在聯合貸款中，銀行可以透過借款利率、借款期限等貸款條件的設定，降低「借款公司」與「貸款銀行」間的資訊不對稱問題，本文嘗試利用歐洲地區企業聯貸條件的變化，來探討資訊不對稱問題對銀行聯貸條件的影響。本研究發現自1987年至2009年，當公司與「本土銀行」及「其他歐元區銀行」借款時，其借款利率顯著較低，但借款期限則不一定較長。在將樣本期間分成歐元區成立前和成立後，本文發現歐元區成立前，企業向不同銀行借款之聯貸利率無顯著差異；但在歐元區成立之後，企業向「本土銀行」承做的聯貸其利率最低，與「其他歐元區銀行」及「其他非歐元區銀行」之聯貸期限則出現顯著變短的現象。這樣的實證結果顯示歐元的引進確實使歐元區企業與本土銀行(海外銀行)間資訊不對稱問題有效地降低(提高)，並反映在利率(聯貸期限)條件上。

Banks can mitigate information asymmetry between lenders and borrowers through loan contract terms, such as loan price and loan maturity. This paper empirically explores this issue in the syndicate loan markets, with an emphasis on the variation of European industries. I investigate the effects of European syndicated loan markets using data from 1987 to 2009. The empirical results show that, European firms that borrowing from local lenders and other non-Eurozone banks are charged with lower loan prices but the effects on loan maturity are insignificant. Separating the sample period into before and after the establishment of the Eurozone, we find that the effects on loan price are similar before the establishment of the Eurozone. However, after the establishment of the Eurozone, the loan prices from local lenders are lower and the loan maturity from overseas lenders is shorter. These empirical results are consistent with the hypothesis that the introduction of euro mitigates information asymmetry between firms and local banks (overseas banks) which reflects in syndicate loan price (maturity).

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