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題名：The Benefits of Firms Holding Bank Shares on Bank Loans: Evidence from the Global Financial Crisis
書刊名：中山管理評論
作者：林智勇 引用關係／莊逸偉 引用關係／蔡維哲／吳羽旋
作者(外文)：Lin, Chih-yung／Chuang, Yi-wei／Tsai, Wei-che／Wu, Yu-xuan
出版日期：2015
卷期：23:2
頁次：頁563-590
主題關鍵詞：銀行貸款；持有銀行股權；金融危機；關係人放貸；Bank loans；Holding bank shares；Financial crisis；Relationship lending
原始連結：連回原系統網址new window
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  • 點閱點閱:12
本研究利用2005年到2010年台灣公司的銀行貸款合約資料，探討在金融危機間，非金融業公司能否透過持有銀行股份與放貸銀行建立關係連結，進而替公司從銀行融資上獲得優惠。研究結果顯示透過持有股權與銀行建立連結的公司相較於無此關係連結的公司，能獲得約125%的貸款額度；即使關係連結公司的違約風險較高，這些公司仍舊可獲得低於類似條件卻無關係連結公司約28.28個基點的貸款利率優惠。我們的研究結果顯示透過持有銀行股份與放貸銀行建立關係連結確實能為公司帶來好處。
This study investigates whether firms that build connections via holding bank shares can benefit their bank loan contracts during the global financial crisis. The analysis is based on data from Taiwan (2005 to 2010). Empirical results show that the loan size of connected firms is approximately 1.25 times larger than that of firms without such connections. Connected firms can obtain 28.28 basis points lower loan rate as well, and can benefit from bank loans even if they present high default risks. Our findings provide not only support for benefits derived from relationship lending for firms but also an explanation why firms hold bank shares.
期刊論文
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2.Qian, J.、Strahan, P. E.(2007)。How Laws and Institutions Shape Financial Contracts: The Case of Bank Loans。Journal of Finance，62(6)，2803-2834。  new window
3.Victoriaand, I.、Scharfstein, D.(2010)。Bank Lending During the Financial Crisis of 2008。Journal of Financial Economics，97(3)，319-338。  new window
4.Chen, Yan-Shing、Lin, Chih-Yung、Shen, C. H.(2014)。The Benefits of Political Connection: Evidence from Individual Bank Loan Contracts。Journal of Financial Services Research，45(3)，287-305。  new window
5.Farinha, L.、Santos, J. A.(2002)。Switching from Single to Multiple Bank Lending Relationships: Determinants and Implications。Journal of Financial Intermediation，11(2)，124-151。  new window
6.Chava, S.、Purnanandam, A.(2011)。The Effect of Banking Crisis on Bank-Dependent Borrowers。Journal of Financial Economics，99(1)，116-135。  new window
7.Acharya, Viral、Naqvi, Hassan(2012)。The Seeds of a Crisis: A Theory of Bank Liquidity and Risk Taking Over the Business Cycle。Journal of Financial Economics，106(2)，349-366。  new window
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9.Laeven, L.(2001)。Insider Lending and Bank Ownership: The Case of Russia。Journal of Comparative Economics，29(2)，207-229。  new window
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12.Lu, Z.、Zhu, J.、Zhang, W.(2012)。Economic Consequences: Evidence from China。Journal of Banking and Finance，36(2)，341-354。  new window
13.Puri, M.、Rocholl, J.、Steffen, S.(2011)。Global Retail Lending in the Aftermath of the US Financial Crisis: Distinguishing between Supply and Demand Effects。Journal of Financial Economics，100(3)，556-578。  new window
14.Yen, J. F.、Chen, Y. S.、Shen, C. H.、Lin, C. Y.(2014)。Why Do Firms Allow Their CEOs to Join Trade Associations? An Embeddedness View。International Review of Economics and Finance，32(1)，47-61。  new window
15.Chava, Sudheer、Livdan, Dmitry、Purnanandam, Amiyatosh(2009)。Do Shareholder Rights Affect the Cost of Bank Loans?。The Review of Financial Studies，22(8)，2973-3004。  new window
16.Coleman, A. D. F.、Esho, N.、Sharpe, I. G.(2006)。Does Bank Monitoring Influence Loan Contract Terms。Journal of Financial Services Research，30(2)，177-198。  new window
17.Degryse, Hans、Van Cayseele, Patrick(2000)。Relationship Lending within a Bank-based System: Evidence from European Small Business Data。Journal of Financial Intermediation，9(1)，90-109。  new window
18.Ongena, Steven、Smith, David C.(2000)。What Determines the Number of Bank Relationships? Cross-Country Evidence。Journal of Financial Intermediation，9(1)，26-56。  new window
19.Graham, John R.、Li, Si、Qiu, Jiaping(2008)。Corporate Misreporting and Bank Loan Contracting。Journal of Financial Economics，89(1)，44-61。  new window
20.Ongena, S.、Smith, D. C.(2001)。The Duration of Bank Relationships。Journal of Financial Economics，61(3)，449-475。  new window
21.La Porta, R.、Zamarripa, G.、Lopez-De-Silanes, F.(2003)。Related lending。The Quarterly Journal of Economics，118(1)，231-268。  new window
22.Lin, Chen、Ma, Yue、Malatesta, Paul、Xuan, Yuhai(2011)。Ownership structure and the cost of corporate borrowing。Journal of Financial Economics，100(1)，1-23。  new window
23.Claessens, Stijn、Feijen, Erik、Laeven, Luc(2008)。Political Connections and Preferential Access to Finance: The Role of Campaign Contributions。Journal of Financial Economics，88(3)，554-580。  new window
24.Khwaja, Asim Ijaz、Mian, Atif(2005)。Do Lenders Favor Politically Connected Firms? Rent Provision in an Emerging Financial Market。The Quarterly Journal of Economics，120(4)，1371-1411。  new window
25.Li, Hongbin、Zhou, Li-An、Meng, Lingsheng、Wang, Qian(2008)。Political Connections, Financing and Firm Performance: Evidence from Chinese Private Firms。Journal of Development Economics，87(2)，283-299。  new window
26.Petersen, Mitchell A.(2009)。Estimating standard errors in finance panel data sets: Comparing approaches。The Review of Financial Studies，22(1)，435-480。  new window
27.White, Halbert L. Jr.(1980)。A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity。Econometrica: Journal of the Econometric Society，48(4)，817-838。  new window
28.Yeh, Yin-Hua、Woidtke, Tracie(2005)。Commitment or Entrenchment?: Controlling Shareholders and Board Composition。Journal of Banking and Finance，29(7)，1857-1885。  new window
29.Fan, Joseph P. H.、Wong, Tak-Jun(2002)。Corporate ownership structure and the informativeness of accounting earnings in East Asia。Journal of Accounting and Economics，33(3)，401-425。  new window
30.Almeida, Heitor、Campello, Murillo(2007)。Financial Constraints, Asset Tangibility, and Corporate Investment。The Review of Financial Studies，20(5)，1429-1460。  new window
研究報告
1.Strahan, P. E.(1999)。Borrower Risk and the Price and Nonprice Terms of Bank Loans。Federal Reserve Bank of New York。  new window
2.Haselmann, R.、Schoenherr, D.、Vig, V.(2014)。Lending in Social Networks。London Business School。  new window
 
 
 
 
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