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題名 銀行團認購行為偏好探討–以國際聯貸市場為例
The determinants of the financial institutions’ subscription in global syndicated loan market
作者 蔡依純
Tsai, Yi Chun
貢獻者 張元晨
蔡依純
Tsai, Yi Chun
關鍵詞 聯貸市場
銀行認購行為
日期 2010
上傳時間 12-Apr-2012 13:58:42 (UTC+8)
摘要 近年來,國際聯貸市場蓬勃發展,已為當前公司主要外部融資來源之一,許多學者亦針對國際聯貸市場的相關特性進行研究探討,本次研究將針對銀行團在國際聯貸市場上認購行為偏好進行探討,以「超額認購」該現象為例,探討銀行團進行認購決策時的關鍵因子。
全球聯貸案件資料由DealScan資料庫提供,期間為1987年至2009年,利用配對樣本方式進行Logistic迴歸分析,探討造成超額認購現象的因子為何。實證結果發現,當聯貸市場有新競爭者加入,如機構投資人或是外商銀行進入該市場,造成聯貸市場上資金供給增加,因此當市場上有較好的投資案出現時,銀行即會競相進行認購,進而造成超額認購;因此,造成超額認購的主要原因來自於市場上資金供給面的變化。
Using a sample of global syndicated loan from 1987 to 2009, I collected data from LPC’s DealScan and Compustat database to examine which factors affect the determinants of the financial institutions’ subscription in global syndicated loan market. Using the oversubscribed syndicated loan as our sample, we test the intention of lenders’ subscription and the results show that the odds of oversubscription increased as the capital supply increased in the syndicated loan market. The primary factor for the increase of supply is when new investors, such as institutional investors or foreign banks, joined the syndicated loan market. Therefore, I find that the amount of capital supply can influence financial institutions’ subscription in the syndicated loan market.
參考文獻 Bae, Kee-Hong and Goyal, Vidhan K., 2009, “Creditor Rights, Enforcement, and Bank Loans”, The Journal of Finance, Vol. 64, No. 2, 823-860
Baker, Malcolm P., 2009, “Market-Driven Corporate Finance”, Working paper
Carey, Mark and Nini, Greg, 2007, “Is the corporate loan market globally integrated? A pricing puzzle”, The Journal of Finance, Vol.62, No.6, 2969-3007
Champagne, C. and Kryzanowski, L., 2007, “Are current syndicated loan alliances related to past alliances?”, Journal of Banking and Finance, Vol. 31., No. 10, 3145-3161
Chava, Sudheer and Roberts, Michael R., 2008, “How Does Financing Impact Investment? The Role of Debt Covenants”, The Journal of Finance, Vol.63, No.5, 2085-2121
Chui, M. K. F., Domanski, D., Kugler, P. and Shek, J., 2010, “The Collapse of International Bank Finance During the Crisis: Evidence from Syndicated Loan Markets”, BIS Quarterly Review, 39-49
Esty, Benjamin C., 2001, “Structuring Loan Syndicates: A Case Study of the Hong Kong Disneyland Project Loan”, Journal of Applied Corporate Finance, Vol.14, No.3, 80-95
Esty, Benjamin C., 2003, "When Do Foreign Banks Finance Domestic Investment? New Evidence on the Importance of Legal and Financial Systems", Working paper
Esty, Benjamin C. and Megginson, William L., 2003, “Creditor Rights, Enforcement, and Debt Ownership Structure: Evidence from the Global Syndicated Loan Market”, Journal of Financial and Quantitative Analysis, Vol. 38, No. 1, 37-60
Gadanecz, Blaise, 2004, “The syndicated loan market: structure, development and implications”, BIS Quarterly Review, 75-89
Gray, Richard, Holmes, Patrick and Muzilla, Kevin, 2003, “Why banks should look again at market flex and MAC clauses”, International Financial Law Review, Vol.22, No.4, 18-20
Houston, Joel, Itzkowitz, Jennifer and Naranjo, Andy, 2007, “Borrowing Beyond Borders: The Geography and Pricing of Syndicated Bank Loans”, Working paper
Ivashina, V., 2009, “Asymmetric information effects on loan spreads”, Journal of Financial Economics, Vol. 92, No. 2, 300-319
Ivashina, V. and Scharfstein, D., 2010, “Bank lending during the financial crisis of 2008”, Journal of Financial Economics, Vol. 97, No. 3, 319-338
Ivashina, V. and Sun, Z., 2010a, “Institutional stock trading on loan market information”, Journal of Financial Economics, Vol. 100, No. 2, 284-303
Ivashina, V. and Sun, Z., 2010b, “Institutional demand pressure and the cost of corporate loans”, Journal of Financial Economics, Vol. 99, No. 3, 500-522
Massoud, Nadia, Nandy, Debarshi, Saunders, Anthony and Song, Keke, 2010, “Do hedge funds trade on private information? Evidence from syndicated lending and short-selling”, Journal of Financial Economics, Vol. 99, No. 3, 477-499
Nandy, Debarshi and Shao, Pei, 2010, “Institutional Investment in Syndicated Loans”, Working Paper
Nini, Greg, 2008, “How Non-Banks Increased the Supply of Bank Loans: Evidence from Institutional Term Loans”, Working Paper
Qian, J. and Strahan, P. E., 2007,”How Laws and Institutions Shape Financial Contracts: The Case of Bank Loans”, The Journal of Finance, Vol. 62, No. 6, 2803-2834
Standard & Poor’s, 2010, “A Syndicated Loan Primer”, Standard & Poor’s A Guide to Loan Market
Sufi, Amir, 2007, “Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans”, The Journal of Finance, Vol.62, No.2, 629-668
Taylor, A. and Sansone, A., 2007, “The handbook of loan syndications and trading”, McGraw-Hill.
Tykvová, T., 2007, "Who chooses whom? Syndication, skills and reputation", Review of Financial Economics, Vol. 16, Issue 1, 5-28
Tykvová, T. and Schertler, A., 2010, “Overcoming Distances via Syndication with Local Friends: The Case of Venture Capital”, Working paper
Tykvová, T. and Schertler, A., 2008, “Syndication to Overcome Transaction Costs of Cross-border Investments? Evidence from a Worldwide Private Equity Deals’ Dataset”, Working paper
李孟芳, 2010, “The Effects of Market Technical on Loan Spread: Evidence From Global Syndicated Loans”, 國立政治大學財務管理研究所碩士論文
楊雅靖, 2010, “Information asymmetry and syndicated loan pricing”, 國立政治大學財務管理研究所碩士論文
葉美華, 2006, “The Study of Banking Business Model and Strategy about Syndicated Loan Product – in Taiwan Syndication Market”, 國立政治大學經營管理碩士學程碩士論文
曾子健, 2003, “公司證券依存度、股價低估與預期報酬之關係-美國股票市場之實證分析”, 國立中央大學產業經濟研究所碩士論文
描述 碩士
國立政治大學
財務管理研究所
98357009
99
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0098357009
資料類型 thesis
dc.contributor.advisor 張元晨zh_TW
dc.contributor.author (Authors) 蔡依純zh_TW
dc.contributor.author (Authors) Tsai, Yi Chunen_US
dc.creator (作者) 蔡依純zh_TW
dc.creator (作者) Tsai, Yi Chunen_US
dc.date (日期) 2010en_US
dc.date.accessioned 12-Apr-2012 13:58:42 (UTC+8)-
dc.date.available 12-Apr-2012 13:58:42 (UTC+8)-
dc.date.issued (上傳時間) 12-Apr-2012 13:58:42 (UTC+8)-
dc.identifier (Other Identifiers) G0098357009en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/52532-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 98357009zh_TW
dc.description (描述) 99zh_TW
dc.description.abstract (摘要) 近年來,國際聯貸市場蓬勃發展,已為當前公司主要外部融資來源之一,許多學者亦針對國際聯貸市場的相關特性進行研究探討,本次研究將針對銀行團在國際聯貸市場上認購行為偏好進行探討,以「超額認購」該現象為例,探討銀行團進行認購決策時的關鍵因子。
全球聯貸案件資料由DealScan資料庫提供,期間為1987年至2009年,利用配對樣本方式進行Logistic迴歸分析,探討造成超額認購現象的因子為何。實證結果發現,當聯貸市場有新競爭者加入,如機構投資人或是外商銀行進入該市場,造成聯貸市場上資金供給增加,因此當市場上有較好的投資案出現時,銀行即會競相進行認購,進而造成超額認購;因此,造成超額認購的主要原因來自於市場上資金供給面的變化。
zh_TW
dc.description.abstract (摘要) Using a sample of global syndicated loan from 1987 to 2009, I collected data from LPC’s DealScan and Compustat database to examine which factors affect the determinants of the financial institutions’ subscription in global syndicated loan market. Using the oversubscribed syndicated loan as our sample, we test the intention of lenders’ subscription and the results show that the odds of oversubscription increased as the capital supply increased in the syndicated loan market. The primary factor for the increase of supply is when new investors, such as institutional investors or foreign banks, joined the syndicated loan market. Therefore, I find that the amount of capital supply can influence financial institutions’ subscription in the syndicated loan market.en_US
dc.description.tableofcontents 第一章. 緒論 1
第二章. 文獻回顧 5
第一節. 文獻回顧 5
第二節. 研究假說 8
第三章. 研究方法 10
第一節. 研究資料 10
第二節. 研究方法 13
第四章. 實證研究 19
第一節. 單變量迴歸結果 20
第二節. Logistic模型迴歸結果 21
第三節. 市場競爭程度探討 23
第四節. 小結 25
第五章. 結論 27
參考文獻 28
圖表 31
附錄 51
zh_TW
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0098357009en_US
dc.subject (關鍵詞) 聯貸市場zh_TW
dc.subject (關鍵詞) 銀行認購行為zh_TW
dc.title (題名) 銀行團認購行為偏好探討–以國際聯貸市場為例zh_TW
dc.title (題名) The determinants of the financial institutions’ subscription in global syndicated loan marketen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Bae, Kee-Hong and Goyal, Vidhan K., 2009, “Creditor Rights, Enforcement, and Bank Loans”, The Journal of Finance, Vol. 64, No. 2, 823-860zh_TW
dc.relation.reference (參考文獻) Baker, Malcolm P., 2009, “Market-Driven Corporate Finance”, Working paperzh_TW
dc.relation.reference (參考文獻) Carey, Mark and Nini, Greg, 2007, “Is the corporate loan market globally integrated? A pricing puzzle”, The Journal of Finance, Vol.62, No.6, 2969-3007zh_TW
dc.relation.reference (參考文獻) Champagne, C. and Kryzanowski, L., 2007, “Are current syndicated loan alliances related to past alliances?”, Journal of Banking and Finance, Vol. 31., No. 10, 3145-3161zh_TW
dc.relation.reference (參考文獻) Chava, Sudheer and Roberts, Michael R., 2008, “How Does Financing Impact Investment? The Role of Debt Covenants”, The Journal of Finance, Vol.63, No.5, 2085-2121zh_TW
dc.relation.reference (參考文獻) Chui, M. K. F., Domanski, D., Kugler, P. and Shek, J., 2010, “The Collapse of International Bank Finance During the Crisis: Evidence from Syndicated Loan Markets”, BIS Quarterly Review, 39-49zh_TW
dc.relation.reference (參考文獻) Esty, Benjamin C., 2001, “Structuring Loan Syndicates: A Case Study of the Hong Kong Disneyland Project Loan”, Journal of Applied Corporate Finance, Vol.14, No.3, 80-95zh_TW
dc.relation.reference (參考文獻) Esty, Benjamin C., 2003, "When Do Foreign Banks Finance Domestic Investment? New Evidence on the Importance of Legal and Financial Systems", Working paperzh_TW
dc.relation.reference (參考文獻) Esty, Benjamin C. and Megginson, William L., 2003, “Creditor Rights, Enforcement, and Debt Ownership Structure: Evidence from the Global Syndicated Loan Market”, Journal of Financial and Quantitative Analysis, Vol. 38, No. 1, 37-60zh_TW
dc.relation.reference (參考文獻) Gadanecz, Blaise, 2004, “The syndicated loan market: structure, development and implications”, BIS Quarterly Review, 75-89zh_TW
dc.relation.reference (參考文獻) Gray, Richard, Holmes, Patrick and Muzilla, Kevin, 2003, “Why banks should look again at market flex and MAC clauses”, International Financial Law Review, Vol.22, No.4, 18-20zh_TW
dc.relation.reference (參考文獻) Houston, Joel, Itzkowitz, Jennifer and Naranjo, Andy, 2007, “Borrowing Beyond Borders: The Geography and Pricing of Syndicated Bank Loans”, Working paperzh_TW
dc.relation.reference (參考文獻) Ivashina, V., 2009, “Asymmetric information effects on loan spreads”, Journal of Financial Economics, Vol. 92, No. 2, 300-319zh_TW
dc.relation.reference (參考文獻) Ivashina, V. and Scharfstein, D., 2010, “Bank lending during the financial crisis of 2008”, Journal of Financial Economics, Vol. 97, No. 3, 319-338zh_TW
dc.relation.reference (參考文獻) Ivashina, V. and Sun, Z., 2010a, “Institutional stock trading on loan market information”, Journal of Financial Economics, Vol. 100, No. 2, 284-303zh_TW
dc.relation.reference (參考文獻) Ivashina, V. and Sun, Z., 2010b, “Institutional demand pressure and the cost of corporate loans”, Journal of Financial Economics, Vol. 99, No. 3, 500-522zh_TW
dc.relation.reference (參考文獻) Massoud, Nadia, Nandy, Debarshi, Saunders, Anthony and Song, Keke, 2010, “Do hedge funds trade on private information? Evidence from syndicated lending and short-selling”, Journal of Financial Economics, Vol. 99, No. 3, 477-499zh_TW
dc.relation.reference (參考文獻) Nandy, Debarshi and Shao, Pei, 2010, “Institutional Investment in Syndicated Loans”, Working Paperzh_TW
dc.relation.reference (參考文獻) Nini, Greg, 2008, “How Non-Banks Increased the Supply of Bank Loans: Evidence from Institutional Term Loans”, Working Paperzh_TW
dc.relation.reference (參考文獻) Qian, J. and Strahan, P. E., 2007,”How Laws and Institutions Shape Financial Contracts: The Case of Bank Loans”, The Journal of Finance, Vol. 62, No. 6, 2803-2834zh_TW
dc.relation.reference (參考文獻) Standard & Poor’s, 2010, “A Syndicated Loan Primer”, Standard & Poor’s A Guide to Loan Marketzh_TW
dc.relation.reference (參考文獻) Sufi, Amir, 2007, “Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans”, The Journal of Finance, Vol.62, No.2, 629-668zh_TW
dc.relation.reference (參考文獻) Taylor, A. and Sansone, A., 2007, “The handbook of loan syndications and trading”, McGraw-Hill.zh_TW
dc.relation.reference (參考文獻) Tykvová, T., 2007, "Who chooses whom? Syndication, skills and reputation", Review of Financial Economics, Vol. 16, Issue 1, 5-28zh_TW
dc.relation.reference (參考文獻) Tykvová, T. and Schertler, A., 2010, “Overcoming Distances via Syndication with Local Friends: The Case of Venture Capital”, Working paperzh_TW
dc.relation.reference (參考文獻) Tykvová, T. and Schertler, A., 2008, “Syndication to Overcome Transaction Costs of Cross-border Investments? Evidence from a Worldwide Private Equity Deals’ Dataset”, Working paperzh_TW
dc.relation.reference (參考文獻) 李孟芳, 2010, “The Effects of Market Technical on Loan Spread: Evidence From Global Syndicated Loans”, 國立政治大學財務管理研究所碩士論文zh_TW
dc.relation.reference (參考文獻) 楊雅靖, 2010, “Information asymmetry and syndicated loan pricing”, 國立政治大學財務管理研究所碩士論文zh_TW
dc.relation.reference (參考文獻) 葉美華, 2006, “The Study of Banking Business Model and Strategy about Syndicated Loan Product – in Taiwan Syndication Market”, 國立政治大學經營管理碩士學程碩士論文zh_TW
dc.relation.reference (參考文獻) 曾子健, 2003, “公司證券依存度、股價低估與預期報酬之關係-美國股票市場之實證分析”, 國立中央大學產業經濟研究所碩士論文zh_TW