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題名 隨公司營運狀況調整利率條款對聯貸合約及公司監理的影響
其他題名 The Effects of Performance Pricing Provisions on Syndicated Loan Contracts and Corporate Monitoring
作者 張元晨
貢獻者 財務管理學系
日期 2014
上傳時間 5-Aug-2015 11:12:00 (UTC+8)
摘要 本計畫探討近年來在聯貸市場中引進的隨公司營運狀況調整利率的條款(Performance Pricing Provisions)對聯貸合約及公司監理的影響,首先將聯合貸款中的貸款利率、財 務限制條款、隨公司營運狀況調整利率及主貸銀行的貸款比例等條件,以聯立方程式 估計相關變數之間的係數,釐清文獻中有關隨公司營運狀況調整利率條款在聯貸合約 中所扮演的角色。其次針對隨公司營運狀況調整的激勵條件的設計、與公司執行長 ﹝CEO﹞及財務長﹝CFO﹞薪資結構激勵誘因的互動關係,分析公司執行長及財務長 在與銀行協調隨公司營運狀況調整利率條款的聯貸條件時,背後可能的動機。最後將 探討銀行在設計聯貸條款時,加入的各項隨公司營運狀況調整利率的條款及其他財務 限制條件,如何影響借款公司事後的違約機率及違約之後該項放款的回收率。
This project examines the effects of performance pricing provisions on the contracts terms of syndicated loans and their roles in corporate monitoring. I study the joint determinants of loan contract terms using simultaneous equations. In addition, I examine the relation between chief executive officer/chief financial officer’s equity incentives and their use of performance-sensitive debt contracts. I also investigate how performance pricing provisions are used by banks to reduce the probability of loan defaults and increase the recovery rates of defaulted debts.
關聯 NSC102-2410-H004-024-MY3
PF10301-0890
資料類型 report
dc.contributor 財務管理學系
dc.creator (作者) 張元晨zh_TW
dc.date (日期) 2014
dc.date.accessioned 5-Aug-2015 11:12:00 (UTC+8)-
dc.date.available 5-Aug-2015 11:12:00 (UTC+8)-
dc.date.issued (上傳時間) 5-Aug-2015 11:12:00 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/77374-
dc.description.abstract (摘要) 本計畫探討近年來在聯貸市場中引進的隨公司營運狀況調整利率的條款(Performance Pricing Provisions)對聯貸合約及公司監理的影響,首先將聯合貸款中的貸款利率、財 務限制條款、隨公司營運狀況調整利率及主貸銀行的貸款比例等條件,以聯立方程式 估計相關變數之間的係數,釐清文獻中有關隨公司營運狀況調整利率條款在聯貸合約 中所扮演的角色。其次針對隨公司營運狀況調整的激勵條件的設計、與公司執行長 ﹝CEO﹞及財務長﹝CFO﹞薪資結構激勵誘因的互動關係,分析公司執行長及財務長 在與銀行協調隨公司營運狀況調整利率條款的聯貸條件時,背後可能的動機。最後將 探討銀行在設計聯貸條款時,加入的各項隨公司營運狀況調整利率的條款及其他財務 限制條件,如何影響借款公司事後的違約機率及違約之後該項放款的回收率。
dc.description.abstract (摘要) This project examines the effects of performance pricing provisions on the contracts terms of syndicated loans and their roles in corporate monitoring. I study the joint determinants of loan contract terms using simultaneous equations. In addition, I examine the relation between chief executive officer/chief financial officer’s equity incentives and their use of performance-sensitive debt contracts. I also investigate how performance pricing provisions are used by banks to reduce the probability of loan defaults and increase the recovery rates of defaulted debts.
dc.format.extent 144 bytes-
dc.format.mimetype text/html-
dc.relation (關聯) NSC102-2410-H004-024-MY3
dc.relation (關聯) PF10301-0890
dc.title (題名) 隨公司營運狀況調整利率條款對聯貸合約及公司監理的影響zh_TW
dc.title.alternative (其他題名) The Effects of Performance Pricing Provisions on Syndicated Loan Contracts and Corporate Monitoring
dc.type (資料類型) reporten