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題名 跨國上市對公司聯合貸款條件之影響
The Impact of Cross-listing on the Contract Terms of Syndicated Loans作者 簡晧雯 貢獻者 張元晨
簡晧雯關鍵詞 聯合貸款
跨國上市
貸款條件日期 2015 上傳時間 3-八月-2015 13:19:32 (UTC+8) 摘要 現今有許多公司會藉由跨國上市或是聯合貸款籌募所需資金，而公司在跨國上市後，由於必須符合上市國之相關法令，定期進行公司資訊的揭露，因此將使得公司的透明度上升。本文著重於探討當公司進行跨國上市，資訊變得更為透明後，未來在聯貸市場上，聯貸銀行團是否因為雙方資訊不對稱的程度下降，而願意給予較佳的聯貸條件。此外，由於這同時降低聯貸銀行團中主貸行與參貸行之間資訊不對稱的程度，因此欲探討跨國上市是否會改變聯貸銀行團之組成，以及主貸行是否會因為風險分散的動機下降，而提高所持有之份額。 本文利用1986到2011年間的資料，研究結果顯示公司在跨國上市後，未來所獲得之聯貸條件中利率會顯著下降，但跨國上市對於貸款期間、聯貸金額及聯貸銀行團之組成及所持有之份額的影響較不顯著。
Cross-listing and syndicated loan are two of the major funding channels for multinational companies. Since companies should abide by the regulations of the host country after cross-listing, this can enhance their financial transparency. Thus, this thesis examines whether companies can get better loan terms after cross-listing. Using samples from 1986 to 2011, I find that cross-listing have significantly reduced the loan spreads, while the impact on maturity, loan amount, and loan shares are insignificant參考文獻 Allen, L., Gottesman, A. A., & Peng, L. (2012). The impact of joint participation on liquidity in equity and syndicated bank loan markets. Journal of Financial Intermediation, 21(1), 50-78.Asquith, P., Beatty, A., & Weber, J. (2005). Performance pricing in bank debt contracts. Journal of Accounting and Economics, 40(1), 101-128.Bruner, R., Chaplinsky, S., & Ramchand, L. (1999). Coming to America: A clinical study of IPOs in the US by foreign firms. In Harvard Business School/Journal of Financial Economics Conference.Carey, M., & Nini, G. (2007). Is the corporate loan market globally integrated? A pricing puzzle. The Journal of Finance, 62(6), 2969-3007.Champagne, C., & Kryzanowski, L. (2009). Do internationally cross-listed non-US firms obtain more favorable terms for syndicated loans?. Managerial Finance, 35(7), 548-578.Coffee Jr, J. C. (1998). Future as history: The prospects for global convergence in corporate governance and its implications. Nw. UL Rev., 93, 641-708.Coval, J. D., & Moskowitz, T. J. (1999). Home bias at home: Local equity preference in domestic portfolios. Journal of finance, 2045-2073.Foucault, T., & Gehrig, T. (2008). Stock price informativeness, cross-listings, and investment decisions. Journal of Financial Economics, 88(1), 146-168.French, K. R., & Poterba, J. M. (1991). Investor diversification and international equity markets (No. w3609). National Bureau of Economic Research.Gande, A., & Saunders, A. (2012). Are banks still special when there is a secondary market for loans?. The Journal of Finance, 67(5), 1649-1684.Gorton, G. B., & Pennacchi, G. G. (1995). Banks and loan sales marketing nonmarketable assets. Journal of monetary Economics, 35(3), 389-411.Grinblatt, M., & Keloharju, M. (2001). How distance, language, and culture influence stockholdings and trades. Journal of Finance, 1053-1073.Hail, L., & Leuz, C. (2009). Cost of capital effects and changes in growth expectations around US cross-listings. Journal of financial economics, 93(3), 428-454.Ivashina, V. (2009). Asymmetric information effects on loan spreads. Journal of Financial Economics, 92(2), 300-319.Kang, J. K. (1997). Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan. Journal of Financial Economics, 46(1), 3-28.Kang, J. K., & Stulz, R. M. (1997). Is bank-centered corporate governance worth it? A cross-sectional analysis of the performance of Japanese firms during the asset price deflation (No. w6238). National Bureau of Economic Research.Kim, M., Surroca, J., & Tribó, J. A. (2014). Impact of ethical behavior on syndicated loan rates. Journal of Banking & Finance, 38, 122-144.Leland, E. and Pyle, D. (1977). Information asymmetries, financial structure, and financial intermediation. Journal of Finance 32, 371–387.Lins, K. V., Strickland, D., & Zenner, M. (2005). Do non-US firms issue equity on US stock exchanges to relax capital constraints?. Journal of financial and quantitative analysis, 40(01), 109-133.Litvak, K. (2007). The effect of the Sarbanes-Oxley Act on non-US companies cross-listed in the US. Journal of corporate Finance, 13(2), 195-228.Merton, R. C. (1987). Presidential address: A simple model of capital market equilibrium. Journal of Finance, 42, 483-510.Pagano, M., & Röell, A. (1996). Transparency and liquidity: a comparison of auction and dealer markets with informed trading. The Journal of Finance,51(2), 579-611.Pavel, C., & Phillis, D. (1987). Why commercial banks sell loans: An empirical analysis. Federal Reserve Bank of Chicago Economic Perspectives, 14, 3-14.Reese, W. A., & Weisbach, M. S. (2002). Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings.Journal of Financial Economics, 66(1), 65-104.Sarkissian, S., & Schill, M. J. (2004). The overseas listing decision: New evidence of proximity preference. Review of Financial Studies, 17(3), 769-809.Silva, A. C., & Chávez, G. A. (2008). Cross-listing and liquidity in emerging market stocks. Journal of Banking & Finance, 32(3), 420-433. 描述 碩士
國立政治大學
財務管理研究所
102357004資料來源 http://thesis.lib.nccu.edu.tw/record/#G0102357004 資料類型 thesis dc.contributor.advisor 張元晨 zh_TW dc.contributor.author (作者) 簡晧雯 zh_TW dc.creator (作者) 簡晧雯 zh_TW dc.date (日期) 2015 en_US dc.date.accessioned 3-八月-2015 13:19:32 (UTC+8) - dc.date.available 3-八月-2015 13:19:32 (UTC+8) - dc.date.issued (上傳時間) 3-八月-2015 13:19:32 (UTC+8) - dc.identifier (其他 識別碼) G0102357004 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/77169 - 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) 102357004 zh_TW dc.description.abstract (摘要) 現今有許多公司會藉由跨國上市或是聯合貸款籌募所需資金，而公司在跨國上市後，由於必須符合上市國之相關法令，定期進行公司資訊的揭露，因此將使得公司的透明度上升。本文著重於探討當公司進行跨國上市，資訊變得更為透明後，未來在聯貸市場上，聯貸銀行團是否因為雙方資訊不對稱的程度下降，而願意給予較佳的聯貸條件。此外，由於這同時降低聯貸銀行團中主貸行與參貸行之間資訊不對稱的程度，因此欲探討跨國上市是否會改變聯貸銀行團之組成，以及主貸行是否會因為風險分散的動機下降，而提高所持有之份額。 本文利用1986到2011年間的資料，研究結果顯示公司在跨國上市後，未來所獲得之聯貸條件中利率會顯著下降，但跨國上市對於貸款期間、聯貸金額及聯貸銀行團之組成及所持有之份額的影響較不顯著。 zh_TW dc.description.abstract (摘要) Cross-listing and syndicated loan are two of the major funding channels for multinational companies. Since companies should abide by the regulations of the host country after cross-listing, this can enhance their financial transparency. Thus, this thesis examines whether companies can get better loan terms after cross-listing. Using samples from 1986 to 2011, I find that cross-listing have significantly reduced the loan spreads, while the impact on maturity, loan amount, and loan shares are insignificant en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究動機 1第二節 研究目的 3第三節 研究架構 3第二章 文獻探討 4第一節 跨國上市 4第二節 資訊不對稱 6第三節 研究假說 8第三章 研究方法 10第一節 樣本選取與資料來源 10第二節 實證研究方法與變數定義 12第三節 敘述統計 16第四章 實證結果 19第一節 配對T檢定 19第二節 聯貸條件之複迴歸分析 21第三節 聯貸銀行團組成之複迴歸分析 25第五章 穩健性檢驗 27第六章 結論 31第一節 研究結論 31第二節 未來研究建議 32參考文獻 33附錄 36 zh_TW dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0102357004 en_US dc.subject (關鍵詞) 聯合貸款 zh_TW dc.subject (關鍵詞) 跨國上市 zh_TW dc.subject (關鍵詞) 貸款條件 zh_TW dc.title (題名) 跨國上市對公司聯合貸款條件之影響 zh_TW dc.title (題名) The Impact of Cross-listing on the Contract Terms of Syndicated Loans en_US dc.type (資料類型) thesis en dc.relation.reference (參考文獻) Allen, L., Gottesman, A. A., & Peng, L. (2012). The impact of joint participation on liquidity in equity and syndicated bank loan markets. Journal of Financial Intermediation, 21(1), 50-78.Asquith, P., Beatty, A., & Weber, J. (2005). Performance pricing in bank debt contracts. Journal of Accounting and Economics, 40(1), 101-128.Bruner, R., Chaplinsky, S., & Ramchand, L. (1999). Coming to America: A clinical study of IPOs in the US by foreign firms. In Harvard Business School/Journal of Financial Economics Conference.Carey, M., & Nini, G. (2007). Is the corporate loan market globally integrated? A pricing puzzle. The Journal of Finance, 62(6), 2969-3007.Champagne, C., & Kryzanowski, L. (2009). Do internationally cross-listed non-US firms obtain more favorable terms for syndicated loans?. Managerial Finance, 35(7), 548-578.Coffee Jr, J. C. (1998). Future as history: The prospects for global convergence in corporate governance and its implications. Nw. UL Rev., 93, 641-708.Coval, J. D., & Moskowitz, T. J. (1999). Home bias at home: Local equity preference in domestic portfolios. Journal of finance, 2045-2073.Foucault, T., & Gehrig, T. (2008). Stock price informativeness, cross-listings, and investment decisions. Journal of Financial Economics, 88(1), 146-168.French, K. R., & Poterba, J. M. (1991). Investor diversification and international equity markets (No. w3609). National Bureau of Economic Research.Gande, A., & Saunders, A. (2012). Are banks still special when there is a secondary market for loans?. The Journal of Finance, 67(5), 1649-1684.Gorton, G. B., & Pennacchi, G. G. (1995). Banks and loan sales marketing nonmarketable assets. Journal of monetary Economics, 35(3), 389-411.Grinblatt, M., & Keloharju, M. (2001). How distance, language, and culture influence stockholdings and trades. Journal of Finance, 1053-1073.Hail, L., & Leuz, C. (2009). Cost of capital effects and changes in growth expectations around US cross-listings. Journal of financial economics, 93(3), 428-454.Ivashina, V. (2009). Asymmetric information effects on loan spreads. Journal of Financial Economics, 92(2), 300-319.Kang, J. K. (1997). Why is there a home bias? An analysis of foreign portfolio equity ownership in Japan. Journal of Financial Economics, 46(1), 3-28.Kang, J. K., & Stulz, R. M. (1997). Is bank-centered corporate governance worth it? A cross-sectional analysis of the performance of Japanese firms during the asset price deflation (No. w6238). National Bureau of Economic Research.Kim, M., Surroca, J., & Tribó, J. A. (2014). Impact of ethical behavior on syndicated loan rates. Journal of Banking & Finance, 38, 122-144.Leland, E. and Pyle, D. (1977). Information asymmetries, financial structure, and financial intermediation. Journal of Finance 32, 371–387.Lins, K. V., Strickland, D., & Zenner, M. (2005). Do non-US firms issue equity on US stock exchanges to relax capital constraints?. Journal of financial and quantitative analysis, 40(01), 109-133.Litvak, K. (2007). The effect of the Sarbanes-Oxley Act on non-US companies cross-listed in the US. Journal of corporate Finance, 13(2), 195-228.Merton, R. C. (1987). Presidential address: A simple model of capital market equilibrium. Journal of Finance, 42, 483-510.Pagano, M., & Röell, A. (1996). Transparency and liquidity: a comparison of auction and dealer markets with informed trading. The Journal of Finance,51(2), 579-611.Pavel, C., & Phillis, D. (1987). Why commercial banks sell loans: An empirical analysis. Federal Reserve Bank of Chicago Economic Perspectives, 14, 3-14.Reese, W. A., & Weisbach, M. S. (2002). Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings.Journal of Financial Economics, 66(1), 65-104.Sarkissian, S., & Schill, M. J. (2004). The overseas listing decision: New evidence of proximity preference. Review of Financial Studies, 17(3), 769-809.Silva, A. C., & Chávez, G. A. (2008). Cross-listing and liquidity in emerging market stocks. Journal of Banking & Finance, 32(3), 420-433. zh_TW
