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Why Disclosure Levels Varied among Syndicated Loan Contracts?
loan contract terms
|Issue Date: ||2016-08-22 10:43:56 (UTC+8)|
|Abstract: ||本篇論文可以區分為三個部分，第一部分主要是提供一個衡量每筆聯貸案揭露程度的指標。本文初步實證結果發現聯貸案揭露程度之多寡取決於貸款目的、型態及借款者的國家。此外，本文也發現大部分聯貸案鮮少揭露主、參貸行各自承擔的聯貸份額。第二部分則是使用1986年至2015 年間之聯貸案為樣本探討何種因素會去影響借款者聯貸合約揭露的多寡。本文結果發現借款者的貸款目的、借款者與主貸行之關係、主貸行聲譽、法源、借款者規模、市場競爭程度及法規體制的改變會去影響公司的揭露決策。最後，第三部分則是探討借款者揭露聯貸合約之多寡，是否會影響公司之借貸條件，包含利率、金額、借款期間及財務限制條款。實證結果發現借款者揭露愈多聯貸資訊，可以降低借款利率。|
This study investigates issues regarding bank loan disclosures by using syndicated data from 1986 to 2015. Our preliminary results show that most of syndicated loan contracts do not disclose bank allocation (loan shares among banks), and disclosure levels varied among loan purposes, loan type and countries. This implies that loan disclosures have strategic concerns. By constructing new indices of bank loan disclosures, we also investigate why some firms voluntarily disclosure more information about their loan condition. Results show that firms’ risk of loan purpose, bank relationship, lead bank reputation, legal of origin, firms’ size, borrower market competition and regulatory change affect firms’ disclosure policies. We also find that more detailed loan disclosures lead to reduction on cost of bank loans.
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|Source URI: ||http://thesis.lib.nccu.edu.tw/record/#G0993575061|
|Data Type: ||thesis|
|Appears in Collections:||[財務管理學系] 學位論文|
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