornett, M. M., Minnick, K., Schorno, P. J., & Tehranian, H. (2018). Bank Behavior and Social Capital, working paper.Dennis, S. A., & Mullineaux, D. J. (2000). Syndicated loans. Journal of financial intermediation, 9(4), 404-426.Diamond, D. W. (1984). Financial Intermediation and Delegated Monitoring. Review of Economic Studies, 51(3), 393-414.Ellul, A., & Yerramilli, V. (2013). Stronger risk controls, lower risk: Evidence from US bank holding companies. The Journal of Finance, 68(5), 1757-1803.Graham, J. R., Li, S., & Qiu, J. P. (2008). Corporate misreporting and bank loan contracting. Journal of Financial Economics, 89(1), 44-61.Guiso, L., Sapienza, P., & Zingales, L. (2008). Social capital as good culture. Journal of the European Economic Association, 6(2-3), 295-320.Gupta, A., Raman, K., & Shang, C. (2018). Social capital and the cost of equity. Journal of Banking & Finance, 87, 102-117.Habib, A., & Hasan, M. M. (2017). Social capital and corporate cash holdings. International Review of Economics & Finance, 52, 1-20.Hansen, B. A., & Hansen, M. E. (2008). Religion, social capital and business bankruptcy in the United States, 1921–1932. Business History, 50(6), 714-727.Hasan, I., Hoi, C. K., Wu, Q., & Zhang, H. (2017a). Does social capital matter in corporate decisions? Evidence from corporate tax avoidance. Journal of Accounting Research, 55(3), 629-668.Hasan, I., Hoi, C. K., Wu, Q., & Zhang, H. (2017b). Social Capital and Debt Contracting: Evidence from Bank Loans and Public Bonds. Journal of Financial and Quantitative Analysis, 52(03), 1017-1047.Haselmann, R., & Wachtel, P. (2011). Foreign banks in syndicated loan markets. Journal of Banking & Finance, 35(10), 2679-2689.Hauswald, R., & Marquez, R. (2006). Competition and strategic information acquisition in credit markets. The Review of Financial Studies, 19(3), 967-1000.Helliwell, J. F., & Putnam, R. D. (1995). Economic growth and social capital in Italy. Eastern economic journal, 21(3), 295-307.Ivashina, V. (2009). Asymmetric information effects on loan spreads. Journal of financial Economics, 92(2), 300-319.Kleimeier, S., & Chaudhry, S. M. (2015). Cultural differences and the structure of loan syndicates. Finance Research Letters, 15, 115-124.Lee, S. W., & Mullineaux, D. J. (2001). The size and composition of commercial lending syndicates.Lin. (2017). Building a network theory of social capital Social capital (pp. 3-28): Routledge.Lin, Ma, Malatesta, & Xuan. (2012). Corporate ownership structure and bank loan syndicate structure. Journal of Financial Economics, 104(1), 1-22.Putnam, R. (2001). Social capital: Measurement and consequences. Canadian journal of policy research, 2(1), 41-51.Rupasingha, A., & Goetz, S. J. (2007). Social and political forces as determinants of poverty: A spatial analysis. The Journal of Socio-Economics, 36(4), 650-671.Rupasingha, A., & Goetz, S. J. (2008). US county-level social capital data, 1990-2005. The northeast regional center for rural development, Penn State University, University Park, PARupasingha, A., Goetz, S. J., & Freshwater, D. (2006). The production of social capital in US counties. The Journal of Socio-Economics, 35(1), 83-101. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU201900126 en_US
