臺灣博碩士論文加值系統

關係借貸指的是銀行在授信決策中考慮企業軟資訊的一種技術。軟資訊又稱為質性資訊，如企業主的個性、員工的工作氣氛及銀行職員的判斷等。本研究探討關係貸款如何影響台灣公開發行公司的資本結構。我們利用台灣經濟日報（TEJ）2010年至2022年期間的銀行放款明細資料庫，構建了主要變數——關係持續時間（Duration）、關係數量（Number）和貸款集中度（Loan HHI），共涵蓋12,528個觀察值。同時，我們採用了兩階段最小平方法（2SLS）來解決關係貸款研究中常見的內生性問題。研究結果顯示，台灣公開發行公司普遍符合套牢問題假設：公司與銀行往來時間越久，槓桿越少。我們對利率及抵押比率的分析也支持此一發現：公司與銀行往來時間越久，利率及抵押比率越高。在台灣銀行業競爭激烈的情況下，銀行通常在初期提供優惠貸款條件，但隨著時間推移，逐漸收回優惠，進而導致套牢問題。然而，公司也會透過建立更多且更分散的銀行關係來緩解套牢問題，從而維持槓桿水平。此外，我們對不同類型的企業（如資訊不對稱企業、財務受限企業等）進行了進一步分析，結果顯示，不同類型的公司面對的套牢問題程度不同，且由不同因素所驅動。總而言之，我們的研究幫助公司更好地理解銀行企業關係對資本結構的影響，並進一步分析關係借貸對資本結構的傳導效果，為公司資本結構決策提供重要參考。

Relationship lending refers to a lending practice where banks consider the soft information of a company in their credit decisions. Soft information, also known as qualitative information, includes factors such as the personality of the manager, the work atmosphere among employees, and the judgments of bank officers. This study examines how relationship lending affects the capital structure of publicly listed companies in Taiwan. We utilized data from the Taiwan Economic Journal (TEJ) bank loan database spanning 2010 to 2022 to construct our relationship variables: duration of the main bank relationship (Duration), number of relationships (Number), and loan concentration (Loan HHI), covering 12,528 firm-year observations. We employed the two-stage least squares (2SLS) method to address endogeneity issues. Our findings reveal that longer relationships with banks correlate with lower leverage, higher interest rates, and higher collateral rates. In Taiwan's competitive banking sector, initial favorable loan terms are often withdrawn over time, leading to hold-up problems. Companies mitigate this by diversifying their banking relationships. Further analysis shows that the extent of the hold-up problem varies among different types of firms, driven by various factors. Our research helps companies understand the impact of banking relationships on capital structure, providing valuable insights for capital structure decision-making.

中文摘要i
Abstractii
Contentsiii
List of Tablesv
1. Introduction1
2. Literature Review and Hypothesis2
2.1 Capital Structure Theory2
2.2 Framework of Relationship Lending4
2.3 Relationship Lending Across Various Firm Types6
2.3.1 Information Asymmetry Firms6
2.3.2 Financially Constrained Firms8
2.3.3 Family Firms9
2.4 Hypothesis Development9
3. Data and methodology10
3.1 Data10
3.2 Basic model11
3.3 Measurement of bank-firm relationships11
3.3.1 Duration12
3.3.2 Number13
3.3.3 Loan HHI (Herfindahl-Hirschman Index)13
3.4 Other control variables13
3.5 Instrumental variables14
3.6 Descriptive statistics14
3.6.1 All sample14
3.6.2 Subsample15
3.7 Correlation matrix17
4. Empirical results18
4.1 Basic Model Analysis18
4.1.1 Basic model: pooled OLS18
4.1.2 Basic model: 2SLS19
4.2 Information Asymmetry Firms20
4.2.1 Small firms20
4.2.2 Young firms20
4.2.3 Growth firms21
4.2.4 High R&D firms21
4.3 Financially Constrained Firms22
4.3.1 Low cash firms22
4.3.2 Low FCF firms22
4.4 Characteristics of Taiwan Firms23
4.4.1 Family firms23
4.4.2 Electronic firms23
5. Conclusion25
References27

Agarwal, S., & Hauswald, R. B. (2008). The choice between arm's-length and relationship debt: Evidence from eloans.
Alessandrini, P., Presbitero, A. F., & Zazzaro, A. (2009). Banks, distances and firms' financing constraints. Review of Finance, 13(2), 261-307.
Angelini, P., Di Salvo, R., & Ferri, G. (1998). Availability and cost of credit for small businesses: Customer relationships and credit cooperatives. Journal of Banking & Finance, 22(6-8), 925-954.
Antonczyk, R. C., Breuer, W., & Salzmann, A. J. (2014). Long-term orientation and relationship lending: A cross-cultural study on the effect of time preferences on the choice of corporate debt. Management International Review, 54, 381-415.
Baker, M., & Wurgler, J. (2002). Market timing and capital structure. The Journal of Finance, 57(1), 1-32.
Bartoli, F., Ferri, G., Murro, P., & Rotondi, Z. (2013). SME financing and the choice of lending technology in Italy: Complementarity or substitutability? Journal of Banking & Finance, 37(12), 5476-5485.
Berger, A. N., Klapper, L. F., & Udell, G. F. (2001). The ability of banks to lend to informationally opaque small businesses. Journal of Banking & Finance, 25(12), 2127-2167.
Berger, A. N., & Udell, G. F. (1995). Relationship lending and lines of credit in small firm finance. Journal of business, 351-381.
Berger, A. N., & Udell, G. F. (2006). A more complete conceptual framework for SME finance. Journal of Banking & Finance, 30(11), 2945-2966.
Bharath, S. T., Dahiya, S., Saunders, A., & Srinivasan, A. (2011). Lending relationships and loan contract terms. The Review of Financial Studies, 24(4), 1141-1203.
Bonini, S., Dell'Acqua, A., Fungo, M., & Kysucky, V. (2016). Credit market concentration, relationship lending and the cost of debt. International Review of Financial Analysis, 45, 172-179.
Boot, A. W., & Thakor, A. V. (2000). Can relationship banking survive competition? The Journal of Finance, 55(2), 679-713.
Burkart, M., Panunzi, F., & Shleifer, A. (2003). Family firms. The journal of finance, 58(5), 2167-2201.
Canales, R., & Nanda, R. (2012). A darker side to decentralized banks: Market power and credit rationing in SME lending. Journal of Financial Economics, 105(2), 353-366.
Cassar, G. (2004). The financing of business start-ups. Journal of business venturing, 19(2), 261-283.
Cotugno, M., Monferrà, S., & Sampagnaro, G. (2013). Relationship lending, hierarchical distance and credit tightening: Evidence from the financial crisis. Journal of Banking & Finance, 37(5), 1372-1385.
Craig, S. G., & Hardee, P. (2007). The impact of bank consolidation on small business credit availability. Journal of Banking & Finance, 31(4), 1237-1263.
Cucculelli, M., Mannarino, L., Pupo, V., & Ricotta, F. (2014). Owner‐management, firm age, and productivity in Italian family firms. Journal of Small Business Management, 52(2), 325-343.
Cui, W., Cuong, L. K., & Shimizu, K. (2020). Cash policy and the bank-firm relationship. Economic Modelling, 91, 804-818.
D'Aurizio, L., Oliviero, T., & Romano, L. (2015). Family firms, soft information and bank lending in a financial crisis. Journal of Corporate Finance, 33, 279-292.
De la Torre, A., Pería, M. S. M., & Schmukler, S. L. (2010). Bank involvement with SMEs: Beyond relationship lending. Journal of Banking & Finance, 34(9), 2280-2293.
Degryse, H., & Van Cayseele, P. (2000). Relationship lending within a bank-based system: Evidence from European small business data. Journal of Financial Intermediation, 9(1), 90-109.
Diamond, D. W. (1991). Monitoring and reputation: The choice between bank loans and directly placed debt. Journal of political Economy, 99(4), 689-721.
Duqi, A., Tomaselli, A., & Torluccio, G. (2019). Is relationship lending still a mixed blessing? A review of advantages and disadvantages for lenders and borrowers. Contemporary Topics in Finance: A Collection of Literature Surveys, 249-296.
Elsas, R. (2005). Empirical determinants of relationship lending. Journal of Financial Intermediation, 14(1), 32-57.
Fiordelisi, F., Monferrà, S., & Sampagnaro, G. (2014). Relationship lending and credit quality. Journal of Financial Services Research, 46, 295-315.
Fiordelisi, F., Soana, M.-G., & Schwizer, P. (2013). The determinants of reputational risk in the banking sector. Journal of Banking & Finance, 37(5), 1359-1371.
Harhoff, D., & Körting, T. (1998). Lending relationships in Germany–Empirical evidence from survey data. Journal of Banking & Finance, 22(10-11), 1317-1353.
Hauswald, R., & Marquez, R. (2006). Competition and strategic information acquisition in credit markets. The Review of Financial Studies, 19(3), 967-1000.
Hernández-Cánovas, G., & Martínez-Solano, P. (2010). Relationship lending and SME financing in the continental European bank-based system. Small Business Economics, 34, 465-482.
Herrera, A. M., & Minetti, R. (2007). Informed finance and technological change: Evidence from credit relationships. Journal of Financial Economics, 83(1), 223-269.
Hombert, J., & Matray, A. (2017). The real effects of lending relationships on innovative firms and inventor mobility. The Review of Financial Studies, 30(7), 2413-2445.
Houston, J. F., & James, C. (1995). CEO compensation and bank risk Is compensation in banking structured to promote risk taking? Journal of Monetary Economics, 36(2), 405-431.
Houston, J. F., James, C. M., & Ryngaert, M. D. (2001). Where do merger gains come from? Bank mergers from the perspective of insiders and outsiders. Journal of Financial Economics, 60(2-3), 285-331.
Hu, H., Lian, Y., & Su, C.-H. (2016). Do bank lending relationships affect corporate cash policy? Review of Accounting and Finance, 15(4), 394-415.
Hussain, J., Millman, C., & Matlay, H. (2006). SME financing in the UK and in China: a comparative perspective. Journal of Small Business and Enterprise Development, 13(4), 584-599.
Hussain, J., Millman, C., Matlay, H., Birmingham, U., & Barr, P. (2006). Access to entrepreneurial finance: an international perspective. The International Conference on Financing of SMEs in Developed Countries,
Ioannidou, V., & Ongena, S. (2010). “Time for a change”: loan conditions and bank behavior when firms switch banks. The Journal of Finance, 65(5), 1847-1877.
Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911-922.
Kumar, S., Colombage, S., & Rao, P. (2017). Research on capital structure determinants: a review and future directions. International Journal of Managerial Finance, 13(2), 106-132.
Kysucky, V., & Norden, L. (2016). The benefits of relationship lending in a cross-country context: A meta-analysis. Management Science, 62(1), 90-110.
Lehmann, E., & Neuberger, D. (2001). Do lending relationships matter?: Evidence from bank survey data in Germany. Journal of Economic Behavior & Organization, 45(4), 339-359.
Meckling, W. H., & Jensen, M. C. (1976). Theory of the Firm. Managerial Behavior, Agency Costs and Ownership Structure.
Micucci, G., & Rossi, P. (2017). Debt restructuring and the role of banks’ organizational structure and lending technologies. Journal of Financial Services Research, 51, 339-361.
Micucci, G., & Rossi, P. (2017). Financing R&D investments: An analysis on Italian manufacturing firms and their lending banks. Economia e Politica Industriale, 44(1), 23-49.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American economic review, 48(3), 261-297.
Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American economic review, 53(3), 433-443.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
Neuberger, D., Pedergnana, M., & Räthke-Döppner, S. (2008). Concentration of banking relationships in Switzerland: the result of firm structure or banking market structure? Journal of Financial Services Research, 33, 101-126.
Nitani, M., & Riding, A. (2013). Growth, R&D intensity and commercial lender relationships. Journal of Small Business & Entrepreneurship, 26(2), 109-124.
Ongena, S., & Smith, D. C. (2000). Bank relationships: a review. Performance of financial institutions: Efficiency, innovation, regulation, 221.
Ongena, S., & Smith, D. C. (2000). What determines the number of bank relationships? Cross-country evidence. Journal of Financial Intermediation, 9(1), 26-56.
Peltoniemi, J. (2007). The benefits of relationship banking: Evidence from small business financing in Finland. Journal of Financial Services Research, 31, 153-171.
Petersen, M. A., & Rajan, R. G. (1994). The benefits of lending relationships: Evidence from small business data. The Journal of Finance, 49(1), 3-37.
Petersen, M. A., & Rajan, R. G. (1995). The effect of credit market competition on lending relationships. The Quarterly Journal of Economics, 110(2), 407-443.
Petersen, M. A., & Rajan, R. G. (2002). Does distance still matter? The information revolution in small business lending. The journal of Finance, 57(6), 2533-2570.
Robb, A. M., & Robinson, D. T. (2014). The capital structure decisions of new firms. The Review of Financial Studies, 27(1), 153-179.
Shikimi, M. (2019). Bank relationships and corporate cash holdings. Pacific-Basin Finance Journal, 57, 101185.
Steijvers, T., Voordeckers, W., & Vanhoof, K. (2010). Collateral, relationship lending and family firms. Small Business Economics, 34, 243-259.
Stein, I. (2015). The price impact of lending relationships. German Economic Review, 16(3), 367-389.
Stein, J. C. (2002). Information production and capital allocation: Decentralized versus hierarchical firms. The Journal of Finance, 57(5), 1891-1921.
Tirri, V. (2007). Multiple Banking Relationships and Credit Market Competition: What Benefits the Firm? EFA 2007 Ljubljana Meetings Paper.