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研究生:阮茶玉薇
研究生(外文):NGUYEN TRA NGOC VY
論文名稱:化學排放與銀行貸款合約:銀行是否真正在乎汙染?
論文名稱(外文):Chemical release and bank loan contracts:Do banks really care about it?
指導教授:林智勇林智勇引用關係陳一如陳一如引用關係
指導教授(外文):Chih-Yung LinI-Ju Chen
口試委員:陳彥行何柏欣
口試委員(外文):Yan-Shing ChenPo-Hsin Ho
口試日期:2018-01-18
學位類別:碩士
校院名稱:元智大學
系所名稱:財務金融暨會計碩士班(財務金融學程)
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
論文出版年:2018
畢業學年度:106
語文別:英文
論文頁數:57
中文關鍵詞:有毒化學物釋放銀行貸款價差銀行貸款項信用風險公司治理公司風險
外文關鍵詞:Toxic chemical releasebank loan spreadbank loan termscredit riskcorporate governancefirm risk
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這篇研究討論一家公司的化學物質釋出是如何影響私人貸款成本。我們發現公司有高度的化學物傾倒將會被要求更高的價差、較短的貸款期間、較小額的貸款金額與更多的附加條款。更多的結果顯示公司化學物質排放的效果,其將被認定為有更高的風險、微弱的治理狀況。更進一步,未來的股價波動率與化學物排放正向關係。這些結果支持當銀行決定貸款決策時,將認為化學物排放程度是一個直接的資訊來源的觀點,對信用風險及信用評等來說皆是如此。
This study examines how a firm’s pollution record is associated with bank loan contracting. We find that firms with higher level of chemical release are charged with higher loan spread. The costly effect of chemical release is more pronounced for firms with higher risk and weaker governance. Furthermore, additonal results show that polluting firms are subject to face with unfavourable non-price terms and higher future stock volatility. These evidences support the view that banks consider chemical release level to be an indirect information source for both higher credit risk and lower credit rating when making lending decisions.
Title Page i
Letter of Apporval ii
Letter of Authority iii
Abstract in Chinese iv
Abstract in English v
Acknowledgements vi
Table of Contents vii
List of Tables viii
List of Figures ix
Chapter 1 Introduction 1
Chapter 2 Literature Review and Hypothesis Development 8
2.1. Effect of chemical releases on bank loan spread 9
2.2. Firm corporate governance, default risk, and the effect of chemical releases 12
Chapter 3 Data and Methodology 15
3.1. Data 15
3.2. Descriptive statistics 19
3.3. Methodology 21
Chapter 4 Empirical Results 21
4.1. Effect of chemical release on bank loan spreads 22
4.2. Robustness checks 23
4.3. Possible channels determining the effect of chemical release on loan spread 27
4.4. Additional results 29
Chapter 5 Concluding Remarks 33
References 35
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