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題名 臺灣聯貸市場中外資銀行的角色：關於其參與行為與市場影響的量化研究
Foreign Banks in Taiwan’s Syndicated Loan Market: Evidence of Strategic Participation and Behavioral Adaptation
作者 陳寧
Chen, Ning
貢獻者 張元晨
Chang, Yuan-Chen
陳寧
Chen, Ning
關鍵詞 聯貸
外資
併購
臺灣
在地化
Syndicated loan
Foreign capital
Taiwan
Mergers and acquisitions
Localization
日期 2025
上傳時間 4-Aug-2025 13:28:18 (UTC+8)
摘要 本研究探討外資銀行於臺灣聯合貸款市場中的行為模式與策略變化，涵蓋時間橫跨三十年（1990–2020），重點聚焦於其參與特徵、結構性偏好，以及在併購本地銀行後的策略調整。過去文獻指出外資銀行傾向參與大型、放款條件較寬鬆（如缺乏嚴格契約條款）、無擔保的貸款案，然而當這些銀行設立子行或併購臺灣本地銀行後，其貸款行為是否出現「在地化」改變，則尚未有系統性實證分析。 本研究實證結果顯示，外資銀行在併購後不僅更積極參與大型融資案，亦在產業上出現明顯集中傾向，偏好參與如金融、製造、運輸等資本密集型產業，並迴避營建與不動產相關領域。此外，外資銀行放款亦高度集中於外幣貸款（如美元、英鎊），顯示其策略具全球連結與避險考量。 外資銀行併購重塑了渣打、匯豐與安泰等銀行的放款策略，促使其聯貸活動與新母公司的發展目標更加一致。 本研究貢獻在於提供外資銀行「行為在地化」的量化實證，同時也發現外資銀行雖可強化資本深度與國際融資能力，但其產業選擇與信貸傾向亦可能加劇市場集中與排擠現象，需納入後續監理與評估併購後的放貸行為。
This study investigates the behavioral patterns and strategic shifts of foreign banks in Taiwan’s syndicated loan market over a thirty-year period (1990–2020). It focuses on their participation characteristics, structural preferences, and strategic adjustments following the acquisition of local banks. Prior literature has shown that foreign banks tend to participate in large-scale loans with more relaxed terms—such as those lacking strict covenants—and in unsecured lending. However, whether these banks exhibit signs of behavioral localization after establishing subsidiaries or acquiring local Taiwanese banks has not been systematically examined. The empirical findings of this research reveal that, following acquisitions, foreign banks not only become more active in large-scale financing but also demonstrate increased industry concentration. They show a strong preference for capital-intensive sectors such as finance, manufacturing, and transportation, while largely avoiding construction and real estate. Moreover, their lending is heavily concentrated in foreign currencies—such as USD and GBP—highlighting strategic considerations linked to global connectivity and risk hedging. Foreign bank acquisitions reshaped SCB, HSBC, and EnTie’s lending strategies, driving increased syndicated lending aligned with their new owners’ goals. This study contributes to the literature by offering quantitative evidence of the behavioral localization of foreign banks. It also highlights that, while these institutions enhance capital depth and international financing capacity, their lending preferences and industry choices may exacerbate market concentration and credit crowding-out effects—raising important considerations for post-merger supervision and policy evaluation.
參考文獻  Allen, N., Berger, A. N., Dai, Q., Ongena, S., & Smith, D. C. (2003). To what extent will the banking industry be globalized? A study of bank nationality and reach in 20 European nations. Journal of Banking & Finance, 27(3), 383–415.  Chan, A. L. C., Hsieh, Y.-T., Lee, E., & Yueh, M.-L. (2024). Information environment and participation of foreign banks in the U.S. syndicated loan market. Journal of Banking & Finance, 161, 107107.  Demirgüç-Kunt, A., Horváth, B. L., & Huizinga, H. (2020). Foreign banks and international transmission of monetary policy: Evidence from the syndicated loan market. European Economic Review, 129, 103542.  Ferreira, M. A., & Matos, P. (2012). Universal banks and corporate control: Evidence from the global syndicated loan market. Review of Financial Studies, 25(9), 2703–2744.  Giannetti, M., & Jang, Y. J. (2024). Who lends before banking crises? Evidence from the international syndicated loan market. Review of Financial Studies. (Forthcoming).  Haselmann, R., & Wachtel, P. (2009). Syndicated loans, foreign banking and capital market development. Journal of Financial Intermediation.  Houston, J. F., Itzkowitz, J., & Naranjo, A. (2017). Borrowing beyond borders: Foreign assets, lender choice, and loan pricing in the syndicated bank loan market. Journal of Corporate Finance, 42, 315–334.  Hung, Y.-L. (2021). 外資參與臺灣聯貸市場之研究 [Study on foreign bank participation in Taiwan’s syndicated loan market] (Master’s thesis, National Taiwan University).  Ivashina, V. (2009). Asymmetric information effects on loan spreads. Journal of Financial Economics, 92(2), 300–319.  Ivashina, V., & Scharfstein, D. (2010). Bank lending during the financial crisis of 2008. Journal of Financial Economics, 97(3), 319–338.  John, K., Knyazeva, A., & Knyazev, D. (2011). Does geography matter? Firm location and corporate payout policy. Journal of Financial Economics, 101(3), 533–551.  Pessarossi, P., Godlewski, C. J., & Weill, L. (2012). Foreign bank lending and information asymmetries in China: Empirical evidence from the syndicated loan market. Journal of Asian Economics, 23(4), 423–433.  Standard Chartered Bank. (2006, November 24). Standard Chartered Bank completes acquisition of Hsinchu International Bank [Press release]. https://www.sc.com/en/media/press-release/2006-11-24/  Reuters. (2007, August 22). Longreach buys controlling stake in Taiwan’s EnTie Bank. https://www.reuters.com/article/idUSTP23615620070822  HSBC Holdings plc. (2001). Annual Report 2001. Retrieved from https://www.hsbc.com  Vu, T., Do, V., & Skully, M. (2015). Local versus foreign banks: A home market advantage in loan syndications. International Review of Financial Analysis, 37, 29–39.  Yang, D. G. (2024). Foreign bank branch participation and U.S. syndicated loan contract design [Working paper]. University of California.
描述 碩士
國立政治大學
國際金融碩士學位學程
112ZB1026
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112ZB1026
資料類型 thesis
dc.contributor.advisor 張元晨zh_TW
dc.contributor.advisor Chang, Yuan-Chenen_US
dc.contributor.author (Authors) 陳寧zh_TW
dc.contributor.author (Authors) Chen, Ningen_US
dc.creator (作者) 陳寧zh_TW
dc.creator (作者) Chen, Ningen_US
dc.date (日期) 2025en_US
dc.date.accessioned 4-Aug-2025 13:28:18 (UTC+8)-
dc.date.available 4-Aug-2025 13:28:18 (UTC+8)-
dc.date.issued (上傳時間) 4-Aug-2025 13:28:18 (UTC+8)-
dc.identifier (Other Identifiers) G0112ZB1026en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/158377-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際金融碩士學位學程zh_TW
dc.description (描述) 112ZB1026zh_TW
dc.description.abstract (摘要) 本研究探討外資銀行於臺灣聯合貸款市場中的行為模式與策略變化，涵蓋時間橫跨三十年（1990–2020），重點聚焦於其參與特徵、結構性偏好，以及在併購本地銀行後的策略調整。過去文獻指出外資銀行傾向參與大型、放款條件較寬鬆（如缺乏嚴格契約條款）、無擔保的貸款案，然而當這些銀行設立子行或併購臺灣本地銀行後，其貸款行為是否出現「在地化」改變，則尚未有系統性實證分析。 本研究實證結果顯示，外資銀行在併購後不僅更積極參與大型融資案，亦在產業上出現明顯集中傾向，偏好參與如金融、製造、運輸等資本密集型產業，並迴避營建與不動產相關領域。此外，外資銀行放款亦高度集中於外幣貸款（如美元、英鎊），顯示其策略具全球連結與避險考量。 外資銀行併購重塑了渣打、匯豐與安泰等銀行的放款策略，促使其聯貸活動與新母公司的發展目標更加一致。 本研究貢獻在於提供外資銀行「行為在地化」的量化實證，同時也發現外資銀行雖可強化資本深度與國際融資能力，但其產業選擇與信貸傾向亦可能加劇市場集中與排擠現象，需納入後續監理與評估併購後的放貸行為。zh_TW
dc.description.abstract (摘要) This study investigates the behavioral patterns and strategic shifts of foreign banks in Taiwan’s syndicated loan market over a thirty-year period (1990–2020). It focuses on their participation characteristics, structural preferences, and strategic adjustments following the acquisition of local banks. Prior literature has shown that foreign banks tend to participate in large-scale loans with more relaxed terms—such as those lacking strict covenants—and in unsecured lending. However, whether these banks exhibit signs of behavioral localization after establishing subsidiaries or acquiring local Taiwanese banks has not been systematically examined. The empirical findings of this research reveal that, following acquisitions, foreign banks not only become more active in large-scale financing but also demonstrate increased industry concentration. They show a strong preference for capital-intensive sectors such as finance, manufacturing, and transportation, while largely avoiding construction and real estate. Moreover, their lending is heavily concentrated in foreign currencies—such as USD and GBP—highlighting strategic considerations linked to global connectivity and risk hedging. Foreign bank acquisitions reshaped SCB, HSBC, and EnTie’s lending strategies, driving increased syndicated lending aligned with their new owners’ goals. This study contributes to the literature by offering quantitative evidence of the behavioral localization of foreign banks. It also highlights that, while these institutions enhance capital depth and international financing capacity, their lending preferences and industry choices may exacerbate market concentration and credit crowding-out effects—raising important considerations for post-merger supervision and policy evaluation.en_US
dc.description.tableofcontents Chapter 1: Introduction 7 1.1 Research Background 7 1.2 Background and Significance of the Study 8 1.3 Research Objectives 8 1.4 Research Questions 9 1.5 Hypotheses 10 1.6 Methodology Overview 11 1.7 Thesis Structure 12 Chapter 2: Literature Review 13 2.1 Foreign Banks in Syndicated Lending: Participation and Monitoring 13 2.1 Loan Pricing and Structure: Foreign vs. Domestic Leads 15 2.3 Foreign Banks in Emerging Markets: Impact and Behavior 17 2.4 Information, Governance, and Network Effects 18 2.5 Entry Modes: Branch vs. Subsidiary and Post-Acquisition Adaptation 20 Chapter 3: Data and Preprocessing 23 3.1 Data Source 23 3.2 Sample Scope and Cleaning 24 3.3 Key Variables 26 3.4 Foreign Bank Organizational Presence in the Taiwan Syndicated Loan Market (Data Diagnostics) 29 Chapter 4: Descriptive Statistics and Visual Analysis 32 4.1 Total Facility Amount by Year 32 4.2 Facility Amount by Region 34 4.3 Most Active Foreign Banks 37 4.4 Local vs Foreign Bank Comparison 42 4.5 Foreign investment concentration results 44 Chapter 5: Regression Analysis 48 5.1 Overview 48 5. 2 Regression Models 49 5.3 Empirical Results 52 Chapter 6: Discussion 64 6.1 Thematic Discussion of Key Findings 64 6.2 Policy Implications and Future Outlook 68 Chapter 7: Foreign Bank Acquisitions and Syndicated Loan Behavior Changes 71 7.1 Overall Trends in Loan Volume for Foreign-Acquired Banks 72 7.2 Standard Chartered Bank (SCB) – Industry Distribution 76 7.3 HSBC – Industry Distribution 79 7.4 EnTie Bank – Industry Distribution 82 7.5 Syndicate Leadership Before and After Acquisitions 85 Chapter 8: Conclusion and Future Research 90 8.1 Summary of Findings and Contributions 90 8.2 Implications of the Findings 92 8.3 Limitations and Suggestions for Future Research 93 8.4 Final Remarks 95 Reference 97 📎 Appendices 99 Industry category from National Statistics Republic of China (Taiwan) 99zh_TW
dc.format.extent 3425250 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112ZB1026en_US
dc.subject (關鍵詞) 聯貸zh_TW
dc.subject (關鍵詞) 外資zh_TW
dc.subject (關鍵詞) 併購zh_TW
dc.subject (關鍵詞) 臺灣zh_TW
dc.subject (關鍵詞) 在地化zh_TW
dc.subject (關鍵詞) Syndicated loanen_US
dc.subject (關鍵詞) Foreign capitalen_US
dc.subject (關鍵詞) Taiwanen_US
dc.subject (關鍵詞) Mergers and acquisitionsen_US
dc.subject (關鍵詞) Localizationen_US
dc.title (題名) 臺灣聯貸市場中外資銀行的角色：關於其參與行為與市場影響的量化研究zh_TW
dc.title (題名) Foreign Banks in Taiwan’s Syndicated Loan Market: Evidence of Strategic Participation and Behavioral Adaptationen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻)  Allen, N., Berger, A. N., Dai, Q., Ongena, S., & Smith, D. C. (2003). To what extent will the banking industry be globalized? A study of bank nationality and reach in 20 European nations. Journal of Banking & Finance, 27(3), 383–415.  Chan, A. L. C., Hsieh, Y.-T., Lee, E., & Yueh, M.-L. (2024). Information environment and participation of foreign banks in the U.S. syndicated loan market. Journal of Banking & Finance, 161, 107107.  Demirgüç-Kunt, A., Horváth, B. L., & Huizinga, H. (2020). Foreign banks and international transmission of monetary policy: Evidence from the syndicated loan market. European Economic Review, 129, 103542.  Ferreira, M. A., & Matos, P. (2012). Universal banks and corporate control: Evidence from the global syndicated loan market. Review of Financial Studies, 25(9), 2703–2744.  Giannetti, M., & Jang, Y. J. (2024). Who lends before banking crises? Evidence from the international syndicated loan market. Review of Financial Studies. (Forthcoming).  Haselmann, R., & Wachtel, P. (2009). Syndicated loans, foreign banking and capital market development. Journal of Financial Intermediation.  Houston, J. F., Itzkowitz, J., & Naranjo, A. (2017). Borrowing beyond borders: Foreign assets, lender choice, and loan pricing in the syndicated bank loan market. Journal of Corporate Finance, 42, 315–334.  Hung, Y.-L. (2021). 外資參與臺灣聯貸市場之研究 [Study on foreign bank participation in Taiwan’s syndicated loan market] (Master’s thesis, National Taiwan University).  Ivashina, V. (2009). Asymmetric information effects on loan spreads. Journal of Financial Economics, 92(2), 300–319.  Ivashina, V., & Scharfstein, D. (2010). Bank lending during the financial crisis of 2008. Journal of Financial Economics, 97(3), 319–338.  John, K., Knyazeva, A., & Knyazev, D. (2011). Does geography matter? Firm location and corporate payout policy. Journal of Financial Economics, 101(3), 533–551.  Pessarossi, P., Godlewski, C. J., & Weill, L. (2012). Foreign bank lending and information asymmetries in China: Empirical evidence from the syndicated loan market. Journal of Asian Economics, 23(4), 423–433.  Standard Chartered Bank. (2006, November 24). Standard Chartered Bank completes acquisition of Hsinchu International Bank [Press release]. https://www.sc.com/en/media/press-release/2006-11-24/  Reuters. (2007, August 22). Longreach buys controlling stake in Taiwan’s EnTie Bank. https://www.reuters.com/article/idUSTP23615620070822  HSBC Holdings plc. (2001). Annual Report 2001. Retrieved from https://www.hsbc.com  Vu, T., Do, V., & Skully, M. (2015). Local versus foreign banks: A home market advantage in loan syndications. International Review of Financial Analysis, 37, 29–39.  Yang, D. G. (2024). Foreign bank branch participation and U.S. syndicated loan contract design [Working paper]. University of California.zh_TW