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題名 銀行往來關係對公司首次在公開市場發行的債券融資成本之影響
The Effect of Banking Relationship on the Bond IPO cost
作者 曾士豪
貢獻者 岳夢蘭
曾士豪
關鍵詞 商譽理論
銀行往來關係
首次進入公開市場發行債券
資訊獨占理論
套牢問題理論
信用價差
日期 2012
上傳時間 22-Jul-2013 11:13:26 (UTC+8)
摘要 本論文透過實證分析，公司可以透過向銀行借款建立商譽，降低首次在公開市場發行債券之成本，此結果與Diamond (1991)所提出的商譽理論一致。但是，如果貸款給公司的銀行亦是替公司發行債券的承銷商，即公司與該銀行有進一步的往來關係，發行債券的成本會相對提高。合理的解釋是銀行握有資訊優勢，會以此優勢套牢公司並且圖利自己，與資訊獨占理論及套牢問題理論一致。換句話說，本研究證實公司選擇與之前貸款融資的銀行作為債券發行的承銷商，並不能降低債券融資的發行成本。在本論文後續的研究，指出會選擇與之前貸款融資的銀行作為承銷商之公司，在股票市場的表現都相對較差，銀行會提高替該公司承銷債券的管理費用與發行債券的成本。
參考文獻 Altman, E.I. (1968), “Financial ratios, discriminant analysis and the prediction of corporate bankruptcy.” The Journal of Finance, 23, 589-609.
Ashcraft, A.B., and J.A.C. Santos (2009), “Has the CDS market lowered the cost of corporate debt?” Journal of Monetary Economics, 56, 514-523.
Booth, J.R. (1992), “Contract cost, bank loans, and the cross-monitoring hypothesis.” Journal of Financial Economics, 31, 25-41.
Datta, S., M. Iskandar-Datta, and A. Patel (1999), “Bank monitoring and the pricing of corporate public debt.” Journal of Financial Economics, 51, 435-449.
Diamond, D.W. (1991), “Monitoring and reputation: The choice between bank loans and directly placed debt.” Journal of Political Economy, 99, 689-721.
Elton, E.J., M.J. Gruber, D. Agrawal, and C. Mann (2001), “Explaining the rate spread on corporate bonds.” The Journal of Finance, 56, 247-277.
Hale, G., and J.A.C. Santos (2008), “The decision to first enter the public bond market: The role of firm reputation, funding choices, and bank relationships.” Journal of Banking & Finance, 32, 1928-1940.
Hale, G., and J.A.C. Santos (2009), “Do bank price their informational monopoly?” Journal of Financial Economics, 93, 185-206.
Klock, M.S., S.A. Mansi, and W.F. Maxwell (2005), “Does corporate governance matter to bondholders?” Journal of Financial and Quantitative Analysis, 40, 693-719.
Maxwell, W.F. and C.P. Stephens (2003), “The wealth effect of repurchases on bondholders.” The Journal of Finance, 58, 895-919.
Rejan, R.G. (1992), “Insiders and outsiders: The choice between informed and arm’s length debt.” The Journal of Finance, 47, 1367-1400.
Santos, J.A.C. and A. Winton (2008), “Bank loans, bonds, and information monopolies across the business cycle.” The Journal of Finance, 63, 1315-1359.
Yasuda, A. (2005), “Do bank relationships affect the firm’s underwriter choice in the corporate-bond underwriting market?” The Journal of Finance, 60, 1259-1292.
描述 碩士
國立政治大學
財務管理研究所
100357029
101
資料來源 http://thesis.lib.nccu.edu.tw/record/#G1003570291
資料類型 thesis
dc.contributor.advisor 岳夢蘭zh_TW
dc.contributor.author (Authors) 曾士豪zh_TW
dc.creator (作者) 曾士豪zh_TW
dc.date (日期) 2012en_US
dc.date.accessioned 22-Jul-2013 11:13:26 (UTC+8)-
dc.date.available 22-Jul-2013 11:13:26 (UTC+8)-
dc.date.issued (上傳時間) 22-Jul-2013 11:13:26 (UTC+8)-
dc.identifier (Other Identifiers) G1003570291en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/58934-
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) 100357029zh_TW
dc.description (描述) 101zh_TW
dc.description.abstract (摘要) 本論文透過實證分析，公司可以透過向銀行借款建立商譽，降低首次在公開市場發行債券之成本，此結果與Diamond (1991)所提出的商譽理論一致。但是，如果貸款給公司的銀行亦是替公司發行債券的承銷商，即公司與該銀行有進一步的往來關係，發行債券的成本會相對提高。合理的解釋是銀行握有資訊優勢，會以此優勢套牢公司並且圖利自己，與資訊獨占理論及套牢問題理論一致。換句話說，本研究證實公司選擇與之前貸款融資的銀行作為債券發行的承銷商，並不能降低債券融資的發行成本。在本論文後續的研究，指出會選擇與之前貸款融資的銀行作為承銷商之公司，在股票市場的表現都相對較差，銀行會提高替該公司承銷債券的管理費用與發行債券的成本。zh_TW
dc.description.tableofcontents 第一章 緒論 1
第一節 研究背景與動機 1
第二節 研究目的及假說 3
1.2.1 研究目的 3
1.2.2 研究假說 4
第三節 研究架構 7
第二章 研究文獻回顧 8
第一節 商譽理論 8
第二節 交叉監督理論 8
第三節 資訊獨占理論與套牢問題理論 9
第三章 資料與實證模型 11
第一節 資料處理方法 11
第二節 模型定義 13
3.2.1 債券特性變數(Bond deal characteristics) 13
3.2.2 公司特性之變數(Firm characteristics variables) 14
3.2.3 其他控制變數(Other control variables) 16
3.2.4 樣本檢定 16
第三節 研究主題 17
第四節 樣本特性 18
第四章 實證結果 23
第一節 銀行關係往來與首次公開市場發行債券之融資成本 23
第二節 關係建立的深淺度 28
第三節 穩健性檢測 32
4.3.1 加入其他的往來關係至模型中 32
4.3.2 檢測Sample (1)的公司表現是否較差 32
第五章 結論與建議 37
第一節 結論 37
第二節 貢獻及建議 39
附錄：變數說明 40
參考文獻 42		zh_TW
dc.format.extent 725115 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/#G1003570291en_US
dc.subject (關鍵詞) 商譽理論zh_TW
dc.subject (關鍵詞) 銀行往來關係zh_TW
dc.subject (關鍵詞) 首次進入公開市場發行債券zh_TW
dc.subject (關鍵詞) 資訊獨占理論zh_TW
dc.subject (關鍵詞) 套牢問題理論zh_TW
dc.subject (關鍵詞) 信用價差zh_TW
dc.title (題名) 銀行往來關係對公司首次在公開市場發行的債券融資成本之影響zh_TW
dc.title (題名) The Effect of Banking Relationship on the Bond IPO costen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) Altman, E.I. (1968), “Financial ratios, discriminant analysis and the prediction of corporate bankruptcy.” The Journal of Finance, 23, 589-609.
Ashcraft, A.B., and J.A.C. Santos (2009), “Has the CDS market lowered the cost of corporate debt?” Journal of Monetary Economics, 56, 514-523.
Booth, J.R. (1992), “Contract cost, bank loans, and the cross-monitoring hypothesis.” Journal of Financial Economics, 31, 25-41.
Datta, S., M. Iskandar-Datta, and A. Patel (1999), “Bank monitoring and the pricing of corporate public debt.” Journal of Financial Economics, 51, 435-449.
Diamond, D.W. (1991), “Monitoring and reputation: The choice between bank loans and directly placed debt.” Journal of Political Economy, 99, 689-721.
Elton, E.J., M.J. Gruber, D. Agrawal, and C. Mann (2001), “Explaining the rate spread on corporate bonds.” The Journal of Finance, 56, 247-277.
Hale, G., and J.A.C. Santos (2008), “The decision to first enter the public bond market: The role of firm reputation, funding choices, and bank relationships.” Journal of Banking & Finance, 32, 1928-1940.
Hale, G., and J.A.C. Santos (2009), “Do bank price their informational monopoly?” Journal of Financial Economics, 93, 185-206.
Klock, M.S., S.A. Mansi, and W.F. Maxwell (2005), “Does corporate governance matter to bondholders?” Journal of Financial and Quantitative Analysis, 40, 693-719.
Maxwell, W.F. and C.P. Stephens (2003), “The wealth effect of repurchases on bondholders.” The Journal of Finance, 58, 895-919.
Rejan, R.G. (1992), “Insiders and outsiders: The choice between informed and arm’s length debt.” The Journal of Finance, 47, 1367-1400.
Santos, J.A.C. and A. Winton (2008), “Bank loans, bonds, and information monopolies across the business cycle.” The Journal of Finance, 63, 1315-1359.
Yasuda, A. (2005), “Do bank relationships affect the firm’s underwriter choice in the corporate-bond underwriting market?” The Journal of Finance, 60, 1259-1292.		zh_TW