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研究生:簡晧雯
論文名稱:跨國上市對公司聯合貸款條件之影響
論文名稱(外文):The Impact of Cross-listing on the Contract Terms of Syndicated Loans
指導教授:張元晨張元晨引用關係
學位類別:碩士
校院名稱:國立政治大學
系所名稱:財務管理研究所
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
畢業學年度:103
語文別:中文
論文頁數:46
中文關鍵詞:聯合貸款跨國上市貸款條件
相關次數:
  • 被引用被引用:1
  • 點閱點閱:159
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  • 收藏至我的研究室書目清單書目收藏:0
  現今有許多公司會藉由跨國上市或是聯合貸款籌募所需資金,而公司在跨國上市後,由於必須符合上市國之相關法令,定期進行公司資訊的揭露,因此將使得公司的透明度上升。本文著重於探討當公司進行跨國上市,資訊變得更為透明後,未來在聯貸市場上,聯貸銀行團是否因為雙方資訊不對稱的程度下降,而願意給予較佳的聯貸條件。此外,由於這同時降低聯貸銀行團中主貸行與參貸行之間資訊不對稱的程度,因此欲探討跨國上市是否會改變聯貸銀行團之組成,以及主貸行是否會因為風險分散的動機下降,而提高所持有之份額。
  本文利用1986到2011年間的資料,研究結果顯示公司在跨國上市後,未來所獲得之聯貸條件中利率會顯著下降,但跨國上市對於貸款期間、聯貸金額及聯貸銀行團之組成及所持有之份額的影響較不顯著。

  Cross-listing and syndicated loan are two of the major funding channels for multinational companies. Since companies should abide by the regulations of the host country after cross-listing, this can enhance their financial transparency. Thus, this thesis examines whether companies can get better loan terms after cross-listing.
  Using samples from 1986 to 2011, I find that cross-listing have significantly reduced the loan spreads, while the impact on maturity, loan amount, and loan shares are insignificant

第一章 緒論 1
第一節 研究動機 1
第二節 研究目的 3
第三節 研究架構 3
第二章 文獻探討 4
第一節 跨國上市 4
第二節 資訊不對稱 6
第三節 研究假說 8
第三章 研究方法 10
第一節 樣本選取與資料來源 10
第二節 實證研究方法與變數定義 12
第三節 敘述統計 16
第四章 實證結果 19
第一節 配對T檢定 19
第二節 聯貸條件之複迴歸分析 21
第三節 聯貸銀行團組成之複迴歸分析 25
第五章 穩健性檢驗 27
第六章 結論 31
第一節 研究結論 31
第二節 未來研究建議 32
參考文獻 33
附錄 36

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