銀行的所有權類型對借款企業多重往來關係之影響－以台灣的微小型企業與中大型企業為例

Bank Ownership Types and Multiple Relationships with Corporate Clients

10.29628/AEP.201203.0004

郭碧雲(Bih-Yun Kuo)；陳錦村(Jing-Twen Chen)

債權銀行的所有權類型 ； 多重往來關係 ； 借款企業的信用紀錄 ； 往來依賴程度 ； 資訊不對稱 ； Bank ownership types ； Multiple relationships ； Enterprise credit record ； Dependence level of the client to the creditor bank ； Information asymmetry

經濟論文

40卷1期（2012 / 03 / 01）

111 - 161

繁體中文

本研究旨在藉著「債權銀行的所有權類型」和「借款客戶對債權銀行的依賴程度」，探討兩者的多重往來關係。實證發現：（1）銀行偏好資訊透明度高的微小型企業。負責人的信用評分念高，微小型企業愈不迫切多重往來關係的建立；信用紀錄不良的微小型企業，愈困難建立多重往來關係。外資銀行充分供應微小型企業資金，使得這些企業不積極開拓多重往來關係，明顯與Berger et al.（2008）的實證結果相反。微小型企業愈多向民營金控及非金控業者舉債，其愈積極發展多重往來關係，此或反映每家民營銀行給予的授信額度與往來關係不為穩定所致。（2）中大型企業向外資銀行愈多舉債，往來家數愈少；惟若是向民營銀行愈多舉債，則愈積極建立多重的往來關係。而民營銀行給予的授信額度與往來關係，又比公營銀行還不穩定。台灣的公營銀行對微小型企業的融資貢獻，不亞於民營銀行，此點雖與Kumar and Francisco（2005）的結果相反，但公營銀行對中大型企業的資金供應不如民營銀行。（3）銀行面對大量投注研發支出的中大型企業，願意全力支持，使其免於開拓新的往來銀行。惟當研發支出率大於1.8%時，這些企業不再過度倚賴扮演間接金融的銀行提供資金，而是利用本身的經營優勢，發行票券、普通公司債及海內外的可轉換公司債取代之。（4）規模愈大的民營金控業者，流動性愈充足，支應企業融資需求的能力愈優於民營非金控銀行，所以民營金控融資給予中大型企業愈多額度時，會使這些企業顯著減少往來銀行的家數。

This study aims to investigate the multiple relationships of creditor banks and their clients through ”the ownership of the creditor bank” and ”the dependence level of the client to the creditor bank”. The empirical results are as follows: (1) the banks prefer to have relationships with micro-enterprises with a high level of information transparency. The higher the score of the credit rating of the chairperson, the less desire there is to build the multiple relationships with the micro-enterprise; and micro-enterprises with bad credit have more difficulty to build up the multiple relationships. Due to the foreign bank supply, the microenterprises with sufficient funds do not develop multiple relationships aggressively; these results are obviously opposite to the findings of Berger et al. (2008). The more lending there is from a private financial holding company or non-financial holding company, the more they tend to develop the multiple relationships. The implication shows that the banks provide insufficient funds, and the banking relationship is unstable. (2) The more the medium and large companies borrow from foreign banks, the fewer relationship banks they have; but the opposite result shows that the more they borrow from private banks, the more they intend to build up the multiple relationships with banks. The results also show that credit availability and relationships are less stable for private banks than state-owned banks. The contribution to the micro-enterprises by state-owned banks is not less than the private banks in Taiwan; this finding is contrary to the finding of Kumar and Francisco (2005), and we also find that state-owned banks have less intention to provide funds than private banks. (3) Banks tend to support medium and large companies with huge fund investment in R&D to avoid their effort in finding new relationship banks. When the R&D expenditure ratio is more than 1.8%, these companies do not need to depend on the indirect financing through banks, and use their own advantages to issue commercial paper, corporate bond or issue CB domestically or abroad. (4) the larger the size of the private financing holding companies, the more liquidity they have to provide sufficient funds to meet the corporate financing needs than the private banks; therefore when private financing holding companies provide more credit availability to medium and large companies, the latter have a significant decrease in the number of the relationship banks.

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