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題名 非傳統金融機構的聯合貸款行為研究
Loan Syndications by Non-Banks Financial Institutions作者 李宗霈
LI, Zong Pei貢獻者 張元晨
李宗霈
LI, Zong Pei關鍵詞 聯合貸款市場
非傳統金融機構
非銀行機構
融資公司
投資銀行
機構投資者
保險公司
Non-bank entities
Institutional Investors
Insurance Company
Finance Companies
Investment Bank日期 2012 上傳時間 11-七月-2013 16:47:25 (UTC+8) 摘要 近來非傳統(Non-banks)金融機構(非銀行機構)，不論在聯合貸款市場或是在一般貸款市場所參與的程度愈來愈多，所承作的借款金額也逐年增加。這樣的趨勢尤其以歐美市場更為明顯。而一般文獻對於非銀行機構在聯合貸款市場與傳統金融機構在貸款條件差異的相關研究較少，因此本文研究非銀行機構利用1995至2007年美國企業在聯合貸款市場的資料，透過結合「Thomson Reuters LPC’s Dealscan」以及「Compustat」資料庫，分析包括融資公司(Finance Company)、投資銀行(Investment Bank)、保險公司(Insurance Company)、機構投資者(Institutional Investors) 的聯貸條件，實證結果發現非銀行機構參與的聯貸案件，通常都會要求較高的借款利率，其中又以保險公司所要求的借款利率為最高，可見非銀行機構是屬於追求較高風險的中介機構，但是本文也發現非銀行機構卻也會承作貸款期間較長的契約。本文同時探討2000年美國通過金融服務業現代化法案是否對於非銀行機構造成影響，實證結果發現母公司為金融控股公司的非銀行機構在通過金融服務業現代化法案後，會放款給較高風險的公司，說明了在允許跨業經營下，隸屬金控的非銀行機構子公司承做風險較高的貸款業務非銀行機構。
Non-bank institutions have participated in the commercial lending market and syndication market in recent years, especially in the U.S market. However, the literature addressing this issue is sparse. This paper aims to analyze the effects of participation by Non-bank lenders in the syndicated loan markets.We examine the loan contracts which started from 1995 to 2007, and use 「Thomson Reuters LPC’s Dealscan」and 「Compustat」datasets to analyze the lending behavior of Non-banks. Empirical results show that when the Non-banks participate in the loan market, they tend to charge higher credit spreads. However, when Non-banks participate in the facility, they also provide longer-maturity loans. Furthermore, this research also examines the effect of Financial Services Modernization Act‘s influence on lending behavior. The results show that after the Act was put into force, non-banks that are associated with Financial Holding Company tend to be more risk-taking. We find that Financial Holding Company would transfer the more risky operation into non-bank subsidiaries after they are allowed to cross sell their products.參考文獻 中文部分1. 李桐豪, 2001,“由美國金融服務業現代化法看我國的金融控股公司法” 台灣金融財務季刊 2(2), 1-172. 李智仁,2006,“融資公司之設立芻議與信用資訊使用問題” 今日合庫，頁17-443. 徐如慧,2001, “二十世紀美國銀行經營證券業務之回顧” 信用資訊月刊4. 曾昭玲,2002,“從融資公司之優勢看提供貸款合約的競爭”臺大管理論叢13卷1期，頁163-1865. 陳曉蓉與蔡欣貝, 2006 ,“台灣聯貸契約參貸比例之決定因素探討” 南臺科技大學學報，頁143-1536. 葉美華,2006 “銀行聯合貸款業務之經營模式與策略研究-以台灣聯合貸款市場為例” 國立政治大學經營管理碩士學程 財務管理組7. 許奇民,2009,“資訊不對稱下銀行往來關係對聯合貸款條件之影響─以台灣聯合貸款市場為例”國立政治大學財務管理學系研究所 8. 黃吉米,2011, “聯合貸款與一般借款的互動影響關係─以台灣市場為例”國立政治大學財務管理學系研究所9. 康榮寶 、 張春雄 Chang, Chun-Shyong,1997,“貸款者的最後樂園，金融業的新競技場－融資公司的過去、現在與未來－以美國為例”會計研究月刊 Accounting Research Monthly，14210. 彭素君,2003,“銀行主辦及參與國際聯合貸款業務之探討”,中華技術學院院報Vol.17，第261~276頁英文部分1. Akhigbe, A., Whyte, A.M., 2001, ‘The Market`s Assessment of Financial Services Modernization Act of 1999’, The Financial Review, Vol.36, pp. 119–38.2. Akhigbe, A., Whyte, A.M., 2004. “The Gramm–Leach–Bliley Act of 1999:Risk implications for the financial services industry.” Journal of Financial Research 27, 435–446.3. Boczar, Gregory E., 1975, ”The evidence on competition between commercial banks and finance companies, ” Journal of Bank Research 6, 150-1544. Berlin, M., Mester, L.J., 1993. “Debt covenants and renegotiation.” Journal of Financial Intermediation 2, 95-1335. Becketti, Sean and Charles Morris. 1993. “Reduced Form Evidence on the Substitutability between Bank and Nonbank Loans.” Federal Reserve Bank of Kansas City, Mimeo.6. Billett, M.T., Flannery, M.J., Garfnkel, J.A., 1995. “The effect of lender identity on a borrowing Frm`s equity return.” Journal of Finance 50, 699-718.7. Carey, M., 1996, ”Financial covenants, private debt and financial intermediation, ” Working paper, Federal Reserve Board, Washington, DC, 8. Carow, K.A., Heron, R.A., 2002. “Capital market reactions to the passage of the financial services modernization act of 1999”. The Quarterly Review of Economics and Finance 42, 465–485.9. Calomiris, Charles W., and Charles M. Kahn, 1991, “The role of demandable debt in structuring optimal banking arrangements”, American Economic Review 81, 497–513.10. Carey, M., M. Post, and S.A. Sharpe, 1998, ”Does Corporate Lending by Banks and Finance Companies Differ? Evidence on Specialization n Private Debt Contracting, ” Journal of Finance 53, 845-87811. Carey, M., Prowse, S., Rea, J., Udell, G.F., 1993. “The economics of private placements: A newlook,” Financial Markets. Institutions and Instruments 2.12. Cox, P., S. Brammer, and A. Millington, 2004, “An Empirical Examination of Institutional Investor Preferences for Corporate Social Performance,” Journal of Business Ethics 52, 27-43.13. Diamond, D., 1984, “Financial Intermediation and Delegated Monitoring” Review of Economic Studies,51,393-41414. Diamond, D., 1991a ,”Monitoring and reputation: The choice between bank loans and directly placed debt” Journal of Political Economy 99, 689-72115. Dynan, Karen, Kathleen Johnson, and Samuel Slowinski, 2002, “Survey of finance companies”, 2000, Federal Reserve Bulletin, January, pp. 1–116. Fama, E., 1985, ”What’s different about banks?, ” Journal of Monetary Economics 15, 29-3617. Flannery, Mark, 1994, “Debt maturity and the deadweight costs of leverage: Optimally financing banking firms”, American Economic Review 84, 320–33118. Gottesman, A. and G.S. Roberts, 2004, ”Maturity and Loan Pricing, ” Financial Review 39, 55-7719. Harris, M., 1979, ”Finance companies as business lenders, ” Federal Reserve Bank of New York Quarterly Review Summer, 35-3920. Himmelberg,C., Morgan,D., 1995. “Is bank lending special? In: Peek,J.,Rosengren, E. (Eds.), Is Bank Lending Important for the Transmission of Monetary Policy,” Conference Series No. 39. Federal Reserve Bank of Boston,Boston, pp. 15–36.21. Hendershott, R., D.E. Lee and J.G. Tompkins, 2000, “Corporate Winners and Losers when Industries Converge: Evidence from the Weakening of the Glass-Steagall Act”, Working Paper.22. Ivashina, V., 2009, ”Asymmetric Information Effect on Loan Spreads” Journal of Financial Economics 92, 300-31923. Ivashina, V., and Anna K., 2011, “The private equity advantage: Leveraged buyout firms and relationship banking”, Review of Financial Studies, 2462-249824. Ivashina, V., Scharfstein, D., 2010, ”Bank Lending during the financial crisis of 2008”, Journal of Financial Economics, 2010, 319-33825. James, C., 1987, ”Some evidence on the uniqueness of bank loans ” Journal of Financial Economics 19, 217-23526. Leland, Hayne, and David Pyle, 1977, “Information asymmetries, financial structure, and financial intermediaries”, Journal of Finance 32,371–387.27. Lummer, Scott, and John McConnell, 1989, “Further evidence on the bank lending process and the capital market response to bank loan agreements,” Journal of Financial Economics 25, 99–122.28. Maskara P., 2006 “Loan Syndication participation by Investment Banks and Nonbank Financial Entities” Financial Management 29. Maskara, P., 2006, “Participation of investment banks and non-bank financial institutions in syndicated loans.” Working Paper, University of Kentucky30. Miller, Steven C., 2011, A syndicated loan primer, Standard & Poor’s: A Guide to the Loan Market31. Mikkelson, W., Partch, M., 1986. “Valuation effects of securities offerings and the issuance process.” Journal of Financial Economics 15, 31-60.32. Maretno H., Donald J. M., and Ha-Chin Yi, 2006, ”A Comparison of Syndicated Loan Pricing at Investment and Commercial Banks, ” Financial Management, Winter 2006, 49-7033. Nandy, D., Shao, P., 2007 “Institutional Investment in Syndicated Loans” Working Paper34. Nini, G., 2008, “How non-banks increased the supply of bank loans: Evidence from institutional term loans”, Working paper, University of Pennsylvania35. Preece, D.C., Mullineaux D.J.,1994 ”Monitoring by Financial Intermediaries: Banks vs. Nonbanks” Journal of Financial Services Research 8, 193-20236. Pozsar, Z., Singh, M., 2011 “The Nonbank-Bank Nexus and the Shadow Banking System” Working Paper, International Monetary Fund 37. Puri, M., 1996, “Commercial Banks in Investment Banking. Conflict of Interest or Certification Role?” Journal of Financial Economics 40, 373-40138. Ramakrishnan, S., Thakor, A.V., 1984. “Information reliability and a theory of financial intermediation.” Review of Economic Studies 51, 415-432.39. Remolona, Eli M., and Kurt C. W., 1992, “Finance companies, bank competition, and niche markets” Federal Reserve Bank of New York Quarterly Review, Spring/Summer, 25-3840. Stiroh, K., Rumble, A., 2006, “The dark side of diversification: The case of US financial holding companies” Journal of Banking and Finance 30(8), 2131–216141. Simonson, Donald G., 1994, “Business strategies: Bank commercial lending vs. Finance company lending” Working paper, University of New Mexico42. Staten, M., O. Gilley and J. Umbeck, 1990, “Information costs and the organization of credit markets: A theory of indirect lending,” Economic Inquiry 28, 508-529.43. Sufi, A., 2007, ”Information asymmetry and financing arrangements: Evidence from syndicated loans” Journal of Finance 62, 629-66844. Yasuda, Ayako, 2005, “Do bank relationships affect the firm`s underwriter choice in the corporate-bond underwriting market?” Journal of Finance 60, 1259–1292. 描述 碩士
國立政治大學
財務管理研究所
100357005
101資料來源 http://thesis.lib.nccu.edu.tw/record/#G1003570052 資料類型 thesis dc.contributor.advisor 張元晨 zh_TW dc.contributor.author (作者) 李宗霈 zh_TW dc.contributor.author (作者) LI, Zong Pei en_US dc.creator (作者) 李宗霈 zh_TW dc.creator (作者) LI, Zong Pei en_US dc.date (日期) 2012 en_US dc.date.accessioned 11-七月-2013 16:47:25 (UTC+8) - dc.date.available 11-七月-2013 16:47:25 (UTC+8) - dc.date.issued (上傳時間) 11-七月-2013 16:47:25 (UTC+8) - dc.identifier (其他 識別碼) G1003570052 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/58794 - 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) 100357005 zh_TW dc.description (描述) 101 zh_TW dc.description.abstract (摘要) 近來非傳統(Non-banks)金融機構(非銀行機構)，不論在聯合貸款市場或是在一般貸款市場所參與的程度愈來愈多，所承作的借款金額也逐年增加。這樣的趨勢尤其以歐美市場更為明顯。而一般文獻對於非銀行機構在聯合貸款市場與傳統金融機構在貸款條件差異的相關研究較少，因此本文研究非銀行機構利用1995至2007年美國企業在聯合貸款市場的資料，透過結合「Thomson Reuters LPC’s Dealscan」以及「Compustat」資料庫，分析包括融資公司(Finance Company)、投資銀行(Investment Bank)、保險公司(Insurance Company)、機構投資者(Institutional Investors) 的聯貸條件，實證結果發現非銀行機構參與的聯貸案件，通常都會要求較高的借款利率，其中又以保險公司所要求的借款利率為最高，可見非銀行機構是屬於追求較高風險的中介機構，但是本文也發現非銀行機構卻也會承作貸款期間較長的契約。本文同時探討2000年美國通過金融服務業現代化法案是否對於非銀行機構造成影響，實證結果發現母公司為金融控股公司的非銀行機構在通過金融服務業現代化法案後，會放款給較高風險的公司，說明了在允許跨業經營下，隸屬金控的非銀行機構子公司承做風險較高的貸款業務非銀行機構。 zh_TW dc.description.abstract (摘要) Non-bank institutions have participated in the commercial lending market and syndication market in recent years, especially in the U.S market. However, the literature addressing this issue is sparse. This paper aims to analyze the effects of participation by Non-bank lenders in the syndicated loan markets.We examine the loan contracts which started from 1995 to 2007, and use 「Thomson Reuters LPC’s Dealscan」and 「Compustat」datasets to analyze the lending behavior of Non-banks. Empirical results show that when the Non-banks participate in the loan market, they tend to charge higher credit spreads. However, when Non-banks participate in the facility, they also provide longer-maturity loans. Furthermore, this research also examines the effect of Financial Services Modernization Act‘s influence on lending behavior. The results show that after the Act was put into force, non-banks that are associated with Financial Holding Company tend to be more risk-taking. We find that Financial Holding Company would transfer the more risky operation into non-bank subsidiaries after they are allowed to cross sell their products. en_US dc.description.tableofcontents 中文摘要 2英文摘要 3圖目錄 5表目錄 6第一章 7第一節 研究背景與動機 7一、 融資公司 (Finance Companies) 11二、 投資銀行 (Investment Bank) 13第二節 研究問題與目的 14第三節 研究架構 15第二章 文獻探討與回顧 16第一節 商業銀行借貸獨特性的及非銀行機構角色探討 16第二節 金融業務自由化 19第三節 研究假說 22第三章 研究方法 24第一節 研究資料 24第二節 資料分析與整理 25第三節 實證模型與變數定義 26第四章 實證結果 31第一節 敘述統計結果 31第二節 迴歸分析結果 38第五章 結論與建議 61第一節 結論 61第二節 研究限制 62第三節 後續研究建議 62參考文獻 64中文部分 64英文部分 65圖目錄圖 1 【融資公司的借款總額】 9圖 2 【投資銀行的借款總額】 9圖 3 【保險公司的借款總額】 10表目錄表 1、1995-2000年及2001-2006年 非銀行機構貸款合約資料筆數 10表 2、美國國內融資公司資產負債表(2011年底) 12表 3【融資公司敘述統計表】 32表 4【投資銀行敘述統計表】 33表 5【保險公司敘述統計表】 34表 6【機構投資者敘述統計表】 35表 7【各類型金融機構敘述統計表】 36表 8【各類型金融機構與商業銀行契約條件平均數差異T統計檢定表】 37表 9【各類型銀行機構借款迴歸結果】 39表 10【假說一迴歸結果：融資公司】 40表 11【假說一迴歸結果：投資銀行】 42表 12【假說一迴歸結果：保險公司】 44表 13【假說一迴歸結果：機構投資者】 46表 14【假說二迴歸結果：融資公司】 48表 15【假說二迴歸結果：投資銀行】 50表 16【假說二迴歸結果：保險公司】 52表 17【假說二迴歸結果：機構投資者】 54表 18【假說三羅吉斯迴歸結果】 57表 19【假說三多元迴歸結果】 59 zh_TW dc.format.extent 1313777 bytes - dc.format.mimetype application/pdf - dc.language.iso en_US - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G1003570052 en_US dc.subject (關鍵詞) 聯合貸款市場 zh_TW dc.subject (關鍵詞) 非傳統金融機構 zh_TW dc.subject (關鍵詞) 非銀行機構 zh_TW dc.subject (關鍵詞) 融資公司 zh_TW dc.subject (關鍵詞) 投資銀行 zh_TW dc.subject (關鍵詞) 機構投資者 zh_TW dc.subject (關鍵詞) 保險公司 zh_TW dc.subject (關鍵詞) Non-bank entities en_US dc.subject (關鍵詞) Institutional Investors en_US dc.subject (關鍵詞) Insurance Company en_US dc.subject (關鍵詞) Finance Companies en_US dc.subject (關鍵詞) Investment Bank en_US dc.title (題名) 非傳統金融機構的聯合貸款行為研究 zh_TW dc.title (題名) Loan Syndications by Non-Banks Financial Institutions en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) 中文部分1. 李桐豪, 2001,“由美國金融服務業現代化法看我國的金融控股公司法” 台灣金融財務季刊 2(2), 1-172. 李智仁,2006,“融資公司之設立芻議與信用資訊使用問題” 今日合庫，頁17-443. 徐如慧,2001, “二十世紀美國銀行經營證券業務之回顧” 信用資訊月刊4. 曾昭玲,2002,“從融資公司之優勢看提供貸款合約的競爭”臺大管理論叢13卷1期，頁163-1865. 陳曉蓉與蔡欣貝, 2006 ,“台灣聯貸契約參貸比例之決定因素探討” 南臺科技大學學報，頁143-1536. 葉美華,2006 “銀行聯合貸款業務之經營模式與策略研究-以台灣聯合貸款市場為例” 國立政治大學經營管理碩士學程 財務管理組7. 許奇民,2009,“資訊不對稱下銀行往來關係對聯合貸款條件之影響─以台灣聯合貸款市場為例”國立政治大學財務管理學系研究所 8. 黃吉米,2011, “聯合貸款與一般借款的互動影響關係─以台灣市場為例”國立政治大學財務管理學系研究所9. 康榮寶 、 張春雄 Chang, Chun-Shyong,1997,“貸款者的最後樂園，金融業的新競技場－融資公司的過去、現在與未來－以美國為例”會計研究月刊 Accounting Research Monthly，14210. 彭素君,2003,“銀行主辦及參與國際聯合貸款業務之探討”,中華技術學院院報Vol.17，第261~276頁英文部分1. Akhigbe, A., Whyte, A.M., 2001, ‘The Market`s Assessment of Financial Services Modernization Act of 1999’, The Financial Review, Vol.36, pp. 119–38.2. Akhigbe, A., Whyte, A.M., 2004. “The Gramm–Leach–Bliley Act of 1999:Risk implications for the financial services industry.” Journal of Financial Research 27, 435–446.3. Boczar, Gregory E., 1975, ”The evidence on competition between commercial banks and finance companies, ” Journal of Bank Research 6, 150-1544. Berlin, M., Mester, L.J., 1993. “Debt covenants and renegotiation.” Journal of Financial Intermediation 2, 95-1335. Becketti, Sean and Charles Morris. 1993. “Reduced Form Evidence on the Substitutability between Bank and Nonbank Loans.” Federal Reserve Bank of Kansas City, Mimeo.6. Billett, M.T., Flannery, M.J., Garfnkel, J.A., 1995. “The effect of lender identity on a borrowing Frm`s equity return.” Journal of Finance 50, 699-718.7. 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