臺灣博碩士論文加值系統

本文主要研究地主國信用資訊分享是否影響金融機構海外聯貸業務之發展，樣本涵蓋全球前一百大金融機構在2001年至2009年間之聯貸資料。本研究發現金融機構為減少資訊不對稱問題和無效率的信用分配，將傾向至信用分享制度較好的國家進行聯合貸款業務。但隨著信用資訊分享的體制及資料更為完備也促使放款市場競爭更為激烈，本研究發現當資訊分享體制涵蓋廣泛且長期記錄貸款者信用狀況，將使得金融機構放款業務的減少。

This study examines whether foreign lender’s decisions are affected by the credit information sharing in host countries. My sample contains the lending activity of top 100 financial institutions participated in syndicated loan around the world during 2001-2009. To reduce the information asymmetry problem and inefficient credit allocation, I find top 100 financial institutions in the syndicated loan market prefer expanding lending activities to countries where private credit bureau exist. In addition, information sharing increases the competition among lenders. It results the decrease of lending business when the coverage of credit information is improved and credit history is recoded over a long time.

Cover……….………………………………………………….……………..……….……………...........II
Abstract in Chinese…………………………………………….….………………………….…....…Ⅲ
Abstract in English…………………………………………….……………………………...…...…Ⅳ
Content……………………………………………………..…….………………………….....…........Ⅴ
Tables…………………………………………………………….………………………….....…..........Ⅵ
1.Introduction………….………….…………………………………...……..…….….………...…1
2.Literature Review and Hypothesis Development..........3
2.1Literature Review……...…..…….……………….................……3
2.1.1The determinants of credit availability and credit costs……..............................................………3
2.1.2Effects of credit reporting systems on loan business…………………..…………...................................4
2.1.3The issue of syndicated loan related to information asymmetry…….....................................…...…...7
2.2Hypothesis Development……………….……………………...………..........9
3.Data Description and Methodology……………………………….…...……..11
3.1Data Description…..……..……………………..……………..…........…..11
3.2Methodology…………….………..……………………………..………..………….……..…..17
3.2.1Dependent variables………..….…………....………………..….…….…..18
3.2.2Independent variables………..........................19
4.Empirical Results…………….……..…………………………………………….….......22
4.1How the credit registry of a host country determine the lender’s choose........................................22
4.2How the credit registry of a host country attract the lender’s participated level…………….......................24
4.3How the credit registry of a host country increase the lender’s market share……………..........................…….24
4.4Host country characteristic…..……..…….…….……….……......24
4.5The effect of culture related factors.…..………………………….25
4.6The impact of financial institution’s characteristic25
5.Conclusion…………..….……..……..…………………………………………….………….....26
References…………………….....…….……………........................28

Table 1: Summary of Top 100 Financial Institutions in 2007………………………………......................................…30
Table2: Numbers of Syndicated Loan Joined by Top 100 Financial Institutions in 2007………......................31
Table3: Amounts of Syndicated Loan Joined by Top 100 Financial Institutions in 2007…….......................33
Table 4: Summary of Syndicated Loan……………….………………….…………36
Table 5: Country Level Summary Statistics in 2008……………37
Table6: Regression Result……………………………………..… ….………...39
Appendix Definition of Variables……………..………………..…………….….43

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