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| 研究生： |
黃聖雯 Huang, Sheng Wen |
|---|---|
| 論文名稱： |
探討犯罪公司定罪前後銀行貸款利率之差異 The Impact of Corporate Convictions on Syndicated Bank Loan Prices |
| 指導教授： |
張元晨
Chang, Yuan Chen |
| 學位類別： |
碩士
Master |
| 系所名稱： |
商學院 - 財務管理學系 Department of Finance |
| 論文出版年： | 2015 |
| 畢業學年度： | 103 |
| 語文別： | 英文 |
| 論文頁數： | 48 |
| 中文關鍵詞： | 公司定罪 、公司不法行為 、借款利率 、借款合約 、資料庫連結 、聯貸 |
| 外文關鍵詞： | Corporate Conviction, Corporate Misconduct, Loan Spread, Loan Contract, Database Challenges, Syndicated Loan |
| 相關次數： | 點閱：48 下載：4 |
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近年來知名公司面臨起訴或遭到定罪的消息層出不窮，然而在公司定罪的相關研究中，多數文獻著重於探究遭受定罪之事實對公司價值的影響，較少研究聚焦於定罪事實對公司所參與之聯貸案契約條件的影響，有鑑於此，本篇文章旨在探討犯罪公司於定罪前後其聯貸借款條件之借款利率是否有顯著差異。本篇研究發現事件前後犯罪公司之借款利率差異並不顯著。當我們試以修正資料庫登錄與犯罪新聞時間差的問題後，結果顯示犯罪公司之借款利率於犯罪相關新聞發布後顯著上升，除此之外，考量交乘作用後發現犯罪公司間，犯罪罪刑為詐欺類以及受判罰金較高的犯罪公司於事件後，相較於其他犯罪公司，該類公司更傾向面臨較高的借貸成本。
A number of well-known corporate prosecutions have been raised in recent years. Previous literature focuses more on the valuation impact of corporate convictions. Empirical evidence on how corporate convictions affect the contract terms of syndicated loan is sparse. We examine how corporate misconducts affect the pricing of bank debt after corporate convictions. We find that the difference of loan spreads between facilities initiated before and after conviction are insignificant. Taking potential lag of initial announcement time into consideration, we find significant evidence that the effect of corporate conviction is positively associated with the increases of loan spreads. Moreover, interaction terms with conviction variable show that firms with large fines or convicted of fraud-related crimes tend to face higher loan spread after convictions.
1. Introduction 01
2. Literature Review 06
2.1 Corporate Misconduct 06
2.2 How Banks Manage Risks Using Loan Contract 10
2.3 Hypothesis 11
3. Data and Methodology 13
3.1 Sample Selection 13
3.2 Methodology 17
4. Empirical Analysis 19
4.1 Effect of Corporate Conviction on the Cost of Bank Debt 19
4.2 Specific Conviction Terms on the Cost of Bank Debt 21
4.2.1 The Impact of Legal Penalty－Fined or not 21
4.2.2 Compliance Program 22
4.2.3 State of Registry 22
4.2.4 Conviction Type and the cost of Bank Debt 23
5. The Announcement Effects 25
5.1 Effect of Corporate Conviction on the Cost of Bank Debt 26
5.2 Specific Conviction Terms on the Cost of Bank Debt 27
5.2.1 The Impact of Legal Penalty－Fined or not 27
5.2.2 Compliance Program 28
5.2.3 State of Registry 28
5.2.4 Conviction Type and the cost of Bank Debt 28
5.3 Suggestions on Further Studies 29
6. Conclusion 31
Table 1 Summary Statistics 33
Table 2 Summary Statistics (Pre/Post-conviction loans) 33
Table 3 Regression Results (Conviction, Firm Characteristics and Features of Loans) 34
Table 4 Regression Results (Characteristics of Convictions, Firms and Loans) 35
Table 5 Summary Statistics (Adjustment on release time of news) 36
Table 6 Summary Statistics (Pre/Post-conviction loans) 36
Table 7 Regression Results (Conviction, Firm Characteristics and Loan Features) 37
Table 8 Regression Result (Characteristics of Convictions, Firms and Loans) 38
Table 9 Regression Results (Conviction, Firm Characteristics and Loan Features) 39
Table 10 Regression Result (Characteristics of Convictions, Firms and Loans) 40
References 41
Appendix A 43
Appendix B 44
Appendix C 46
Appendix D 48
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