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研究生:陳柏碩
研究生(外文):Bo-Shuo Chen
論文名稱:政治關聯與銀行放款資金成本:全球實證研究
論文名稱(外文):The Relationship between Political Connection and the Cost of Bank Loan: A global perspective
指導教授:蕭育仁蕭育仁引用關係
指導教授(外文):Yu-Jen Hsiao
學位類別:碩士
校院名稱:國立東華大學
系所名稱:財務金融學系
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:2014
畢業學年度:102
論文頁數:32
中文關鍵詞:政治關聯銀行放款資金成本
外文關鍵詞:Political ConnectionCost of Bank Loan
相關次數:
  • 被引用被引用:3
  • 點閱點閱:489
  • 評分評分:
  • 下載下載:30
  • 收藏至我的研究室書目清單書目收藏:0
本文根據Faccio (2006) 所定義之政治關聯,蒐集1997~2002年間23個國家資料,分析政治關聯對銀行放款資金成本的影響效果。實證結果首先發現有政治關聯的公司,其銀行放款資金成本比無政治關聯的公司要來的低,說明對銀行而言,有政治關聯公司的授信風險相對沒有政治關聯的公司較低。其次,我們也發現當國家的民主程度越高、言論自由度越高和股票市場流動性越佳,政治關聯對於減少銀行放款資金成本的效果越明顯,此與Boubakri, Guedhami, Mishra and Saffar (2012) 探討政治關聯與權益資金成本的結論不一致,因此,我們認為債權人與股東在面對不同國家特徵下,對於企業政治關聯價值的看法截然不同。
This paper uses the political connection data from Faccio (2006) during 1997 to 2002 in 23 countries to analysis the relationship between political connection and the cost of bank loan. Our empirical results find that political-connection firms enhance their financing capacity by lowering the firm’s cost of bank loan than non-political connected firms. This conclusion shows that banks interpret the political-connected firms would have lower credit risk than non-political firms. Besides, we also find the effect of political connection is more obviously in countries with more freedom of voice, more degree of democracy and higher liquidity of stock market. However, this finding is inconsistent with Boubakri, Guedhami, Mishra and Saffar (2012), they investigate the relationship between political connection and the cost of equity. Therefore, we think that creditors and shareholders have different perspective on political-connection value when they face to different country characteristics.
1.前言
2.文獻探討
2.1政治關聯與資金成本
2.2政治關聯與其它議題
3.資料與研究方法
3.1資料來源
3.2變數
3.2.銀行放款資金成本
3.2.2政治關聯
3.2.3公司特有控制變數
3.2.4貸款條件控制變數與其他控制變數
3.3迴歸模型
4.研究結果
4.1敘述統計
4.2迴歸模型結果
4.3穩健性測試
4.3.1銀行放款利率(All-in spread drawn)
4.3.2考慮其它國家特徵變數
4.3.3內生性
5.結論與建議
參考文獻

Beck, T., Demirguc-Kunt, A., Levine, R., 2009. Financial institutions and markets across countries and over time-Data and analysis. Policy research working paper, no 4943.
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Bliss, M. A., Gul, F. A., 2012. Political connection and cost of debt: Some Malaysian evidence. Journal of Banking and Finance, 36 (5), 1520-1527.
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Boubakri, N., Guedhami, O., Mishra, D., Saffar, W., 2012. Political connections and the cost of equity capital. Journal of Corporate Finance, 18 (3), 541-559.
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林昆立 (2013),政治權利、債權人權利與銀行風險的關係─全球實證,經濟論文,41(1), 39-83.
黃玉麗、沈中華和林昆立 (2011),政治關聯(係)與債務資金成本,管理學報, 28 (1), 31-47.

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