政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/68613

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 112721/143689 (78%)
Visitors : 49513666 Online Users : 795

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/68613

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/68613

Title:	The Impact of Privatization on Loan Conditions
Other Titles:	民營化對聯貸條件的影響
Authors:	Wu, Chou-Yen;Chang, Yuan-Chen 吳周燕;張元晨
Contributors:	財管系
Keywords:	privatization;government ownership;syndicated loan;fee 民營化;政府股權;聯合貸款;聯貸費用
Date:	2014.03
Issue Date:	2014-08-12 15:06:12 (UTC+8)
Abstract:	Using a sample of 67 partially and fully privatized firms, this paper investigates the effect of privatization on loan conditions from 1993 to 2007. The empirical results show that loan spreads widen when governments have no control right after privatization. In addition, loans are more likely to be secured when firms are fully privatized. The empirical results also show that credit risk of borrowing companies is more likely reflected through price terms conditions but not through non-price term conditions. These results are consistent with the hypothesis that implicit government guarantee is an important factor for bank loans during the privatization process. 本文使用1993年至2007年間67家實施部分及完全民營化公司為樣本，探討國營企業民營化後對聯貸條件之影響。實證結果顯示，民營化後若政府沒有控制權，則聯貸利差擴大，若完全民營化則會被銀行要求提供擔保品，此外，借款公司的信用風險比較會透過聯貸利差及相關費用反映出來，比較不會透過聯貸金額或到期日等條件反映。這些實證結果與本文假說一致，顯示政府保證效果在民營化過程中對於銀行借款是一項重要因素。
Relation:	中山管理評論, 22(1), 11-53
Data Type:	article
DOI 連結:	http://dx.doi.org/10.6160/2014.03.01
DOI:	10.6160/2014.03.01
Appears in Collections:	[財務管理學系] 期刊論文

Files in This Item:

File	Description	Size	Format
1153.pdf		1259Kb	Adobe PDF2	1164	View/Open

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

Loading...