| Summary: | 碩士 === 大葉大學 === 管理學院碩士在職專班 === 106 === In an economic environment with open and internationalized financial market, growth of businesses often accompanies continuous investment and expenditure on R&D, in order to expand the business scale and maintain the market share and competitiveness in the industry. When a business needs hugh capital, bank loan is often a reliable source and syndicated loans have become one of the major tools for businesses to raise capital in a substantial scale. Through literature review and questionnaire survey on the banks in Taiwan, we explored the major factors assessed during credit risk evaluation and the views of the state-run and private banks when bidding to become the lead bank in a syndicated loan deal. The subjects of the study were staffs from state-run and private banks involved in actual syndicated loan operations. A questionnaire survey was answered by the test subjects for evaluation of relative significance of the key factors that affect a bank when bidding to become the lead bank in a syndicated loan deal. Through systematized comparison and analysis, the research has demonstrated the following conclusions: (1) Financial structure and debt-paying ability: Both state-run and private banks see cash flow rate as the most significant factor. (2) Profitability: For both state-run and private banks, average profit after tax in the most recent three years is deemed the most significant factor in this dimension. (3) Operating performance: State-run banks sees receivables turnover rate as the most significant factor, while private banks emphasize revenue growth rate. (4) Business management: Both state-run and private banks see the experience of the representative of the company as the most important factor in this dimension. (5) Industry attribute and prospect: State-run banks emphasize R&D capability, while private banks see the prospects of the industry as the most important factor. State-run banks are more conservative in nature and R&D is closely related to the development and competitiveness of a company. Private banks, on the other hand, seek lucrative prospects in the industry. Therefore, based on this research, we propose the following recommendation: Syndicated loan operation has been highly developed in Taiwan. State-run banks are bound by the principles of conservative and safe investment, so they are not at liberty to take risks like the private banks. Private banks often forge ahead to bid for syndicated loans once a potential deal is deemed as “with controllable credit risk and relatively safe,” in order to improve their overall profitability. Nonetheless, state-run banks can still take the performance and reward system of private banks for reference to improve their operating performance and achieve win-win business deals with corporate borrowers in the ever-changing financial environment.
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