A Study between Information Disclosure Transparency and Bank Loan Terms - family and non-family firms

• Main Authors: Tu, Hung-Ming, 凃泓名
• Other Authors: Wu, Ming-Cheng
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/758zzn

碩士 === 國立彰化師範大學 === 財務金融技術學系 === 105 === This study chooses the listed companies in Taiwan from 2011 to 2014, the 9th to 12th results of “Information Transparency and Disclosure Ranking System”(ITDRS) launched by Taiwan Securities and Futures Institute(SFI) and the multiple regression analysis in order to examine the impact of disclosure level on bank loan terms(loan size and lending rate). In addition, family ownership plays an important role in Taiwan. Therefore, we take the factors of family firms into consideration and to test whether or not the valuation from IDTRS will affect the bank loan terms. Furthermore, we separate loan data into long periods and short periods, trying to investigate the relationships between the valuation from IDTRS and bank loan terms. The result show that the information disclosure level has a significant positive impact on bank loan size, and has a significant negative impact on lending rate. It implies the higher the disclosure level, the better the bank loan terms. In addition, there is a significant negative relationship between firm type and loan size, and a positive relationship between firm type and lending rate. Contrary to non-family firms, family firms will reduce the bank loan terms. Furthermore, we separate the data into long period and short periods, the regression results are approximately the same. No matter in family or non-family firms, the higher the disclosure level, the better the bank loan terms. Only in the short period sample, firm type have a negative but not obvious impact on bank loan size.