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題名 併購與聯貸借款條件
M&As and Syndicated Loan Terms
作者 温樺瑛
Wen, Hua-Ying
貢獻者 詹凌菁
Chan, Ling-Ching
温樺瑛
Wen, Hua-Ying
關鍵詞 併購活動
聯貸案
價值創造
資訊不對稱
Mergers and acquisitions
Syndicated loan
Value creation
Information asymmetry
日期 2021
上傳時間 4-Aug-2021 14:32:54 (UTC+8)
摘要 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.
參考文獻 Anderson, R. C., S. Mansi, and D. M. Reeb. (2004) Board Characteristics, Accounting Report Integrity, and the Cost of Debt. Journal of Accounting & Economics 37(3): 315-342.
Bae, K. 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. The Review of Financial Studies 24(4): 1141–1203.
Bielstein, P., M. Fischer, and C. Kaserer. (2018). The cost of capital effect of M&A transactions: Disentangling coinsurance from the diversification discount. European Financial Management 24(4): 650-679.
Bosch, O. (2007). Information asymmetry and the pricing of private debt- Evidence from European syndicated loans. Working Paper. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=963412.
Chalençon, L., A. Colovic, O. Lamotte, and U. Mayrhofer. (2016). Reputation, E-Reputation, and Value-Creation of Mergers and Acquisitions. International Studies of Management & Organization 47(1): 4-22.
Chan, A. L., Y. Hsieh, E. Lee, and M. Yueh (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.
Chen, J. and T. D. King (2014). Corporate hedging and the cost of debt. Journal of Corporate Finance 29(C): 221-245.
de Groot, H. L. F., G.-J. Linders, P. Rietveld, and U. Subramanian (2003) The Institutional Determinants of Bilateral Trade Patterns. Working paper. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=513733#references-widget
Dennis, S. A. and D. J. Mullineaux (2000). Syndicated loans. Journal of Financial Intermediation 9(4) 404–426.
Dow, D., I. R. P. Cuypers, and G. Ertug (2016). The effects of within-country linguistic and religious diversity on foreign acquisitions. Journal of International Business Studies 47(3): 319-346.
Drago, D. and C. Carnevale. (2020). Do CSR Ratings Affect Loan Spreads? Evidence from European Syndicated Loan Market. Sustainability 12(18): 7639.
Fang, Y., B. Francis, I. Hasan, and H. Wang. (2012). Product market relationships and cost of bank loans: Evidence from strategic alliances. Journal of Empirical Finance 19(5): 653-674.
Francis, J. R., S. X. Huang, and I. K. Khurana. (2016). The role of similar accounting standards in cross-border mergers and acquisitions. Contemporary Accounting Research 33(3): 1298-1330.
Furfine, C. H. and R. J. Rosen. (2011). Mergers increase default risk. Journal of Corporate Finance 17 (4): 832–849
Giannetti, M. and Y. Yafeh. (2012). Do Cultural Differences Between Contracting Parties Matter? Evidence from Syndicated Bank Loans. Management Science 58(2):365-383.
Godlewski, C. J., B. Sanditov, and T. Burger‐Helmchen. (2012). Bank Lending Networks, Experience, Reputation, and Borrowing Costs: Empirical Evidence from the French Syndicated Lending Market. Journal of business finance & accounting 39 (1‐2): 113-140.
Graham, J. R, S. Li, and, J. Qiu. (2008). Corporate misreporting and bank loan contracting. Journal of financial economics 89 (1): 44-61
Guardo, M. C. D., K.R. Harrigan, and E. Marku. (2019). M&A and diversification strategies: what effect on quality of inventive activity? Journal of Management and Governance 23(3): 669-692.
Hitt, M. A., V. Franklin, and H. Zhu. (2006). Culture, institutions and international strategy. Journal of International Management 12(2): 222-234
Ivashina, V. (2009). Asymmetric information effects on loan spreads. Journal of financial economics 92 (2): 300-319.
Jeanjean, T., H. Stolowy, M. Erkens, and T. L. Yohn. (2015). International evidence on the impact of adopting English as an external reporting language. Journal of international business studies 46 (2): 180-205.
Kedia, B. L. and R. K. Reddy. (2016). Language and cross-border acquisitions: An exploratory study. International Business Review 25(6): 1321-1332.
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.
Koerniadi, H., C. Krishnamurti, and A. Tourani-Rad. (2015). Cross-border mergers and acquisitions and default risk. International Review of Financial Analysis 42: 336-348.
Kogut, B., and H. Singh (1988). The effect of national culture on the choice of entry mode. Journal of International Business Studies 19(3): 411–432.
Lee, S. W., and D. J. Mullineaux. (2004). Monitoring, Financial Distress, and the Structure of Commercial Lending Syndicates. Financial management 33 (3): 107-130.
Lim, J., A. K. Makhija, and O. Shenkar. (2016). The asymmetric relationship between national cultural distance and target premiums in cross-border M&A. Journal of Corporate Finance 41: 542-571.
Lin, A. Y. (2009). Law, culture and investment performance: A cross-country analysis. Global finance journal 19 (3): 323-341.
Marquardt, C. and E. Zur. (2015). The Role of Accounting Quality in the M&A Market. Management Science 61(3): 604–623.
Mazumdar, S. C. and P. Sengupta. (2005). Disclosure and the Loan Spread on Private Debt. Financial Analysts Journal 61(3): 83-95.
Ortiz-Molina, H. and M. F. Penas. (2008). Lending to small businesses: the role of loan maturity in addressing information problems. Small business economics 30 (4): 361-383.
Owen, S. and A. Yawson. (2013). Information asymmetry and international strategic alliances. Journal of Banking & Finance 37(10): 3890–3903.
Pablo, E. (2009). Determinants of cross-border M&As in Latin America. Journal of Business Research 62(9):861-867.
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
Rahman, M., M. Lambkin, and D. Hussain. (2016). Value creation and appropriation following M& A: A data envelopment analysis. Journal of Business Research 69(12): 5628–5635.
Rose, A. K. (2004). Do We Really Know That the WTO Increases Trade? The American economic review 94 (1): 98-114.
Spiceland, C., L. Yang, and J. Zhang. (2016). Accounting quality, debt covenant design, and the cost of debt. Review of Quantitative Finance & Accounting 47(4): 1271-1302
Strahan, P. E. (1999). Borrower Risk and the Price and Nonprice Terms of Bank Loans. Working paper. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=192769
Sufi, A. (2007). Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans. Journal of Finance 62(2): 629-668.
Xie, W., C. Ye, T. Wang, and Q. Shen (2020). M&A goodwill, information asymmetry and stock price crash risk. Economic Research 33(1):3385-3405.
Zhu, W. (2014). The Evolving Economic Role of Accounting Standards: Evidence from Bilateral Cross-Border M&A Flows. Frontiers of Business Research in China 8(4): 435-479.
描述 碩士
國立政治大學
會計學系
108353102
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0108353102
資料類型 thesis
dc.contributor.advisor 詹凌菁zh_TW
dc.contributor.advisor Chan, Ling-Chingen_US
dc.contributor.author (Authors) 温樺瑛zh_TW
dc.contributor.author (Authors) Wen, Hua-Yingen_US
dc.creator (作者) 温樺瑛zh_TW
dc.creator (作者) Wen, Hua-Yingen_US
dc.date (日期) 2021en_US
dc.date.accessioned 4-Aug-2021 14:32:54 (UTC+8)-
dc.date.available 4-Aug-2021 14:32:54 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2021 14:32:54 (UTC+8)-
dc.identifier (Other Identifiers) G0108353102en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/136309-
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) 108353102zh_TW
dc.description.abstract (摘要) 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。zh_TW
dc.description.abstract (摘要) 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.en_US
dc.description.tableofcontents 1. Introduction 1
2. Literature review and hypothesis development 4
2.1. Mergers and acquisitions 4
2.2. Cost of debts 6
2.3. Hypothesis development 8
2.3.1. The effect of M&As on the terms of loan contracts 8
2.3.2. The effect of different country-pairs where acquirers and acquirees domiciled on the terms of loan contracts 10
3. Research design 12
3.1. Regression Analyses 12
3.2. Sample 15
4. Empirical findings 19
4.1. Summary statistics and correlation analysis 19
4.2. Main analysis 26
4.2.1. Test of hypothesis H1 26
4.2.2. Test of hypothesis H2 27
4.2.3. Test of hypothesis H3 36
4.3. Additional analyses 45
4.3.1 Testing H1 and H2 using the propensity score matching method 45
4.3.2 Test of lender participation 51
4.3.3 Subsample analyses based on GDP 54
5. Conclusion 58
References 60
Appendix A: Variable definitions 65		zh_TW
dc.format.extent 2111174 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0108353102en_US
dc.subject (關鍵詞) 併購活動zh_TW
dc.subject (關鍵詞) 聯貸案zh_TW
dc.subject (關鍵詞) 價值創造zh_TW
dc.subject (關鍵詞) 資訊不對稱zh_TW
dc.subject (關鍵詞) Mergers and acquisitionsen_US
dc.subject (關鍵詞) Syndicated loanen_US
dc.subject (關鍵詞) Value creationen_US
dc.subject (關鍵詞) Information asymmetryen_US
dc.title (題名) 併購與聯貸借款條件zh_TW
dc.title (題名) M&As and Syndicated Loan Termsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Anderson, R. C., S. Mansi, and D. M. Reeb. (2004) Board Characteristics, Accounting Report Integrity, and the Cost of Debt. Journal of Accounting & Economics 37(3): 315-342.
Bae, K. 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. The Review of Financial Studies 24(4): 1141–1203.
Bielstein, P., M. Fischer, and C. Kaserer. (2018). The cost of capital effect of M&A transactions: Disentangling coinsurance from the diversification discount. European Financial Management 24(4): 650-679.
Bosch, O. (2007). Information asymmetry and the pricing of private debt- Evidence from European syndicated loans. Working Paper. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=963412.
Chalençon, L., A. Colovic, O. Lamotte, and U. Mayrhofer. (2016). Reputation, E-Reputation, and Value-Creation of Mergers and Acquisitions. International Studies of Management & Organization 47(1): 4-22.
Chan, A. L., Y. Hsieh, E. Lee, and M. Yueh (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.
Chen, J. and T. D. King (2014). Corporate hedging and the cost of debt. Journal of Corporate Finance 29(C): 221-245.
de Groot, H. L. F., G.-J. Linders, P. Rietveld, and U. Subramanian (2003) The Institutional Determinants of Bilateral Trade Patterns. Working paper. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=513733#references-widget
Dennis, S. A. and D. J. Mullineaux (2000). Syndicated loans. Journal of Financial Intermediation 9(4) 404–426.
Dow, D., I. R. P. Cuypers, and G. Ertug (2016). The effects of within-country linguistic and religious diversity on foreign acquisitions. Journal of International Business Studies 47(3): 319-346.
Drago, D. and C. Carnevale. (2020). Do CSR Ratings Affect Loan Spreads? Evidence from European Syndicated Loan Market. Sustainability 12(18): 7639.
Fang, Y., B. Francis, I. Hasan, and H. Wang. (2012). Product market relationships and cost of bank loans: Evidence from strategic alliances. Journal of Empirical Finance 19(5): 653-674.
Francis, J. R., S. X. Huang, and I. K. Khurana. (2016). The role of similar accounting standards in cross-border mergers and acquisitions. Contemporary Accounting Research 33(3): 1298-1330.
Furfine, C. H. and R. J. Rosen. (2011). Mergers increase default risk. Journal of Corporate Finance 17 (4): 832–849
Giannetti, M. and Y. Yafeh. (2012). Do Cultural Differences Between Contracting Parties Matter? Evidence from Syndicated Bank Loans. Management Science 58(2):365-383.
Godlewski, C. J., B. Sanditov, and T. Burger‐Helmchen. (2012). Bank Lending Networks, Experience, Reputation, and Borrowing Costs: Empirical Evidence from the French Syndicated Lending Market. Journal of business finance & accounting 39 (1‐2): 113-140.
Graham, J. R, S. Li, and, J. Qiu. (2008). Corporate misreporting and bank loan contracting. Journal of financial economics 89 (1): 44-61
Guardo, M. C. D., K.R. Harrigan, and E. Marku. (2019). M&A and diversification strategies: what effect on quality of inventive activity? Journal of Management and Governance 23(3): 669-692.
Hitt, M. A., V. Franklin, and H. Zhu. (2006). Culture, institutions and international strategy. Journal of International Management 12(2): 222-234
Ivashina, V. (2009). Asymmetric information effects on loan spreads. Journal of financial economics 92 (2): 300-319.
Jeanjean, T., H. Stolowy, M. Erkens, and T. L. Yohn. (2015). International evidence on the impact of adopting English as an external reporting language. Journal of international business studies 46 (2): 180-205.
Kedia, B. L. and R. K. Reddy. (2016). Language and cross-border acquisitions: An exploratory study. International Business Review 25(6): 1321-1332.
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.
Koerniadi, H., C. Krishnamurti, and A. Tourani-Rad. (2015). Cross-border mergers and acquisitions and default risk. International Review of Financial Analysis 42: 336-348.
Kogut, B., and H. Singh (1988). The effect of national culture on the choice of entry mode. Journal of International Business Studies 19(3): 411–432.
Lee, S. W., and D. J. Mullineaux. (2004). Monitoring, Financial Distress, and the Structure of Commercial Lending Syndicates. Financial management 33 (3): 107-130.
Lim, J., A. K. Makhija, and O. Shenkar. (2016). The asymmetric relationship between national cultural distance and target premiums in cross-border M&A. Journal of Corporate Finance 41: 542-571.
Lin, A. Y. (2009). Law, culture and investment performance: A cross-country analysis. Global finance journal 19 (3): 323-341.
Marquardt, C. and E. Zur. (2015). The Role of Accounting Quality in the M&A Market. Management Science 61(3): 604–623.
Mazumdar, S. C. and P. Sengupta. (2005). Disclosure and the Loan Spread on Private Debt. Financial Analysts Journal 61(3): 83-95.
Ortiz-Molina, H. and M. F. Penas. (2008). Lending to small businesses: the role of loan maturity in addressing information problems. Small business economics 30 (4): 361-383.
Owen, S. and A. Yawson. (2013). Information asymmetry and international strategic alliances. Journal of Banking & Finance 37(10): 3890–3903.
Pablo, E. (2009). Determinants of cross-border M&As in Latin America. Journal of Business Research 62(9):861-867.
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
Rahman, M., M. Lambkin, and D. Hussain. (2016). Value creation and appropriation following M& A: A data envelopment analysis. Journal of Business Research 69(12): 5628–5635.
Rose, A. K. (2004). Do We Really Know That the WTO Increases Trade? The American economic review 94 (1): 98-114.
Spiceland, C., L. Yang, and J. Zhang. (2016). Accounting quality, debt covenant design, and the cost of debt. Review of Quantitative Finance & Accounting 47(4): 1271-1302
Strahan, P. E. (1999). Borrower Risk and the Price and Nonprice Terms of Bank Loans. Working paper. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=192769
Sufi, A. (2007). Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans. Journal of Finance 62(2): 629-668.
Xie, W., C. Ye, T. Wang, and Q. Shen (2020). M&A goodwill, information asymmetry and stock price crash risk. Economic Research 33(1):3385-3405.
Zhu, W. (2014). The Evolving Economic Role of Accounting Standards: Evidence from Bilateral Cross-Border M&A Flows. Frontiers of Business Research in China 8(4): 435-479.		zh_TW
dc.identifier.doi (DOI) 10.6814/NCCU202100756en_US