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題名 民營化對企業聯合貸款借款條件影響
Privatization effects on syndicated loans作者 羅雅文 貢獻者 張元晨
羅雅文關鍵詞 聯合貸款
民營化日期 2011 上傳時間 30-Oct-2012 10:58:35 (UTC+8) 摘要 近年來各國政府對國營事業積極進行民營化政策，藉由民營化可以提升企業的獲利能力和經營效率，但是同時也讓企業失去政府在背後支持的保護，可能因此增加其倒閉的風險，而銀行聯合貸款是企業重要的融資來源，銀行相較於一般的債券投資人對公司有更深入的了解和監督，因此在借款條件上更能反映出企業經營的表現，希望透過本文探究公司民營化對其在聯合貸款的借款條件上有何影響。研究樣本為全球開發中國家和歐洲已開發國家的民營化公司，研究結果發現民營化之後企業普遍擁有較低的借款利率和較高的借款金額，可見聯合貸款參與之貸款者相較於有政府在公司背後做保證，更重視企業民營化後在獲利能力和經營效率上的改善，而願意提供較優惠的借款條件給民營化公司。 參考文獻 Borisova, G.,Fotak, V., Holland, K., and Megginson,W.2011.Government Ownership and the Cost of Debt: Evidence from Government Investments in Publicly Traded Firms. Advance Access published August 30, 2011.Borisova, G., and Megginson, W.2011. Does Government Ownership Affect the Costof Debt? Evidence from Privatization.Review of Financial Studies. Advance Access published March 2, 2011Brown, C., and Dinc, S. 2009. Too Many to Fail? Evidence of Regulatory Forbearance When the Banking Sector Is Weak.Review of Financial Studies. Advance Access published May 27, 2009, 10.1093/rfs/HHP039.Brown, C. and Dinc, S. 2005. The politics of bank failures: Evidence from emerging markets, Quarterly Journal of Economics 120, 1413-1444.Carey, M. and Nini, G. 2007. Is the Corporate Loan Market Globally Integrated? A Pricing Puzzle.Journal of Finance 62:2969–3006.Collin-Dufresne, P., Goldstein, R. and Martin, J. 2001. The Determinants of Credit Spread Changes. Journal of Finance 56:2177–207.Djankov, S., and Murrell, P. 2002. Enterprise Restructuring in Transition: A Quantitative Survey. Journal of Economic Literature 40:739–92.Faccio, M., Masulis, R., and McConnell, J. 2006. Political Connections and Corporate Bailouts. Journal of Finance 61:2597–635.Fama, E., and French, K. 1993. Common Risk Factors in the Returns on Stocks and Bonds. Journal of Financial Economics 33:3–56.Graham, J., Li, S., and Diu, J. 2007.Corporate Misreporting and Bank Loan Contracting.Journal of Financial Economics89, 44– 61.Gibbon, H. 1998. “Worldwide Economic Orthodoxy”, Privatisation International 123, 4–5.Gibbon, H. 2000. “Editor’s Letter”, Privatisation Yearbook, Thomson Financial, London, p. 1.Megginson, W., and Netter, J. 2001. From State to Market: A Survey of Empirical Studies on Privatization.Journal of Economic Literature 39:321–89.Megginson, W., Nash, R., and Van Randenborgh, M. 1994. The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis. Journal of Finance 49:403–52.Megginson, W., Netter, J., Chahyadi, C. 2005.Size and Impact of Privatisation – A Survey of Empirical Studies.CESifo DICE Report 1/2005OECD, 1998.Corporate governance, state-owned enterprises and privatization.OECD Proceedings. OECD Publishing.Sheshinski, E. and Lopez-Calva, L. 1999. Privatization and itsBenefits: Theory and Evidence, CESifo Economic Studies 49,429–59.Shleifer, A., 1998. State versus Private Ownership.The Journal of Economic Perspectives 12, 133-150.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 描述 碩士
國立政治大學
財務管理研究所
99357020
100資料來源 http://thesis.lib.nccu.edu.tw/record/#G0099357020 資料類型 thesis dc.contributor.advisor 張元晨 zh_TW dc.contributor.author (Authors) 羅雅文 zh_TW dc.creator (作者) 羅雅文 zh_TW dc.date (日期) 2011 en_US dc.date.accessioned 30-Oct-2012 10:58:35 (UTC+8) - dc.date.available 30-Oct-2012 10:58:35 (UTC+8) - dc.date.issued (上傳時間) 30-Oct-2012 10:58:35 (UTC+8) - dc.identifier (Other Identifiers) G0099357020 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/54413 - 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) 99357020 zh_TW dc.description (描述) 100 zh_TW dc.description.abstract (摘要) 近年來各國政府對國營事業積極進行民營化政策，藉由民營化可以提升企業的獲利能力和經營效率，但是同時也讓企業失去政府在背後支持的保護，可能因此增加其倒閉的風險，而銀行聯合貸款是企業重要的融資來源，銀行相較於一般的債券投資人對公司有更深入的了解和監督，因此在借款條件上更能反映出企業經營的表現，希望透過本文探究公司民營化對其在聯合貸款的借款條件上有何影響。研究樣本為全球開發中國家和歐洲已開發國家的民營化公司，研究結果發現民營化之後企業普遍擁有較低的借款利率和較高的借款金額，可見聯合貸款參與之貸款者相較於有政府在公司背後做保證，更重視企業民營化後在獲利能力和經營效率上的改善，而願意提供較優惠的借款條件給民營化公司。 zh_TW dc.description.tableofcontents 第一章 緒論 1第一節 研究動機與目的 1第二節 研究架構 3第二章 文獻回顧 5第一節 民營化對企業的影響 5第二節 民營化對企業發行公司債的影響 6第三節 企業財報重編對聯合貸款借款條件影響 7第四節 研究假說 7第三章 研究資料 9第一節 研究資料 9第二節 變數選擇 10第四章 研究方法與實證研究結果 15第一節 平均值獨立樣本T檢定 15第二節 迴歸分析 20第五章 結論 25第一節研究結論 25第二節 後續研究 26參考文獻 57 zh_TW dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0099357020 en_US dc.subject (關鍵詞) 聯合貸款 zh_TW dc.subject (關鍵詞) 民營化 zh_TW dc.title (題名) 民營化對企業聯合貸款借款條件影響 zh_TW dc.title (題名) Privatization effects on syndicated loans en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) Borisova, G.,Fotak, V., Holland, K., and Megginson,W.2011.Government Ownership and the Cost of Debt: Evidence from Government Investments in Publicly Traded Firms. Advance Access published August 30, 2011.Borisova, G., and Megginson, W.2011. Does Government Ownership Affect the Costof Debt? Evidence from Privatization.Review of Financial Studies. Advance Access published March 2, 2011Brown, C., and Dinc, S. 2009. Too Many to Fail? Evidence of Regulatory Forbearance When the Banking Sector Is Weak.Review of Financial Studies. Advance Access published May 27, 2009, 10.1093/rfs/HHP039.Brown, C. and Dinc, S. 2005. The politics of bank failures: Evidence from emerging markets, Quarterly Journal of Economics 120, 1413-1444.Carey, M. and Nini, G. 2007. Is the Corporate Loan Market Globally Integrated? A Pricing Puzzle.Journal of Finance 62:2969–3006.Collin-Dufresne, P., Goldstein, R. and Martin, J. 2001. The Determinants of Credit Spread Changes. Journal of Finance 56:2177–207.Djankov, S., and Murrell, P. 2002. Enterprise Restructuring in Transition: A Quantitative Survey. Journal of Economic Literature 40:739–92.Faccio, M., Masulis, R., and McConnell, J. 2006. Political Connections and Corporate Bailouts. Journal of Finance 61:2597–635.Fama, E., and French, K. 1993. Common Risk Factors in the Returns on Stocks and Bonds. Journal of Financial Economics 33:3–56.Graham, J., Li, S., and Diu, J. 2007.Corporate Misreporting and Bank Loan Contracting.Journal of Financial Economics89, 44– 61.Gibbon, H. 1998. “Worldwide Economic Orthodoxy”, Privatisation International 123, 4–5.Gibbon, H. 2000. “Editor’s Letter”, Privatisation Yearbook, Thomson Financial, London, p. 1.Megginson, W., and Netter, J. 2001. From State to Market: A Survey of Empirical Studies on Privatization.Journal of Economic Literature 39:321–89.Megginson, W., Nash, R., and Van Randenborgh, M. 1994. The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis. Journal of Finance 49:403–52.Megginson, W., Netter, J., Chahyadi, C. 2005.Size and Impact of Privatisation – A Survey of Empirical Studies.CESifo DICE Report 1/2005OECD, 1998.Corporate governance, state-owned enterprises and privatization.OECD Proceedings. OECD Publishing.Sheshinski, E. and Lopez-Calva, L. 1999. Privatization and itsBenefits: Theory and Evidence, CESifo Economic Studies 49,429–59.Shleifer, A., 1998. State versus Private Ownership.The Journal of Economic Perspectives 12, 133-150.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
