近年來國際聯合貸款市場已成為最大且最具彈性的國際資金市場之一，聯貸案中發生超額認購的情形也愈來愈普遍。本研究使用LPC Dealscan、Compustat、以及CRSP資料庫，探討影響聯貸案是否超額認購的可能因子。實證結果顯示，聯貸案之整體借款成本(Total Cost of Borrowing, TCB)愈大，超額認購可能性愈大; 聯貸發行所耗費時間(Time on the Market, TOM)愈長，愈容易超額認購; 貸款金額愈龐大、借款公司的資產及現金愈多，均會提升超額認購的機率; 而聯貸案中主貸銀行之聲譽愈高，超額認購可能性愈低; 最後，為衡量市場供需情形的影響，以市場上發行聯貸案之公司股價報酬作為市場需求面的替代變數，發行之聯貸案數量代表供給面的替代變數，結果顯示發行之聯貸案數量與超額認購呈顯著正相關，當時市場上發行的聯貸案數量愈多，則愈有可能有超額認購。

In recent years, the global syndicated loan market has become one of the largest and the most flexible international capital markets, and the case of oversubscription has become more common. This paper explores possible factors that affect the oversubscription of syndicated loans through the use of LPC Dealscan, the Compustat, and the CRSP databases. The empirical results show that the larger the total cost of borrowing (TCB), the greater the possibility of oversubscription. As for time-on-the-market (TOM), the longer the TOM takes, the easier the syndication can be oversubscribed. Furthermore, if the loan size, the asset of the borrowers, and the cash of the borrowers are large, the probability of oversubscription will increase. In contrast, loans syndicated by high reputation lead banks are associated with more oversubscriptions. Finally, in order to measure the impact of the market supply and demand, the stock return of the companies that issued loans is taken as the market demand side proxy, and the number of the joint loans issued represents the supply side proxy. The results indicate that the number of syndicated loan is positively correlated with oversubscription. If the number of syndicated loan issued at that time is larger, it is more likely to be oversubscribed.

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