The Association between Firm's Foreign Exposure and the Bank Loan Rate: Emirical Study on Loan-Level Data from Public-Listed Firms in Taiwan

• Main Authors: Li-Chiang Huang, 黃立江
• Other Authors: Sheng-Hung Chen
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/12043512475084109423

碩士 === 南華大學 === 財務金融學系財務管理碩士班 === 102 === 　　Using data on public-listed firms in Taiwan over 1991 to 2012, this thesis empirically investigates the impacts of foreign exchage exposures on loan rate, particularly examing the asymmetric effects of both positive and negative foreign exposres on firm’s loan rate. Empirical results indicate that firm’s foreign exposures have significant impacts on bank loan rate while positive (negative) foreign exchage rate exposures have positive (negative) effects on loan rate. Firms with higher foreign income and positive (negative) foreign exchange exposures would be likely to have higher (lower) loan rate. Firms with positive (negative) foreign exchange exposures during Asian financial crisis would be more likely to have higher (lower) loan rate. While firms with positive (negative) foreign exchange exposures use swap and general option derivatives to hedge, they would be likely to have higher (lower) loan rate.