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政大機構典藏 > 商學院 > 金融學系 > 期刊論文 > Item 140.119/73959

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/73959

Title:	Does bank relationship matter for a firm`s investment and financial constraints? The case of Taiwan
Authors:	Shen, Chung-Hua;Wamg, Chien-An 沈中華
Contributors:	金融系
Keywords:	Bank relationships;Investment;Financial constraints;Cash-flow sensitivity
Date:	2005
Issue Date:	2015-03-23 18:19:07 (UTC+8)
Abstract:	This paper investigates the effects of a bank relationship on reducing a firm`s financial asymmetric information in an investment function. A bank relationship is proxied by the number of banks that a firm engages for its borrowing activities. A bank relationship is further divided into two regimes, i.e., a strong and a weak bank relationship regime, where the former is defined as one with smaller number of loan related-bank, and the latter is one with a greater number. It is expected that a strong bank relationship reduces the asymmetric information, i.e., investment cash-flow sensitivity here. Based on the examination of unique Taiwanese bank transaction data, our results show that investment is less sensitive to cash flow when a firm has a strong bank relationship. This implies that the firm holds less cash flow in hand for future investment expenditures. By contrast, when a firm has a weak bank relationship, the investment is sensitive to cash-flow. Our results are robust regardless if the bank relationship is proxied by either the loan amount or loan duration.
Relation:	Pacific-basin Finance Journal, 13(2), 163-184
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1016/j.pacfin.2004.07.004
DOI:	10.1016/j.pacfin.2004.07.004
Appears in Collections:	[金融學系] 期刊論文

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