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    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: http://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
    Contributors: 財管系
    Keywords: privatization;government ownership;syndicated loan;fee
    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.
    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

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