近十年來文字探勘的相關研究議題受到越來越多重視，但是大多數的研究者都專注在文字情緒表達和權益市場之間的關係，甚少研究探討其與債權市場之間的關聯。因此，本研究的目的為探討企業的文字情緒表達是否會影響聯合貸款之特性。本研究採用聯合貸款市場中的美國借款者為樣本，實證結果顯示10-K報告中的負面文字情緒表達與借款利差、被要求提供抵押擔保的機率呈正向關係，而與借款金額和借款到期期間呈負向關係。再者，本研究發現負面文字情緒表達與限制性條款違約機率呈正向關係。總結而言，本研究在探討文字情緒表達和債務條款的關聯性與幫助貸款者了解借款人對他們的文字情緒表達如何反應上應有其重要性。

In the past decade, there has been a tremendous wave of interest in the field of textual analysis. However, researchers have concentrated on the relationship between textual sentiment expression and the equity market. There has thus far been relatively little research into the debt market. It is my purpose in this study to investigate whether corporation-expressed textual sentiment affects the features of the syndicated loan. Using a sample of U.S. borrowers in the syndicated loan market, the results show that negative textual sentiment expressed in 10-K filings is positively associated with loan spreads and the probability of loans being secured, while negatively associated with loan amounts and maturity. Moreover, I find that negative sentiment is positively associated with the probability of covenant violation. To conclude, this study may be of importance in exploring the association between textual sentiment expression and debt contract terms, as well as in providing borrowers with a better understanding of how lenders respond to their sentimental expression in 10-K filings.

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