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| Title: | 法人說明會與聯貸案之關聯—以台灣為例
Conference Calls and Syndicated Loan — Evidence from Taiwan |
| Authors: | 呂冠廷
Lu, Kuan-Ting |
| Contributors: | 詹凌菁
呂冠廷
Lu, Kuan-Ting |
| Keywords: | 法人說明會
聯貸案
自願性揭露
資訊不對稱
借款風險
Conference call
Syndicated loan
Credit risk
Information asymmetry |
| Date: | 2020 |
| Issue Date: | 2020-08-03 17:30:21 (UTC+8) |
| Abstract: | 本研究探討法人說明會與銀行聯貸案之間的關聯性。法人說明會作為公司的一種自願性揭露工具，若公司資訊揭露的程度越高，應能夠降低在聯貸案中銀行團對於該借款公司的信貸風險，並提供公司提供較低的利率。因此，本研究期望有召開法說會的借款人及法說會的次數，與聯貸案中借款人取得較有利條款間能發現正向關聯，例如：較低的貸款利率，較長的還款期間，較高的借款金額，較少抵押品等。本研究利用臺灣2002年至2016年間的上市公司的聯貸案資料與公開資訊觀測站舉辦法說會的資料組成樣本。研究結果顯示，舉行法說會的公司獲得了較低的銀行借款利息，更高的貸款金額，並且需要抵押品的可能性也較小，但沒有顯著證據表明法說會對貸款期限有整體的重大影響。此外，法說會的次數和法說會的定期性也可為借款人獲得更好的貸款條件帶來顯著的影響。外國銀行對於資訊不對稱的風險高於本國銀行，本研究的額外測試也發現外國銀行較偏好參與有召開法說會的借款人的聯貸案。
This study investigates whether information in conference call disclosures helps banks evaluate credit risk and provide lower spreads to borrowers. We expect a positive association between the number of times of conference call held and better loan terms. The sample consists of Taiwan listed companies’ that borrow from the syndicated loan market during the period 2002 to 2016. The result shows that firms holding conference call obtain favorable bank loan spreads, larger loan amounts, and are less likely to have collateral. In addition, the frequency of conference call and regularity of conference call can also beneficial to borrowers in terms of price term. However, there is no evidence showing that conference call has an overall significant impact on loan maturities. Besides, in additional analyses, I further find foreign banks tend to be involved in syndicated loan which borrowers holding conference call. |
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| Description: | 碩士
國立政治大學
會計學系
107353108 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0107353108 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202000982 |
| Appears in Collections: | [會計學系] 學位論文
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