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題名 創新效率與貸款訂約-來自臺灣聯貸市場的證據
Innovation efficiency and loan contracting: Evidence from Taiwan syndicated loan markets
作者 陳品蓉
Chen, Pin-Rong
貢獻者 詹凌菁
Chan, Ling-Ching
陳品蓉
Chen, Pin-Rong
關鍵詞 創新效率
專利
聯合貸款
公司治理
Innovation efficiency
Patents
Syndicated loans
Corporate governance
日期 2020
上傳時間 3-Aug-2020 17:26:27 (UTC+8)
摘要 本研究探討借款公司之創新效率對聯合貸款合約條款之影響。本研究以
2001年至2016年之樣本進行實證研究。研究結果顯示借款公司之創新效率與聯貸利差呈負相關，但與非價格條款無關。進一步將樣本分為公司治理較佳與公司治理較差的兩組，研究結果顯示公司治理較佳的公司，創新效率與聯貸利差呈負相關，而於公司治理較差的公司，未發現創新效率與貸款合約具關連性。額外測試中，證據顯示在發明、新型、設計三類專利中，發明專利更能促進公司獲得較優惠的借款條約。此外，當借款予創新效率較低的公司時，聯貸結構中的參貸者數量會增加以減低自身風險。另外，證據顯示主辦行之中，國外銀行數量佔整體銀行數量的份額與創新效率成反向關係。總結，本研究認為公司的創新效率能在銀行決定債務條款時提供有價值的資訊。
In this paper, I examine whether innovation efficiency has an effect on the terms of syndicated loan contracts. I use a sample of 1,301 firm-year observations during 2001 to 2016 to test my hypothesis. The empirical results suggest that firms which are more efficient in transforming innovation into patents receive lower loan spreads from banks, while there is no effect of innovation efficiency on non-price terms. I further separate the sample into good and poor corporate governance groups, and find that innovation efficiency is negatively associated with loan spreads among borrowers with good corporate governance, while there is no effect among borrowers with poor corporate governance. Additional analyses reveal that among the three types of patents, invention patents are more valuable when it comes to corporate debt financing. Moreover, the evidence shows that the size of syndicate becomes larger when lending to borrowers with lower innovation efficiency. Besides, I find that the percentage of foreign lead arrangers is negatively associated with innovation efficiency of borrowers. In conclusion, information about innovation efficiency of the borrowing firms is valuable when banks determine loan terms.
參考文獻 金成隆, and 陳俞如. 2006. 公司治理與專利權：台灣新興市場. 管理學報 23 (1):99-124.
陳達仁, 張瀚文, 黃慕萱, and 傅豐誠. 2005. 由專利技術分布看台灣重點經濟產業之發展歷程. 科技管理學刊 10 (1):43-72.
Acharya, V. V., and K. V. Subramanian. 2009. Bankruptcy Codes and Innovation. Review of Financial Studies 22 (12):4949-4988.
Acs, Z. J., and D. B. Audretsch. 1989. PATENTS AS A MEASURE OF INNOVATIVE ACTIVITY. Kyklos 42 (2):171-180.
Amir, S. 2007. Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans. The Journal of Finance 62 (2):629-668.
Anton, J. J., and D. A. Yao. 2004. Little patents and big secrets: Managing intellectual property. Rand Journal of Economics 35 (1):1-22.
Asquith, P., A. Beatty, and J. Weber. 2005. Performance pricing in bank debt contracts. Journal of Accounting & Economics 40 (1-3):101-128.
Bae, K.-H., and V. K. Goyal. 2009. Creditor Rights, Enforcement, and Bank Loans. The Journal of Finance 64 (2):823-860.
Bharath, S. T., S. Dahiya, A. Saunders, and A. Srinivasan. 2011. Lending Relationships and Loan Contract Terms. Review of Financial Studies 24 (4):1141-1203.
Bharath, S. T., J. Sunder, and S. V. Sunder. 2008. Accounting Quality and Debt Contracting. The Accounting Review 83 (1):1-28.
Bhattacharya, S., and J. R. Ritter. 1983. INNOVATION AND COMMUNICATION - SIGNALING WITH PARTIAL DISCLOSURE. Review of Economic Studies 50 (2):331-346.
Bolton, P., and D. S. Scharfstein. 1996. Optimal Debt Structure and the Number of Creditors. Journal of Political Economy 104 (1):1-25.
Branch, B. 1974. Research and Development Activity and Profitability: A Distributed Lag Analysis. Journal of Political Economy 82 (5):999-1011.
Bublitz, B., and M. Ettredge. 1989. The Information in Discretionary Outlays: Advertising, Research, and Development. Accounting Review 64 (1):108.
Byun, H. Y., S. K. Kwak, and L. S. Hwang. 2008. The Implied Cost of Equity Capital and Corporate Governance Practices. Asia-Pacific Journal of Financial Studies 37:139-184.
Chan, A. L. C. 2014. Innovation efficiency and asymmetric timeliness of earnings: Evidence from an emerging market. International Review of Financial Analysis 32:132-142.
Chan, L. K. C., J. Lakonishok, and T. Sougiannis. 2001. The stock market valuation of research and development expenditures. Journal of Finance 56 (6):2431-2456.
Chen, K. C. W., Z. Chen, and K. C. J. Wei. 2009. Legal protection of investors, corporate governance, and the cost of equity capital. Journal of Corporate Finance 15 (3):273-289.
Chung, K. H., P. Wright, and B. Kedia. 2003. Corporate governance and market valuation of capital and R&D investments. Review of Financial Economics 12 (2):161-172.
Deng, Z., B. Lev, and F. Narin. 1999. Science and Technology as Predictors of Stock Performance. Financial Analysts Journal 55 (3):20-32.
Dennis, S. A., and D. J. Mullineaux. 2000. Syndicated loans. Journal of Financial Intermediation 9 (4):404-426.
Ernst, D. 2010. Upgrading through innovation in a small network economy: insights from Taiwan`s IT industry. Economics of Innovation and New Technology 19 (4):295-324.
Ernst, H. 2001. Patent applications and subsequent changes of performance: evidence from time-series cross-section analyses on the firm level. Research Policy 30 (1):143-157.
Francis, B., I. Hasan, Y. Huang, and Z. Sharma. 2012. Do Banks Value Innovation? Evidence from US Firms. Financial Management 41 (1):159-185.
Graham, J. R., S. Li, and J. Qiu. 2008. Corporate misreporting and bank loan contracting. Journal of Financial Economics 89 (1):44-61.
Griliches, Z. 1990. PATENT STATISTICS AS ECONOMIC INDICATORS - A SURVEY. Journal of Economic Literature 28 (4):1661-1707.
Hagedoorn, J., and M. Cloodt. 2003. Measuring innovative performance: is there an advantage in using multiple indicators? Research Policy 32 (8):1365-1379.
Hall, B. H., A. Jaffe, and M. Trajtenberg. 2005. Market Value and Patent Citations. The RAND Journal of Economics 36 (1):16-38.
Han, S. H., M. Kim, D. H. Lee, and S. Lee. 2014. Information Asymmetry, Corporate Governance, and Shareholder Wealth: Evidence from Unfaithful Disclosures of Korean Listed Firms. Asia-Pacific Journal of Financial Studies 43 (5):690-720.
Haselmann, R., and P. Wachtel. 2011. Foreign banks in syndicated loan markets. Journal of Banking & Finance 35 (10):2679-2689.
Hirshleifer, D., P.-H. Hsu, and D. Li. 2013. Innovative efficiency and stock returns. Journal of Financial Economics 107 (3):632-654.
Hottenrott, H., B. H. Hall, and D. Czarnitzki. 2016. Patents as quality signals? The implications for financing constraints on R&D. Economics of Innovation and New Technology 25 (3):197-217.
Hsu, P.-H. 2009. Technological innovations and aggregate risk premiums. Journal of Financial Economics 94 (2):264-279.
Hsu, P.-H., H.-H. Lee, A. Z. Liu, and Z. Zhang. 2015. Corporate innovation, default risk, and bond pricing. Journal of Corporate Finance 35 (C):329-344.
Hu, M.-C., and J. A. Mathews. 2005. National innovative capacity in East Asia. Research Policy 34 (9):1322-1349.
Ivashina, V. 2009. Asymmetric information effects on loan spreads. Journal of Financial Economics 92 (2):300-319.
Kanagaretnam, K., G. J. Lobo, and D. J. Whalen. 2007. Does good corporate governance reduce information asymmetry around quarterly earnings announcements? Journal of Accounting and Public Policy 26 (4):497-522.
Kim, J.-B., J. S. L. Tsui, and C. H. Yi. 2011. The voluntary adoption of International Financial Reporting Standards and loan contracting around the world. Review of Accounting Studies 16 (4):779-811.
Kothari, S. P., T. E. Laguerre, and A. J. Leone. 2002. Capitalization versus Expensing: Evidence on the Uncertainty of Future Earnings from Capital Expenditures versus R&D Outlays. Review of Accounting Studies 7 (4):355-382.
Lee, S. W., and D. J. Mullineaux. 2004. Monitoring, Financial Distress, and the Structure of Commercial Lending Syndicates. Financial Management 33 (3):107-130.
Lev, B., and T. Sougiannis. 1996. The capitalization, amortization, and value-relevance of R&D. Journal of Accounting and Economics 21 (1):107-138.
Levitas, E., and M. McFadyen. 2009. Managing liquidity in research-intensive firms: Signaling and cash flow effects of patents and alliance activities. Strategic Management Journal 30:659-678.
Lim, J., B. A. Minton, and M. S. Weisbach. 2014. Syndicated loan spreads and the composition of the syndicate. Journal of Financial Economics 111 (1):45-69.
Mahmood, I. P., and J. Singh. 2003. Technological dynamism in Asia. Research Policy 32 (6):1031-1054.
Mian, A. 2006. Distance Constraints: The Limits of Foreign Lending in Poor Economies. The Journal of Finance 61 (3):1465-1505.
Narin, F., E. Noma, and R. Perry. 1987. PATENTS AS INDICATORS OF CORPORATE TECHNOLOGICAL STRENGTH. Research Policy 16 (2-4):143-155.
Pakes, A. 1985. On Patents, R&D, and the Stock Market Rate of Return. Journal of Political Economy 93:390-409.
Pakes, A., and Z. Griliches. 1980. Patents and R&D at the firm level: A first report. Economics Letters 5 (4):377-381.
Pandit, S., C. Wasley, and T. Zach. 2011. The Effect of Research and Development (R&D) Inputs and Outputs on the Relation between the Uncertainty of Future Operating Performance and R&D Expenditures. Journal of Accounting, Auditing & Finance 26:121-144.
Plumlee, M., Y. Xie, M. Yan, and J. J. Yu. 2015. Bank loan spread and private information: pending approval patents. Review of Accounting Studies 20 (2):593-638.
描述 碩士
國立政治大學
會計學系
107353005
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0107353005
資料類型 thesis
dc.contributor.advisor 詹凌菁zh_TW
dc.contributor.advisor Chan, Ling-Chingen_US
dc.contributor.author (Authors) 陳品蓉zh_TW
dc.contributor.author (Authors) Chen, Pin-Rongen_US
dc.creator (作者) 陳品蓉zh_TW
dc.creator (作者) Chen, Pin-Rongen_US
dc.date (日期) 2020en_US
dc.date.accessioned 3-Aug-2020 17:26:27 (UTC+8)-
dc.date.available 3-Aug-2020 17:26:27 (UTC+8)-
dc.date.issued (上傳時間) 3-Aug-2020 17:26:27 (UTC+8)-
dc.identifier (Other Identifiers) G0107353005en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/130924-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計學系zh_TW
dc.description (描述) 107353005zh_TW
dc.description.abstract (摘要) 本研究探討借款公司之創新效率對聯合貸款合約條款之影響。本研究以
2001年至2016年之樣本進行實證研究。研究結果顯示借款公司之創新效率與聯貸利差呈負相關，但與非價格條款無關。進一步將樣本分為公司治理較佳與公司治理較差的兩組，研究結果顯示公司治理較佳的公司，創新效率與聯貸利差呈負相關，而於公司治理較差的公司，未發現創新效率與貸款合約具關連性。額外測試中，證據顯示在發明、新型、設計三類專利中，發明專利更能促進公司獲得較優惠的借款條約。此外，當借款予創新效率較低的公司時，聯貸結構中的參貸者數量會增加以減低自身風險。另外，證據顯示主辦行之中，國外銀行數量佔整體銀行數量的份額與創新效率成反向關係。總結，本研究認為公司的創新效率能在銀行決定債務條款時提供有價值的資訊。		zh_TW
dc.description.abstract (摘要) In this paper, I examine whether innovation efficiency has an effect on the terms of syndicated loan contracts. I use a sample of 1,301 firm-year observations during 2001 to 2016 to test my hypothesis. The empirical results suggest that firms which are more efficient in transforming innovation into patents receive lower loan spreads from banks, while there is no effect of innovation efficiency on non-price terms. I further separate the sample into good and poor corporate governance groups, and find that innovation efficiency is negatively associated with loan spreads among borrowers with good corporate governance, while there is no effect among borrowers with poor corporate governance. Additional analyses reveal that among the three types of patents, invention patents are more valuable when it comes to corporate debt financing. Moreover, the evidence shows that the size of syndicate becomes larger when lending to borrowers with lower innovation efficiency. Besides, I find that the percentage of foreign lead arrangers is negatively associated with innovation efficiency of borrowers. In conclusion, information about innovation efficiency of the borrowing firms is valuable when banks determine loan terms.en_US
dc.description.tableofcontents 1.Introduction 1
2. Literature review and hypothesis development 4
2.1. Innovation 4
2.2. Patents application in Taiwan 8
2.3. Loan syndication 10
2.4. Hypothesis development 12
3. Research design 15
3.1. Regression analysis 15
3.2. Sample 18
4. Empirical findings 20
4.1. Summary statistics and correlation analysis 20
4.2. Main analyses 24
4.2.1. Test of hypothesis H1 24
4.2.2. Test of hypothesis H2 25
4.2.3. Test of hypothesis H3a 28
4.2.4. Test of hypothesis H3b 30
4.3. Additional analyses 33
4.3.1. Test of three types of patents 33
4.3.2. Test of syndicated loan structure 41
4.3.3. Test of the percentage of foreign banks in syndicated loans 45
5. Conclusion 48
References 50
Appendix A: Variable definition 54		zh_TW
dc.format.extent 1607694 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0107353005en_US
dc.subject (關鍵詞) 創新效率zh_TW
dc.subject (關鍵詞) 專利zh_TW
dc.subject (關鍵詞) 聯合貸款zh_TW
dc.subject (關鍵詞) 公司治理zh_TW
dc.subject (關鍵詞) Innovation efficiencyen_US
dc.subject (關鍵詞) Patentsen_US
dc.subject (關鍵詞) Syndicated loansen_US
dc.subject (關鍵詞) Corporate governanceen_US
dc.title (題名) 創新效率與貸款訂約-來自臺灣聯貸市場的證據zh_TW
dc.title (題名) Innovation efficiency and loan contracting: Evidence from Taiwan syndicated loan marketsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 金成隆, and 陳俞如. 2006. 公司治理與專利權：台灣新興市場. 管理學報 23 (1):99-124.
陳達仁, 張瀚文, 黃慕萱, and 傅豐誠. 2005. 由專利技術分布看台灣重點經濟產業之發展歷程. 科技管理學刊 10 (1):43-72.
Acharya, V. V., and K. V. Subramanian. 2009. Bankruptcy Codes and Innovation. Review of Financial Studies 22 (12):4949-4988.
Acs, Z. J., and D. B. Audretsch. 1989. PATENTS AS A MEASURE OF INNOVATIVE ACTIVITY. Kyklos 42 (2):171-180.
Amir, S. 2007. Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans. The Journal of Finance 62 (2):629-668.
Anton, J. J., and D. A. Yao. 2004. Little patents and big secrets: Managing intellectual property. Rand Journal of Economics 35 (1):1-22.
Asquith, P., A. Beatty, and J. Weber. 2005. Performance pricing in bank debt contracts. Journal of Accounting & Economics 40 (1-3):101-128.
Bae, K.-H., and V. K. Goyal. 2009. Creditor Rights, Enforcement, and Bank Loans. The Journal of Finance 64 (2):823-860.
Bharath, S. T., S. Dahiya, A. Saunders, and A. Srinivasan. 2011. Lending Relationships and Loan Contract Terms. Review of Financial Studies 24 (4):1141-1203.
Bharath, S. T., J. Sunder, and S. V. Sunder. 2008. Accounting Quality and Debt Contracting. The Accounting Review 83 (1):1-28.
Bhattacharya, S., and J. R. Ritter. 1983. INNOVATION AND COMMUNICATION - SIGNALING WITH PARTIAL DISCLOSURE. Review of Economic Studies 50 (2):331-346.
Bolton, P., and D. S. Scharfstein. 1996. Optimal Debt Structure and the Number of Creditors. Journal of Political Economy 104 (1):1-25.
Branch, B. 1974. Research and Development Activity and Profitability: A Distributed Lag Analysis. Journal of Political Economy 82 (5):999-1011.
Bublitz, B., and M. Ettredge. 1989. The Information in Discretionary Outlays: Advertising, Research, and Development. Accounting Review 64 (1):108.
Byun, H. Y., S. K. Kwak, and L. S. Hwang. 2008. The Implied Cost of Equity Capital and Corporate Governance Practices. Asia-Pacific Journal of Financial Studies 37:139-184.
Chan, A. L. C. 2014. Innovation efficiency and asymmetric timeliness of earnings: Evidence from an emerging market. International Review of Financial Analysis 32:132-142.
Chan, L. K. C., J. Lakonishok, and T. Sougiannis. 2001. The stock market valuation of research and development expenditures. Journal of Finance 56 (6):2431-2456.
Chen, K. C. W., Z. Chen, and K. C. J. Wei. 2009. Legal protection of investors, corporate governance, and the cost of equity capital. Journal of Corporate Finance 15 (3):273-289.
Chung, K. H., P. Wright, and B. Kedia. 2003. Corporate governance and market valuation of capital and R&D investments. Review of Financial Economics 12 (2):161-172.
Deng, Z., B. Lev, and F. Narin. 1999. Science and Technology as Predictors of Stock Performance. Financial Analysts Journal 55 (3):20-32.
Dennis, S. A., and D. J. Mullineaux. 2000. Syndicated loans. Journal of Financial Intermediation 9 (4):404-426.
Ernst, D. 2010. Upgrading through innovation in a small network economy: insights from Taiwan`s IT industry. Economics of Innovation and New Technology 19 (4):295-324.
Ernst, H. 2001. Patent applications and subsequent changes of performance: evidence from time-series cross-section analyses on the firm level. Research Policy 30 (1):143-157.
Francis, B., I. Hasan, Y. Huang, and Z. Sharma. 2012. Do Banks Value Innovation? Evidence from US Firms. Financial Management 41 (1):159-185.
Graham, J. R., S. Li, and J. Qiu. 2008. Corporate misreporting and bank loan contracting. Journal of Financial Economics 89 (1):44-61.
Griliches, Z. 1990. PATENT STATISTICS AS ECONOMIC INDICATORS - A SURVEY. Journal of Economic Literature 28 (4):1661-1707.
Hagedoorn, J., and M. Cloodt. 2003. Measuring innovative performance: is there an advantage in using multiple indicators? Research Policy 32 (8):1365-1379.
Hall, B. H., A. Jaffe, and M. Trajtenberg. 2005. Market Value and Patent Citations. The RAND Journal of Economics 36 (1):16-38.
Han, S. H., M. Kim, D. H. Lee, and S. Lee. 2014. Information Asymmetry, Corporate Governance, and Shareholder Wealth: Evidence from Unfaithful Disclosures of Korean Listed Firms. Asia-Pacific Journal of Financial Studies 43 (5):690-720.
Haselmann, R., and P. Wachtel. 2011. Foreign banks in syndicated loan markets. Journal of Banking & Finance 35 (10):2679-2689.
Hirshleifer, D., P.-H. Hsu, and D. Li. 2013. Innovative efficiency and stock returns. Journal of Financial Economics 107 (3):632-654.
Hottenrott, H., B. H. Hall, and D. Czarnitzki. 2016. Patents as quality signals? The implications for financing constraints on R&D. Economics of Innovation and New Technology 25 (3):197-217.
Hsu, P.-H. 2009. Technological innovations and aggregate risk premiums. Journal of Financial Economics 94 (2):264-279.
Hsu, P.-H., H.-H. Lee, A. Z. Liu, and Z. Zhang. 2015. Corporate innovation, default risk, and bond pricing. Journal of Corporate Finance 35 (C):329-344.
Hu, M.-C., and J. A. Mathews. 2005. National innovative capacity in East Asia. Research Policy 34 (9):1322-1349.
Ivashina, V. 2009. Asymmetric information effects on loan spreads. Journal of Financial Economics 92 (2):300-319.
Kanagaretnam, K., G. J. Lobo, and D. J. Whalen. 2007. Does good corporate governance reduce information asymmetry around quarterly earnings announcements? Journal of Accounting and Public Policy 26 (4):497-522.
Kim, J.-B., J. S. L. Tsui, and C. H. Yi. 2011. The voluntary adoption of International Financial Reporting Standards and loan contracting around the world. Review of Accounting Studies 16 (4):779-811.
Kothari, S. P., T. E. Laguerre, and A. J. Leone. 2002. Capitalization versus Expensing: Evidence on the Uncertainty of Future Earnings from Capital Expenditures versus R&D Outlays. Review of Accounting Studies 7 (4):355-382.
Lee, S. W., and D. J. Mullineaux. 2004. Monitoring, Financial Distress, and the Structure of Commercial Lending Syndicates. Financial Management 33 (3):107-130.
Lev, B., and T. Sougiannis. 1996. The capitalization, amortization, and value-relevance of R&D. Journal of Accounting and Economics 21 (1):107-138.
Levitas, E., and M. McFadyen. 2009. Managing liquidity in research-intensive firms: Signaling and cash flow effects of patents and alliance activities. Strategic Management Journal 30:659-678.
Lim, J., B. A. Minton, and M. S. Weisbach. 2014. Syndicated loan spreads and the composition of the syndicate. Journal of Financial Economics 111 (1):45-69.
Mahmood, I. P., and J. Singh. 2003. Technological dynamism in Asia. Research Policy 32 (6):1031-1054.
Mian, A. 2006. Distance Constraints: The Limits of Foreign Lending in Poor Economies. The Journal of Finance 61 (3):1465-1505.
Narin, F., E. Noma, and R. Perry. 1987. PATENTS AS INDICATORS OF CORPORATE TECHNOLOGICAL STRENGTH. Research Policy 16 (2-4):143-155.
Pakes, A. 1985. On Patents, R&D, and the Stock Market Rate of Return. Journal of Political Economy 93:390-409.
Pakes, A., and Z. Griliches. 1980. Patents and R&D at the firm level: A first report. Economics Letters 5 (4):377-381.
Pandit, S., C. Wasley, and T. Zach. 2011. The Effect of Research and Development (R&D) Inputs and Outputs on the Relation between the Uncertainty of Future Operating Performance and R&D Expenditures. Journal of Accounting, Auditing & Finance 26:121-144.
Plumlee, M., Y. Xie, M. Yan, and J. J. Yu. 2015. Bank loan spread and private information: pending approval patents. Review of Accounting Studies 20 (2):593-638.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202000871en_US