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研究生:洪湘茹
研究生(外文):Siang-ru Hong
論文名稱:聯貸市場銀行間關係之探討
論文名稱(外文):A study on Bank Relationships in Syndicated Loan Market
指導教授:方世詮方世詮引用關係
指導教授(外文):Shih-Chuan Fang
學位類別:碩士
校院名稱:朝陽科技大學
系所名稱:財務金融系碩士班
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2012
畢業學年度:100
語文別:中文
論文頁數:39
中文關鍵詞:關係銀行參與銀行主辦銀行聯合貸款
外文關鍵詞:Lead arrangerParticipation bankSpecializationSyndicated loans
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隨著銀行聯貸市場的不斷成長,其已成為大型的國際資金市場之ㄧ,而且重要性與日劇增。本文主要探討聯貸案件中,主辦銀行與參與銀行之間的關係,是否會受到過去彼此關係的影響。本研究實證結果顯示,參與銀行在選擇聯貸案件時,會傾向於投資過去曾經發生過關係的主辦銀行所主辦之聯貸案件。
Following the syndicated loan market increasingly grow, she has turn out to be the one of large international capital market and significant importance in the firm financing. This paper mainly explores the relationship between lead banks and participation banks in the syndicated loan facility, especially, whether the past association impacts the future relation. The major empirical results show that participation banks tend to invest the syndicated loans lead by a bank possesses established past association.
目錄
摘要..........................I
Abstract.....................II
誌謝........................III
目錄.........................IV
表目錄........................V
圖目錄.......................VI
第一章 緒論...................1
第二章 文獻探討...............5
第三章 研究方法...............8
第一節 資料統計分析...........9
第四章 實證結果..............16
第一節 資料統計分析..........16
第五章 穩健性分析............20
第一節 比較驗證..............20
第二節 研究結果..............21
第六章 結論..................23
參考文獻.....................37


表目錄
表 1 聯貸筆數、總額及平均額彙整表 .............................................................. 25
表 2 單一主辦行與多重主辦行之短期關係檢定統計量(以家數估計) ........... 26
表 3 單一主辦行與多重主辦行之長期關係檢定統計量(以家數估計) ........... 27
表 4 單一主辦行與多重主辦行之長短期關係檢定統計量(以年度估計) ....... 28
表 5 單一主辦行與多重主辦行之平均參與機率 .............................................. 28
表 6 單一主辦行與多重主辦銀行之短期關係檢定統計量(以家數估計) ....... 29
表 7 單一主辦行與多重主辦行之長期關係檢定統計量(以家數估計) ........... 30
表 8 單一主辦行與多重主辦行之長短期關係檢定統計量(以年度估計) ....... 31


圖目錄
圖 1 單一與多重主辦銀行的交易筆數百分比 ............................................. 32
圖 2 單一主辦銀行與多重主辦銀行之短期檢定值 ..................................... 32
圖 3 單一主辦銀行與多重主辦銀行之長期檢定值 ..................................... 33
圖 4 單一主辦銀行之短期檢定值 ................................................................. 33
圖 5 多重主辦銀行之短期檢定值 ................................................................. 34
圖 6 單一與多重主辦銀行之關係參與銀行短期平均機率 ......................... 34
圖 7 單一與多重主辦銀行之參與銀行短期平均機率 ................................. 35
圖 8 單一與多重主辦銀行之關係參與銀行長期平均機率 ......................... 35
圖 9 單一與多重主辦銀行之參與銀行長期平均機率 ................................. 36
參考文獻
1.Cai, J. (2010), Competition or Collaboration? The Reciprocity Effect in Loan Syndication, Working Paper.
2.Cai, J., Saunders, A., & Steffen, S. (2010), Diversification or Specialization? An Analysis of Distance and Collaboration in Loan Syndication Networks, Working Paper.
3.Carey, M. & Nini, G. (2007), Is the Corporate Loan Market Globally Integrated? A Pricing Puzzle. The Journal of Finance, VOL. LXII, NO. 6,2969-3007.
4.Champagne, C. & Kryzanowski, L. (2007), Are current syndicated loan alliances related to past alliances? Journal of Banking & Finance 31, 3145-3161.
5.Detragiache, E., Garella, P., & Guiso, L. (2000), Multiple versus Single Banking Relationships: Theory and Evidence. The Journal of Finance, Vol. 55, No. 3, 1133-1161.
6.Esty, B.C. & Megginson, W.L. (2003), Creditor Rights, Enforcement, and Debt Ownership Structure: Evidence from the Global Syndicated Loan Market. The Journal of Financial and Quantitative Analysis, Vol. 38, No. 1, pp. 37-59.
7.Gatev, E. & Strahan, P.E. (2009), Liquidity risk and syndicate structure. Journal of Financial Economics 93, 490-504.
8.Ivashina, V. (2009), Asymmetric information effects on loan spreads. Journal of Financial Economics 92, 300-319.
9.Maskara, P.K. & Mullineaux, D.J. (2011), Small Firm Capital Structure and the Syndicated Loan Market. J Financ Serv Res 39, 55-70.
10.Narayanan, R.P., Rangan, K.P., & Rangan, N.K. (2004), The role of syndicate structure in bank underwriting. Journal of Financial Economics 72, 555-580.
11.Nini, G., Smith, D.C., & Sufi, A. (2009), Creditor control rights and firm investment policy. Journal of Financial Economics 92, 400-420.
12.Pichler, .P & Wilhelm, W. (2001), A Theory of the Syndicate: Form Follows Function. The Journal of Finance, Vol. 56, No. 6, pp. 2237-2264.
13.Roberts, M.R. & Sufi, A. (2009), Renegotiation of financial contracts: Evidence from private credit agreements. Journal of Financial Economics 93, 159-184.
14.Santos, J.A.C. & Winton, A. (2008), Bank Loans, Bonds, and Information Monopolies across the Business Cycle. The Journal of Finance, 1315-1359.
15.Shivdasani, A. & Song, W.L. (2011), Breaking Down the Barriers: Competition, Syndicate Structure, and Underwriting Incentives. Journal of Financial Economics 99, 581-600.
16.Song, W.L. (200r), Competition and Coalition among Underwriters: The Decision to Join a Syndicate. The Journal of Finance, Vol. 59, No. 5, pp. 2421-2444.
17.Sufi, A. (2007), Information Asymmetry and Financing Arrangements: Evidence from Syndicated Loans. The Journal of Finance, Vol. LXII, NO. 2,629-668.
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