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題名 政治關聯與聯合貸款：來自中國A股上市公司的證據
Political Connections and Syndicated Loans:Evidence from China A-Share Listed Firms
作者 徐洋益
Xu, Yang Yi
貢獻者 詹凌菁
徐洋益
Xu, Yang Yi
關鍵詞 政治關聯
聯合貸款
外國銀行
中國
Political connections
Syndicated loans
Foreign banks
China
日期 2022
上傳時間 1-Jul-2022 16:05:21 (UTC+8)
摘要 本研究探討了政治關聯對企業取得之聯合貸款條款和結構的影響。選取從2004年至2019年共計219筆中國A股上市公司的聯合貸款作爲研究樣本。研究結果顯示，政治關聯能幫助企業取得較優惠的聯合貸款條件。同時政治關聯會對外國銀行參與聯合貸款比例產生顯著影響。除此之外，在額外測試中，董事會具有政治背景執行董事比例和選舉都會影響聯合貸款條款和結構。董事會具有政治背景執行董事比例越高企業取得之貸款金額越多，並且能提高外國銀行參與聯合貸款比例。而選舉會促進與中央政府有關聯的企業取得較低成本的貸款，並且對外國銀行參與地方政府有關聯之企業作爲借款人的聯合貸款比例造成負面影響。整體而言，政治關聯會對企業取得之聯合貸款條款和結構產生影響。
This study examines the impact of political connections on syndicated loans` terms and structure obtained by firms. The sample consists of 219 syndicated loans of Chinese A-share listed firms from 2004 to 2019. The results indicate that political connections can help firms obtain more favorable syndicated loan terms. Political connections also significantly impact the participation proportion of foreign banks in syndicated loans. In additional analyses, I show that the proportion of politically connected executive directors on the board of directors and elections both affect the syndicated loans` terms and structure. The higher the proportion of politically connected executive directors on the board of directors, the higher the amount of loans obtained by the firms, and the higher the proportion of foreign banks participating in the syndicated loans. Meanwhile, elections facilitate lower-cost loans for firms with connections to the central government and negatively impact the proportion of foreign banks participating in syndicated loans to firms with connections to local governments as borrowers. Overall, political connections impact syndicated loans` terms and structure.
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Cannizzaro, A. P., and R. J. Weiner. 2018. State ownership and transparency in foreign direct investment. Journal of International Business Studies 49(2): 172-195.
Champagne, C., and F. Coggins. 2012. Common information asymmetry factors in syndicated loan structures. Journal of Banking & Finance 36(5): 1437-1451.
Chaney, P. K., M. Faccio, and D. Parsley. 2011. The quality of accounting information in politically connected firms. Journal of Accounting & Economics 51(1-2): 58-76.
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Chen, D., X. Liu, and C. Wang. 2016. Social Trust and Bank Loan Financing: Evidence from China. Abacus-a Journal of Accounting Finance and Business Studies 52(3): 374-403.
Chen, G., M. Firth, and L. Xu. 2009. Does the type of ownership control matter? Evidence from China’s listed companies. Journal of Banking & Finance 33(1): 171-181.
Chen, J. J., X. Cheng, S. X. Gong, and Y. Tan. 2014b. Do higher value firms voluntarily disclose more information? Evidence from China. The British Accounting Review 46(1): 18-32.
Chen, Y.-S., C.-H. Shen, and C.-Y. Lin. 2014a. The Benefits of Political Connection: Evidence from Individual Bank-Loan Contracts. Journal of Financial Services Research 45(3): 287-305.
Chkir, I., M. I. Gallali, and M. Toukabri. 2020. Political connections and corporate debt: Evidence from two U.S. election campaigns. The Quarterly Review of Economics and Finance 75: 229–239.
Choi, J. J., H. Sami, and H. Zhou. 2010. The Impacts of State Ownership on Information Asymmetry: Evidence from an Emerging Market. China Journal of Accounting Research 3: 13-50.
Claessens, S., E. Feijen, , and L. Laeven. 2008. Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics 88(3): 554-580.
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Cull, R., and L. C. Xu. 2005. Institutions, ownership, and finance: The determinants of profit reinvestment among Chinese firms. Journal of Financial Economics 77(1): 117–146.
Dai, X., and L. Cheng. (2015). Public selection and research and development effort of manufacturing enterprises in China: State owned enterprises versus non-state owned enterprises. Innovation-Organization & Management 17(2): 182-195.
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Faccio, M., R. W. Masulis, and J. J. McConnell. 2006. Political connections and corporate bailouts. Journal of Finance 61(6): 2597-2635.
Fan, J. P. H., T. J. Wong, and T. Zhang. 2007. Politically connected CEOs, corporate governance, and Post-IPO performance of China’s newly partially privatized firms. Journal of Financial Economics 84(2): 330-357.
Firth, M., C. Lin, P. Liu, and S. M. L. Wong. 2009. Inside the black box: Bank credit allocation in China’s private sector. Journal of Banking & Finance 33(6): 1144-1155.
Fu, F.-C., C.-P. C. Vijverberg, and Y.-S. Chen. 2008. Productivity and efficiency of state-owned enterprises in China. Journal of Productivity Analysis 29(3): 249-259.
Goldeng, E., L. A. Grunfeld, and G. R. G. Benito. 2008. The performance differential between private and state owned enterprises: The roles of ownership, management and market structure. Journal of Management Studies 45(7): 1244-1273.
Goldman, E., J. Rocholl, and J. So. 2009. Do Politically Connected Boards Affect Firm Value? The Review of Financial Studies 22(6): 2331-2360.
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Haselmann, R., and P. Wachtel. 2011. Foreign banks in syndicated loan markets. Journal of Banking & Finance 35(10): 2679-2689.
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Houston, J. F., L.L. Jiang, C. Lin, and Y. Ma. 2014. Political Connections and the Cost of Bank Loans. Journal of Accounting Research 52(1): 193-243.
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描述 碩士
國立政治大學
會計學系
109353044
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109353044
資料類型 thesis
dc.contributor.advisor 詹凌菁zh_TW
dc.contributor.author (Authors) 徐洋益zh_TW
dc.contributor.author (Authors) Xu, Yang Yien_US
dc.creator (作者) 徐洋益zh_TW
dc.creator (作者) Xu, Yang Yien_US
dc.date (日期) 2022en_US
dc.date.accessioned 1-Jul-2022 16:05:21 (UTC+8)-
dc.date.available 1-Jul-2022 16:05:21 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2022 16:05:21 (UTC+8)-
dc.identifier (Other Identifiers) G0109353044en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140579-
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) 109353044zh_TW
dc.description.abstract (摘要) 本研究探討了政治關聯對企業取得之聯合貸款條款和結構的影響。選取從2004年至2019年共計219筆中國A股上市公司的聯合貸款作爲研究樣本。研究結果顯示，政治關聯能幫助企業取得較優惠的聯合貸款條件。同時政治關聯會對外國銀行參與聯合貸款比例產生顯著影響。除此之外，在額外測試中，董事會具有政治背景執行董事比例和選舉都會影響聯合貸款條款和結構。董事會具有政治背景執行董事比例越高企業取得之貸款金額越多，並且能提高外國銀行參與聯合貸款比例。而選舉會促進與中央政府有關聯的企業取得較低成本的貸款，並且對外國銀行參與地方政府有關聯之企業作爲借款人的聯合貸款比例造成負面影響。整體而言，政治關聯會對企業取得之聯合貸款條款和結構產生影響。zh_TW
dc.description.abstract (摘要) This study examines the impact of political connections on syndicated loans` terms and structure obtained by firms. The sample consists of 219 syndicated loans of Chinese A-share listed firms from 2004 to 2019. The results indicate that political connections can help firms obtain more favorable syndicated loan terms. Political connections also significantly impact the participation proportion of foreign banks in syndicated loans. In additional analyses, I show that the proportion of politically connected executive directors on the board of directors and elections both affect the syndicated loans` terms and structure. The higher the proportion of politically connected executive directors on the board of directors, the higher the amount of loans obtained by the firms, and the higher the proportion of foreign banks participating in the syndicated loans. Meanwhile, elections facilitate lower-cost loans for firms with connections to the central government and negatively impact the proportion of foreign banks participating in syndicated loans to firms with connections to local governments as borrowers. Overall, political connections impact syndicated loans` terms and structure.en_US
dc.description.tableofcontents 1. Introduction 1
2. Literature Review 6
2.1. External Financing of Firms in China 6
2.2. Definitions of Political Connection 7
2.3. State-owned Enterprises 11
2.4. Structure and Composition of Syndicated Loans 13
3. Hypotheses Development 15
4. Data and Research Design 20
4.1. Sample Selection 20
4.3. Empirical Model 22
5. Empirical Results 25
5.1. Summary Statistics and Correlation Analysis 25
5.2. Test of Hypotheses H1 & H2 34
5.3. Test of Hypothesis H3 40
5.4. Test of Hypothesis H4a 43
5.5. Test of Hypothesis H4b 45
6. Additional Analyses 47
6.1. Alternative Measures of Political Connections 47
6.2. The Election Effect on the Relation Between Political Connections and Syndicated Loan Terms 50
7. Conclusions 56
7.1. Conclusions 56
7.2. Limitations and Suggestions 58
References 60		zh_TW
dc.format.extent 1792979 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109353044en_US
dc.subject (關鍵詞) 政治關聯zh_TW
dc.subject (關鍵詞) 聯合貸款zh_TW
dc.subject (關鍵詞) 外國銀行zh_TW
dc.subject (關鍵詞) 中國zh_TW
dc.subject (關鍵詞) Political connectionsen_US
dc.subject (關鍵詞) Syndicated loansen_US
dc.subject (關鍵詞) Foreign banksen_US
dc.subject (關鍵詞) Chinaen_US
dc.title (題名) 政治關聯與聯合貸款：來自中國A股上市公司的證據zh_TW
dc.title (題名) Political Connections and Syndicated Loans:Evidence from China A-Share Listed Firmsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) Allen, F., J. Qian, and M. J. Qian. 2005. Law, finance, and economic growth in China. Journal of Financial Economics 77(1): 57-116.
Allen, F., J. Qian, M. Qian, and M. Zhao. 2009. A Review of China’s Financial System and Initiatives for the Future. In J. R. Barth, J. A. Tatom, and G. Yago (Eds.). China’s Emerging Financial Markets: Challenges and Opportunities: 3-72. Springer US.
Alok, S., and M. Ayyagari. 2020. Politics, State Ownership, and Corporate Investments. Review of Financial Studies 33(7): 3031-3087.
Bailey, W., W. Huang, and Z. Yang. 2011. Bank Loans with Chinese Characteristics: Some Evidence on Inside Debt in a State-Controlled Banking System. Journal of Financial and Quantitative Analysis 46(6): 1795-1830.
Bharath, S. T., S. Dahiya, and I. Hallak. 2021. Corporate Governance and Loan-Syndicate Structure. Journal of Financial and Quantitative Analysis 56(8): 2720-2763.
Boardman, A., and A. Vining. 1989. Ownership and Performance in Competitive Environments—A Comparison of the Performance of Private, Mixed, and State-Owned Enterprises. Journal of Law & Economics 32(1): 1-33.
Bosch, O., and S. Steffen. 2011. On syndicate composition, corporate structure and the certification effect of credit ratings. Journal of Banking & Finance 35(2): 290-299.
Bova, F., and L. Yang. 2018. State-Owned Enterprises, Competition, and Disclosure. Contemporary Accounting Research 35(2): 596-621.
Bushman, R. M., J. D. Piotroski, and A. J. Smith. 2004. What Determines Corporate Transparency? Journal of Accounting Research 42(2): 207-252.
Calomiris, C. W., R. Fisman, and Y. Wang. 2010. Profiting from government stakes in a command economy: Evidence from Chinese asset sales. Journal of Financial Economics 96(3): 399-412.
Cannizzaro, A. P., and R. J. Weiner. 2018. State ownership and transparency in foreign direct investment. Journal of International Business Studies 49(2): 172-195.
Champagne, C., and F. Coggins. 2012. Common information asymmetry factors in syndicated loan structures. Journal of Banking & Finance 36(5): 1437-1451.
Chaney, P. K., M. Faccio, and D. Parsley. 2011. The quality of accounting information in politically connected firms. Journal of Accounting & Economics 51(1-2): 58-76.
Chen, B. Z., and Y. Feng. 2000. Determinants of economic growth in China: Private enterprise, education, and openness. China Economic Review 11(1): 1-15.
Chen, D., X. Liu, and C. Wang. 2016. Social Trust and Bank Loan Financing: Evidence from China. Abacus-a Journal of Accounting Finance and Business Studies 52(3): 374-403.
Chen, G., M. Firth, and L. Xu. 2009. Does the type of ownership control matter? Evidence from China’s listed companies. Journal of Banking & Finance 33(1): 171-181.
Chen, J. J., X. Cheng, S. X. Gong, and Y. Tan. 2014b. Do higher value firms voluntarily disclose more information? Evidence from China. The British Accounting Review 46(1): 18-32.
Chen, Y.-S., C.-H. Shen, and C.-Y. Lin. 2014a. The Benefits of Political Connection: Evidence from Individual Bank-Loan Contracts. Journal of Financial Services Research 45(3): 287-305.
Chkir, I., M. I. Gallali, and M. Toukabri. 2020. Political connections and corporate debt: Evidence from two U.S. election campaigns. The Quarterly Review of Economics and Finance 75: 229–239.
Choi, J. J., H. Sami, and H. Zhou. 2010. The Impacts of State Ownership on Information Asymmetry: Evidence from an Emerging Market. China Journal of Accounting Research 3: 13-50.
Claessens, S., E. Feijen, , and L. Laeven. 2008. Political connections and preferential access to finance: The role of campaign contributions. Journal of Financial Economics 88(3): 554-580.
Clarke, G., R. Cull, M. S. M. Peria, and S. M. Sanchez. 2003. Foreign bank entry: Experience, implications for developing economies, and agenda for further research. World Bank Research Observer 18(1): 25-59.
Conyon, M. J., L. He, and X. Zhou. 2015. Star CEOs or Political Connections? Evidence from China’s Publicly Traded Firms. Journal of Business Finance & Accounting 42(3-4): 412-443.
Cull, R., and L. C. Xu. 2003. Who gets credit? The behavior of bureaucrats and state banks in allocating credit to Chinese state-owned enterprises. Journal of Development Economics 71(2): 533-559.
Cull, R., and L. C. Xu. 2005. Institutions, ownership, and finance: The determinants of profit reinvestment among Chinese firms. Journal of Financial Economics 77(1): 117–146.
Dai, X., and L. Cheng. (2015). Public selection and research and development effort of manufacturing enterprises in China: State owned enterprises versus non-state owned enterprises. Innovation-Organization & Management 17(2): 182-195.
Dennis, S. A., and D. J. Mullineaux. 2000. Syndicated loans. Journal of Financial Intermediation 9(4): 404-426.
Dewenter, K. L., and P. H. Malatesta. 2001. State-owned and privately owned firms: An empirical analysis of profitability, leverage, and labor intensity. American Economic Review 91(1): 320-334.
Faccio, M. 2010. Differences between Politically Connected and Nonconnected Firms: A Cross-Country Analysis. Financial Management 39(3): 905-927.
Faccio, M., R. W. Masulis, and J. J. McConnell. 2006. Political connections and corporate bailouts. Journal of Finance 61(6): 2597-2635.
Fan, J. P. H., T. J. Wong, and T. Zhang. 2007. Politically connected CEOs, corporate governance, and Post-IPO performance of China’s newly partially privatized firms. Journal of Financial Economics 84(2): 330-357.
Firth, M., C. Lin, P. Liu, and S. M. L. Wong. 2009. Inside the black box: Bank credit allocation in China’s private sector. Journal of Banking & Finance 33(6): 1144-1155.
Fu, F.-C., C.-P. C. Vijverberg, and Y.-S. Chen. 2008. Productivity and efficiency of state-owned enterprises in China. Journal of Productivity Analysis 29(3): 249-259.
Goldeng, E., L. A. Grunfeld, and G. R. G. Benito. 2008. The performance differential between private and state owned enterprises: The roles of ownership, management and market structure. Journal of Management Studies 45(7): 1244-1273.
Goldman, E., J. Rocholl, and J. So. 2009. Do Politically Connected Boards Affect Firm Value? The Review of Financial Studies 22(6): 2331-2360.
Guo, S., Z. Jiang, and H. Shi. 2018. The business cycle implications of bank discrimination in China. Economic Modelling 73: 264-278.
Hale, G., and C. Long. 2010. What are the Sources of Financing of the Chinese Firms? (HKIMR Working Paper No.19). Hong Kong Institute for Monetary and Financial Research.
Haselmann, R., and P. Wachtel. 2011. Foreign banks in syndicated loan markets. Journal of Banking & Finance 35(10): 2679-2689.
He, Y., Y.-H. Chiu, and B. Zhang. 2015. The impact of corporate governance on state-owned and non-state-owned firms efficiency in China. North American Journal of Economics and Finance 33: 252-277.
Holz, C. A. 2002. The impact of the liability-asset ratio on profitability in China’s industrial state-owned enterprises. China Economic Review 13(1): 1-26.
Houston, J. F., L.L. Jiang, C. Lin, and Y. Ma. 2014. Political Connections and the Cost of Bank Loans. Journal of Accounting Research 52(1): 193-243.
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dc.identifier.doi (DOI) 10.6814/NCCU202200524en_US