非傳統金融機構的聯合貸款行為研究

• Main Authors: 李宗霈, LI, Zong Pei
• Language: 中文
• Published: 國立政治大學
• Subjects: 聯合貸款市場; 非傳統金融機構; 非銀行機構; 融資公司; 投資銀行; 機構投資者; 保險公司; Non-bank entities; Institutional Investors; Insurance Company; Finance Companies; Investment Bank
• Online Access: http://thesis.lib.nccu.edu.tw/cgi-bin/cdrfb3/gsweb.cgi?o=dstdcdr&i=sid=%22G1003570052%22.

近來非傳統(Non-banks)金融機構(非銀行機構)，不論在聯合貸款市場或是在一般貸款市場所參與的程度愈來愈多，所承作的借款金額也逐年增加。這樣的趨勢尤其以歐美市場更為明顯。而一般文獻對於非銀行機構在聯合貸款市場與傳統金融機構在貸款條件差異的相關研究較少，因此本文研究非銀行機構利用1995至2007年美國企業在聯合貸款市場的資料，透過結合「Thomson Reuters LPC’s Dealscan」以及「Compustat」資料庫，分析包括融資公司(Finance Company)、投資銀行(Investment Bank)、保險公司(Insurance Company)、機構投資者(Institutional Investors) 的聯貸條件，實證結果發現非銀行機構參與的聯貸案件，通常都會要求較高的借款利率，其中又以保險公司所要求的借款利率為最高，可見非銀行機構是屬於追求較高風險的中介機構，但是本文也發現非銀行機構卻也會承作貸款期間較長的契約。 本文同時探討2000年美國通過金融服務業現代化法案是否對於非銀行機構造成影響，實證結果發現母公司為金融控股公司的非銀行機構在通過金融服務業現代化法案後，會放款給較高風險的公司，說明了在允許跨業經營下，隸屬金控的非銀行機構子公司承做風險較高的貸款業務非銀行機構。 === Non-bank institutions have participated in the commercial lending market and syndication market in recent years, especially in the U.S market. However, the literature addressing this issue is sparse. This paper aims to analyze the effects of participation by Non-bank lenders in the syndicated loan markets.We examine the loan contracts which started from 1995 to 2007, and use 「Thomson Reuters LPC’s Dealscan」and 「Compustat」datasets to analyze the lending behavior of Non-banks. Empirical results show that when the Non-banks participate in the loan market, they tend to charge higher credit spreads. However, when Non-banks participate in the facility, they also provide longer-maturity loans. Furthermore, this research also examines the effect of Financial Services Modernization Act‘s influence on lending behavior. The results show that after the Act was put into force, non-banks that are associated with Financial Holding Company tend to be more risk-taking. We find that Financial Holding Company would transfer the more risky operation into non-bank subsidiaries after they are allowed to cross sell their products.