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題名 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作者 許家瑜
Hsu, Chia-Yu貢獻者 張元晨
Chang, Yuan-Chen
許家瑜
Hsu, Chia-Yu關鍵詞 聯貸市場
同業競爭
跨國上市日期 2020 上傳時間 1-Jul-2020 13:39:51 (UTC+8) 摘要 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.參考文獻 Ball, R. T., Hail, L., & Vasvari, F. P. (2017). Equity cross-listings in the U.S. and the price of debt. Review of Accounting Studies, 23, 385-421.Bharath, S. T., Dahiya, S., Saunders, A., & Srinivasan, A. (2011). Lending relationships and loan contract terms. The Review of Financial Studies, 24(4), 1141-1203.Bharath, S. T., Sunder, J., & Sunder, S. V. (2008). Accounting quality and debt contracting. The Accounting Review, 83(1), 1-28.Bolton, P., & Scharfstein, D. S. (1990). A theory of predation based on agency problems in financial contracting. The American Economic Review, 80(1), 93-106.Bruner, R., Chaplinsky, S., & Ramchand, L. (1999). Coming to America: A clinical study of IPOs in the US by foreign firms. In Harvard Business School/Journal ofFinancial Economics ConferenceChampagne, C., & Kryzanowski, L. (2009). Do internationally cross-listed non-US firms obtain more favorable terms for syndicated loans?. Managerial Finance, 35(7), 548-578.Eaton, T. V., Nofsinger, J. R., & Weaver, D. G. (2007). Disclosure and the cost of equity in international cross-listing. Review of Quantitative Finance and Accounting volume 29, 1-24.Fresard, L. (2010). Financial strength and product market behavior: The real effects of corporate cash holdings. The Journal of Finance, 65(3), 1097-1122Hail, L., & Leuz, C. (2009). Cost of capital effects and changes in growth expectations around US cross-listings. Journal of financial economics, 93(3), 428-454.Hsu, H. C., Reed, A. V., & Rocholl, J. (2010). The new game in town: competitive effects of IPOs. The Journal of Finance, 65(2) 495-528.Ivashina, V. (2009). Asymmetric information effects on loan spreads. Journal of Financial Economics, 92(2), 300-319.La Porta, R., Lopez‐De‐Silanes, F., Shleifer, A., & Vishny, R. (2002). Investor protection and corporate valuation. The Journal of Finance, 57(3), 1147-1170.Lins, K. V., Strickland, D., & Zenner, M. (2005). Do non-US firms issue equity on US stock exchanges to relax capital constraints?. Journal of Financial and Quantitative Analysis, 40(1), 109-133.Melvin, M., Valero, M. (2008). The dark side of international cross-listing: Effects on rival firms at home. European Financial Management, 15(1), 66-91.Nuno, F., Miguel, A. F. (2008). Does international cross-listing improve the information environment?. Journal of financial economics, 88(2), 216-244.Reese, W. A., & Weisbach, M. S. (2002). Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings. Journal of Financial Economics, 66(1), 65-104.Sarkissian, S., Wang, Y. (2019). Cross-country competitive effects of cross-listings. The Review of Corporate Finance Studies, 9(1), 116-164.Sufi, A. (2007). Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans. The Journal of Finance, 62(2), 629-668.Tolmunen, P., & Torstila, S. (2008). Cross‐listings and M&A activity: Transatlantic Evidence. Financial Management, 34(1), 123-142.Valta, P. (2012). Competition and the cost of debt. Journal of Financial Economics, 105 (3), 661-682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。 描述 碩士
國立政治大學
財務管理學系
107357029資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107357029 資料類型 thesis dc.contributor.advisor 張元晨 zh_TW dc.contributor.advisor Chang, Yuan-Chen en_US dc.contributor.author (Authors) 許家瑜 zh_TW dc.contributor.author (Authors) Hsu, Chia-Yu en_US dc.creator (作者) 許家瑜 zh_TW dc.creator (作者) Hsu, Chia-Yu en_US dc.date (日期) 2020 en_US dc.date.accessioned 1-Jul-2020 13:39:51 (UTC+8) - dc.date.available 1-Jul-2020 13:39:51 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2020 13:39:51 (UTC+8) - dc.identifier (Other Identifiers) G0107357029 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130536 - 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) 107357029 zh_TW dc.description.abstract (摘要) 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。 zh_TW dc.description.abstract (摘要) 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. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機 1第二節 研究目的 2第三節 研究架構 3第二章 文獻探討 4第一節 跨國上市的好處 4第二節 公司決策對於競爭對手造成的影響 5第三節 聯貸市場 7第三節 研究假說 8第三章 研究方法 10第一節 資料來源與樣本選取 10第二節 實證研究方法與變數定義 13第三節 敘述統計 20第四章 實證結果 22第一節 配對T檢定 22第二節 聯貸條件之複迴歸分析 27第三節 聯貸銀行團組成之複迴歸分析 32第五章 結論 34第一節 研究結論 34第二節 未來研究建議 35參考文獻 37附錄 39 zh_TW dc.format.extent 2329745 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107357029 en_US dc.subject (關鍵詞) 聯貸市場 zh_TW dc.subject (關鍵詞) 同業競爭 zh_TW dc.subject (關鍵詞) 跨國上市 zh_TW dc.title (題名) 跨國上市對國內同業公司聯合貸款條件之影響 zh_TW dc.title (題名) The Impact of International Cross-listing: Effects on Syndicated Loans Contract Terms of Rival Firms at Home en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Ball, R. T., Hail, L., & Vasvari, F. P. (2017). Equity cross-listings in the U.S. and the price of debt. Review of Accounting Studies, 23, 385-421.Bharath, S. T., Dahiya, S., Saunders, A., & Srinivasan, A. (2011). Lending relationships and loan contract terms. The Review of Financial Studies, 24(4), 1141-1203.Bharath, S. T., Sunder, J., & Sunder, S. V. (2008). Accounting quality and debt contracting. The Accounting Review, 83(1), 1-28.Bolton, P., & Scharfstein, D. S. (1990). A theory of predation based on agency problems in financial contracting. The American Economic Review, 80(1), 93-106.Bruner, R., Chaplinsky, S., & Ramchand, L. (1999). Coming to America: A clinical study of IPOs in the US by foreign firms. In Harvard Business School/Journal ofFinancial Economics ConferenceChampagne, C., & Kryzanowski, L. (2009). Do internationally cross-listed non-US firms obtain more favorable terms for syndicated loans?. Managerial Finance, 35(7), 548-578.Eaton, T. V., Nofsinger, J. R., & Weaver, D. G. (2007). Disclosure and the cost of equity in international cross-listing. Review of Quantitative Finance and Accounting volume 29, 1-24.Fresard, L. (2010). Financial strength and product market behavior: The real effects of corporate cash holdings. The Journal of Finance, 65(3), 1097-1122Hail, L., & Leuz, C. (2009). Cost of capital effects and changes in growth expectations around US cross-listings. Journal of financial economics, 93(3), 428-454.Hsu, H. C., Reed, A. V., & Rocholl, J. (2010). The new game in town: competitive effects of IPOs. The Journal of Finance, 65(2) 495-528.Ivashina, V. (2009). Asymmetric information effects on loan spreads. Journal of Financial Economics, 92(2), 300-319.La Porta, R., Lopez‐De‐Silanes, F., Shleifer, A., & Vishny, R. (2002). Investor protection and corporate valuation. The Journal of Finance, 57(3), 1147-1170.Lins, K. V., Strickland, D., & Zenner, M. (2005). Do non-US firms issue equity on US stock exchanges to relax capital constraints?. Journal of Financial and Quantitative Analysis, 40(1), 109-133.Melvin, M., Valero, M. (2008). The dark side of international cross-listing: Effects on rival firms at home. European Financial Management, 15(1), 66-91.Nuno, F., Miguel, A. F. (2008). Does international cross-listing improve the information environment?. Journal of financial economics, 88(2), 216-244.Reese, W. A., & Weisbach, M. S. (2002). Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings. Journal of Financial Economics, 66(1), 65-104.Sarkissian, S., Wang, Y. (2019). Cross-country competitive effects of cross-listings. The Review of Corporate Finance Studies, 9(1), 116-164.Sufi, A. (2007). Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans. The Journal of Finance, 62(2), 629-668.Tolmunen, P., & Torstila, S. (2008). Cross‐listings and M&A activity: Transatlantic Evidence. Financial Management, 34(1), 123-142.Valta, P. (2012). Competition and the cost of debt. Journal of Financial Economics, 105 (3), 661-682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。 zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202000608 en_US
