Bank-firm relationship and syndicate loan contract terms under information asymmetry Evidence from Taiwan syndicate loan market

• Main Author: 許奇民
• Other Authors: 張元晨
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/89484861737604087965

碩士 === 國立政治大學 === 財務管理研究所 === 98 === This paper empirically explores the issues in the syndicate loan markets, with an emphasis on how information asymmetry between lenders and borrowers influences syndicate contract terms, which include loan price, loan amount and collateral requirement. Existing literature uses LPC and Dealogic datasets to estimate bank-firm relationship, but most of the loan data in these two datasets are syndicated loans and bilateral loan data is relatively sparse. I use Taiwan’s data which contain many bilateral loan data to re-estimate bank-firm relationship in this thesis. The empirical results show that, borrowing from relationship lender increases loan amount and decreases collateral requirement but the effect on loan price is insignificant in Taiwan.