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題名 債務契約對於創新效率及資本支出之影響: 來自台灣聯貸市場的證據
The impact of loan covenants on innovation efficiency and capital expenditures: Evidences from Taiwan syndicated loan market
作者 廖振翔
Liao, Jhen-Siang
貢獻者 詹凌菁
廖振翔
Liao, Jhen-Siang
關鍵詞 債務契約
創新效率
資本支出
聯合貸款
Debt covenants
Innovation efficiency
Capital expenditures
Syndicated loan
日期 2021
上傳時間 4-Aug-2021 14:30:36 (UTC+8)
摘要 本研究探討債務契約對借款公司投資政策的影響。我使用 2001 年至 2016 年 之樣本進行實證研究，並將債務契約分成績效型與資本型債務契約。研究結果顯 示資本型債務契約與借款公司的資本支出和創新效率呈現顯著的正相關。額外測 試中，流動性限制的債務契約在投資活動中扮演重要的角色。資本型債務契約相 較於績效型債務契約較不會抑制公司的投資機會，借款公司可能會過度投資於資 本支出。此外，當董事持股較多，資本型債務契約導致較佳的創新效率。另外， 雖然財務受限制的公司擁有較多的債務契約，但不損及其創新效率;相反的，更 能改善其創新效率。而聯貸案中包含越多外國銀行，該借款公司擁有較佳的創新 效率。最後我發現資本支出與創新效率導致較好的公司績效。總結，藉由提供債 務契約影響公司投資程度的進一步見解，本研究不論是對借款公司或是聯貸銀行 皆有一定的影響力。
This study investigates whether loan covenants influence borrowers’ investment policy. I use the sample of syndicated loans in Taiwan over the period of 2001 to 2016 and classify covenants into two categories: performance covenants and capital covenants. The empirical results present that capital covenants have a positive and significant association with capital expenditures and innovation efficiency. Additional test indicates that the restriction of current ratio plays a crucial role in borrowers’ investment policy. Relative to performance covenants, capital covenants are less likely to inhibit corporate investment opportunities. Hence, capital covenants restrictions may cause firms to over-invest in capital expenditures Besides, capital covenants are associated with better innovation efficiency when directors of board have more share-ownership. Although financially constrained firms face more loan covenants, I find that this does not impair their innovation capability. Instead, financially constrained firms with greater covenants improve innovation efficiency. Loans with more foreign banks have better innovation efficiency. Finally, I find that innovation efficiency and capital expenditures are associated with better firm performance. In conclusion, the finding of this study is valuable to lenders and borrowers by providing further insights into the extent to which loan covenants influence corporate investments.
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Artz, K. W., Norman, P. M., Hatfield, D. E., & Cardinal, L. B. (2010). A longitudinal study of the impact of R&D, patents, and product innovation on firm performance. Journal of Product Innovation Management, 27(5), 725-740.
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描述 碩士
國立政治大學
會計學系
108353031
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353031
資料類型 thesis
dc.contributor.advisor 詹凌菁zh_TW
dc.contributor.author (Authors) 廖振翔zh_TW
dc.contributor.author (Authors) Liao, Jhen-Siangen_US
dc.creator (作者) 廖振翔zh_TW
dc.creator (作者) Liao, Jhen-Siangen_US
dc.date (日期) 2021en_US
dc.date.accessioned 4-Aug-2021 14:30:36 (UTC+8)-
dc.date.available 4-Aug-2021 14:30:36 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2021 14:30:36 (UTC+8)-
dc.identifier (Other Identifiers) G0108353031en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136298-
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) 108353031zh_TW
dc.description.abstract (摘要) 本研究探討債務契約對借款公司投資政策的影響。我使用 2001 年至 2016 年 之樣本進行實證研究，並將債務契約分成績效型與資本型債務契約。研究結果顯 示資本型債務契約與借款公司的資本支出和創新效率呈現顯著的正相關。額外測 試中，流動性限制的債務契約在投資活動中扮演重要的角色。資本型債務契約相 較於績效型債務契約較不會抑制公司的投資機會，借款公司可能會過度投資於資 本支出。此外，當董事持股較多，資本型債務契約導致較佳的創新效率。另外， 雖然財務受限制的公司擁有較多的債務契約，但不損及其創新效率;相反的，更 能改善其創新效率。而聯貸案中包含越多外國銀行，該借款公司擁有較佳的創新 效率。最後我發現資本支出與創新效率導致較好的公司績效。總結，藉由提供債 務契約影響公司投資程度的進一步見解，本研究不論是對借款公司或是聯貸銀行 皆有一定的影響力。zh_TW
dc.description.abstract (摘要) This study investigates whether loan covenants influence borrowers’ investment policy. I use the sample of syndicated loans in Taiwan over the period of 2001 to 2016 and classify covenants into two categories: performance covenants and capital covenants. The empirical results present that capital covenants have a positive and significant association with capital expenditures and innovation efficiency. Additional test indicates that the restriction of current ratio plays a crucial role in borrowers’ investment policy. Relative to performance covenants, capital covenants are less likely to inhibit corporate investment opportunities. Hence, capital covenants restrictions may cause firms to over-invest in capital expenditures Besides, capital covenants are associated with better innovation efficiency when directors of board have more share-ownership. Although financially constrained firms face more loan covenants, I find that this does not impair their innovation capability. Instead, financially constrained firms with greater covenants improve innovation efficiency. Loans with more foreign banks have better innovation efficiency. Finally, I find that innovation efficiency and capital expenditures are associated with better firm performance. In conclusion, the finding of this study is valuable to lenders and borrowers by providing further insights into the extent to which loan covenants influence corporate investments.en_US
dc.description.tableofcontents 1.Introuction 1
2 Literature Review 5
2.1 Syndicated Loan Market 5
2.2 Capital expenditures and Innovation activities 7
2.3 Patent in Taiwan 11
2.4 Covenants 13
2.5 Hypothesis development 16
3. Research design 18
3.1 Regression analysis 18
3.2 Sample 21
4.Empirical findings 24
4.1. Summary statistics and correlation analyses 24
4.2. Main analyses 31
4.2.1. Test of hypothesis H1 31
4.2.2. Test of hypothesis H2 33
4.3. Additional test 35
4.3.1. Test of loan covenant metrics 35
4.3.2. Test of over-investment or under-investment 39
4.3.3. Test of innovation efficiency under different levels of share-ownership of directors 41
4.3.4. Test of foreign banks 44
4.3.5. Test of the financially constrained firms 48
4.3.6. Test of investment policy on firms’ future performance 52
5.Conclusion 54
References 56
Appendix A: Variable definition 61
Appendix B: Classification of syndicated loan covenants 63		zh_TW
dc.format.extent 1431693 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353031en_US
dc.subject (關鍵詞) 債務契約zh_TW
dc.subject (關鍵詞) 創新效率zh_TW
dc.subject (關鍵詞) 資本支出zh_TW
dc.subject (關鍵詞) 聯合貸款zh_TW
dc.subject (關鍵詞) Debt covenantsen_US
dc.subject (關鍵詞) Innovation efficiencyen_US
dc.subject (關鍵詞) Capital expendituresen_US
dc.subject (關鍵詞) Syndicated loanen_US
dc.title (題名) 債務契約對於創新效率及資本支出之影響: 來自台灣聯貸市場的證據zh_TW
dc.title (題名) The impact of loan covenants on innovation efficiency and capital expenditures: Evidences from Taiwan syndicated loan marketen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 金成隆, & 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.
謝純慧., 黃志強., 張桓, &曹壽民. (2013). 股權結構與創新活動的短視行為. 會計學報, 5(1), 97-136.
Aghion, P., & Bolton, P. (1992). An incomplete contracts approach to financial contracting. The Review of Economic Studies, 59(3), 473-494.
Alti, A. (2003). How sensitive is investment to cash flow when financing is frictionless. The Journal of Finance, 58(2), 707-722.
Artz, K. W., Norman, P. M., Hatfield, D. E., & Cardinal, L. B. (2010). A longitudinal study of the impact of R&D, patents, and product innovation on firm performance. Journal of Product Innovation Management, 27(5), 725-740.
Bae, S. C., Klein, D. P., & Padmaraj, R. (1994). Event risk bond covenants, agency costs of debt and equity, and stockholder wealth. Financial Management, 28-41.
Balasubramanyan, L., Berger, A. N., & Koepke, M. M. (2019). How do lead banks use their private information about loan quality in the syndicated loan market? Journal of Financial Stability, 43, 53-78.
Berkovitch, E., & Kim, E. H. (1990). Financial contracting and leverage induced over‐and under‐investment incentives. The Journal of Finance, 45(3), 765-794.
Bialowolski, P., & Weziak-Bialowolska, D. (2014). External factors affecting investment decisions of companies. Economics: The Open-Access, Open-Assessment E-Journal, 8(2014-11), 1-21
Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency. Journal of Accounting and Economics, 48(2-3), 112-131.
Bhattacharya, S., & Ritter, J. R. (1983). Innovation and communication: Signalling with partial disclosure. The Review of Economic Studies, 50(2), 331-346.
Brennan, M. J., & Schwartz, E. S. (1984). Optimal financial policy and firm valuation. The journal of Finance, 39(3), 593-607.
Bromiley, P. (2009). Corporate capital investment. Cambridge Books.
Burgelman, R. A., Maidique, M. A., & Wheelwright, S. (1989). Strategic management of technology. Homewood, IL: Irwin.
Callen, J. L., Chen, F., Dou, Y., & Xin, B. (2016). Accounting conservatism and performance covenants: a signaling approach. Contemporary Accounting Research, 33(3), 961-988.
Canace, T. G., Jackson, S. B., & Ma, T. (2018). R&D investments, capital expenditures, and earnings thresholds. Review of Accounting Studies, 23(1), 265-295.
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, A. L. C., Hsieh, Y. T., Lee, E., & Yueh, M. L. (2015). Does financial statement information affect cross-border lending by foreign banks in the syndicated loan market? Evidence from a natural experiment. Journal of Accounting and Public Policy, 34(5), 520-547.
Chan, A. L. C., Jian, Y. T., Yueh, M. L., & Hsieh, Y. T. (2018). The effect of the board of directors. Journal of Contemporary Accounting, 19(1), 41-75.
Chava, S., Chong, X., & Nanda, V. (2012). Funding innovation: The role of lender expertise and control rights. Georgia Institute of Technology Working Paper.
Chen, Y. M., & Jian, J. Y. (2006). The impact of information disclosure and transparency rankings system (IDTRs) and corporate governance structure on interest cost of debt. Available at SSRN 926859.
Chen, N. K., & Wang, H. J. (2007). The procyclical leverage effect of collateral value on Bank loans—Evidence from the transaction data of Taiwan. Economic Inquiry, 45(2), 395-406.
Christensen, H. B., & Nikolaev, V. V. (2012). Capital versus performance covenants in debt contracts. Journal of Accounting Research, 50(1), 75-116.
Christensen, T. E., Pei, H., Pierce, S. R., & Tan, L. (2019). Non-GAAP reporting following debt covenant violations. Review of Accounting Studies, 24(2), 629-664.
Claudio, C. C., Teresa, G. M., & Cristina, B. S. (2013). Does technological innovation efficiency really matter for firm performance. Res. Policy, 42, 1239-1250.
Dang, J., & Motohashi, K. (2015). Patent statistics: A good indicator for innovation in China? Patent subsidy program impacts on patent quality. China Economic Review, 35, 137-155.
Dennis, S. A., & Mullineaux, D. J. (2000). Syndicated loans. Journal of Financial Intermediation, 9(4), 404-426.
Denis, D. J., & Wang, J. (2014). Debt covenant renegotiations and creditor control rights. Journal of Financial Economics, 113(3), 348-367.
Desai, A., Wright, P., Chung, K. H., & Charoenwong, C. (2003). Impact of changes in strategic investments on shareholder returns: the role of growth opportunities. Journal of Applied Business Research (JABR), 19(1).
Devos, E., Rahman, S., & Tsang, D. (2017). Debt covenants and the speed of capital structure adjustment. Journal of Corporate Finance, 45, 1-18.
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dc.identifier.doi (DOI) 10.6814/NCCU202100716en_US