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| 題名: | 臺灣聯貸市場中外資銀行的角色：關於其參與行為與市場影響的量化研究
Foreign Banks in Taiwan’s Syndicated Loan Market: Evidence of Strategic Participation and Behavioral Adaptation |
| 作者: | 陳寧
Chen, Ning |
| 貢獻者: | 張元晨
Chang, Yuan-Chen
陳寧
Chen, Ning |
| 關鍵詞: | 聯貸
外資
併購
臺灣
在地化
Syndicated loan
Foreign capital
Taiwan
Mergers and acquisitions
Localization |
| 日期: | 2025 |
| 上傳時間: | 2025-08-04 13:28:18 (UTC+8) |
| 摘要: | 本研究探討外資銀行於臺灣聯合貸款市場中的行為模式與策略變化，涵蓋時間橫跨三十年（1990–2020），重點聚焦於其參與特徵、結構性偏好，以及在併購本地銀行後的策略調整。過去文獻指出外資銀行傾向參與大型、放款條件較寬鬆（如缺乏嚴格契約條款）、無擔保的貸款案，然而當這些銀行設立子行或併購臺灣本地銀行後，其貸款行為是否出現「在地化」改變，則尚未有系統性實證分析。
本研究實證結果顯示，外資銀行在併購後不僅更積極參與大型融資案，亦在產業上出現明顯集中傾向，偏好參與如金融、製造、運輸等資本密集型產業，並迴避營建與不動產相關領域。此外，外資銀行放款亦高度集中於外幣貸款（如美元、英鎊），顯示其策略具全球連結與避險考量。
外資銀行併購重塑了渣打、匯豐與安泰等銀行的放款策略，促使其聯貸活動與新母公司的發展目標更加一致。 本研究貢獻在於提供外資銀行「行為在地化」的量化實證，同時也發現外資銀行雖可強化資本深度與國際融資能力，但其產業選擇與信貸傾向亦可能加劇市場集中與排擠現象，需納入後續監理與評估併購後的放貸行為。
This study investigates the behavioral patterns and strategic shifts of foreign banks in Taiwan’s syndicated loan market over a thirty-year period (1990–2020). It focuses on their participation characteristics, structural preferences, and strategic adjustments following the acquisition of local banks. Prior literature has shown that foreign banks tend to participate in large-scale loans with more relaxed terms—such as those lacking strict covenants—and in unsecured lending. However, whether these banks exhibit signs of behavioral localization after establishing subsidiaries or acquiring local Taiwanese banks has not been systematically examined.
The empirical findings of this research reveal that, following acquisitions, foreign banks not only become more active in large-scale financing but also demonstrate increased industry concentration. They show a strong preference for capital-intensive sectors such as finance, manufacturing, and transportation, while largely avoiding construction and real estate. Moreover, their lending is heavily concentrated in foreign currencies—such as USD and GBP—highlighting strategic considerations linked to global connectivity and risk hedging.
Foreign bank acquisitions reshaped SCB, HSBC, and EnTie’s lending strategies, driving increased syndicated lending aligned with their new owners’ goals. This study contributes to the literature by offering quantitative evidence of the behavioral localization of foreign banks. It also highlights that, while these institutions enhance capital depth and international financing capacity, their lending preferences and industry choices may exacerbate market concentration and credit crowding-out effects—raising important considerations for post-merger supervision and policy evaluation. |
| 參考文獻: | Allen, N., Berger, A. N., Dai, Q., Ongena, S., & Smith, D. C. (2003). To what extent will the banking industry be globalized? A study of bank nationality and reach in 20 European nations. Journal of Banking & Finance, 27(3), 383–415.
Chan, A. L. C., Hsieh, Y.-T., Lee, E., & Yueh, M.-L. (2024). Information environment and participation of foreign banks in the U.S. syndicated loan market. Journal of Banking & Finance, 161, 107107.
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Standard Chartered Bank. (2006, November 24). Standard Chartered Bank completes acquisition of Hsinchu International Bank [Press release]. https://www.sc.com/en/media/press-release/2006-11-24/
Reuters. (2007, August 22). Longreach buys controlling stake in Taiwan’s EnTie Bank. https://www.reuters.com/article/idUSTP23615620070822
HSBC Holdings plc. (2001). Annual Report 2001. Retrieved from https://www.hsbc.com
Vu, T., Do, V., & Skully, M. (2015). Local versus foreign banks: A home market advantage in loan syndications. International Review of Financial Analysis, 37, 29–39.
Yang, D. G. (2024). Foreign bank branch participation and U.S. syndicated loan contract design [Working paper]. University of California. |
| 描述: | 碩士
國立政治大學
國際金融碩士學位學程
112ZB1026 |
| 資料來源: | http://thesis.lib.nccu.edu.tw/record/#G0112ZB1026 |
| 資料類型: | thesis |
| 顯示於類別: | [國際金融碩士學位學程] 學位論文
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