「近朱者赤，近墨者黑」的群聚效果？來自危機銀行與其往來企業的分析

Birds of the Same Feather Flock Together? An Analysis of the Distressed Banks and Their Clients

10.6545/JFS.2010.18(1).4

王健安(Chien-An Wang)；郭憲章(Hsien-Chang Kuo)

群聚效果 ； 危機銀行 ； 往來企業 ； Cluster effect ； The distressed banks ； Client firms

財務金融學刊

18卷1期（2010 / 03 / 31）

137 - 181

繁體中文

本研究利用逐筆借（放）款資料，討論「危機銀行」與其「借貸往來企業」體質的相互影響。實證的主要結果發現：（1）危機銀行與體質較差的企業，存在顯著的群聚效果，亦即本研究支持銀行與企業的績效相互影響。（2）銀行發生危機後，有較高資訊不對稱程度的非上市櫃之公開發行的中小企業，將受到較嚴重的影響，其轉貸到其他銀行的借款條件明顯較為嚴苛，後續的投資也受到較顯著的融資限制。

Using the individual loan transaction data, we discuss the cluster effect of the distressed banks and their client firms. Our empirical results show: (1) The performances of the distressed banks and their unhealthy borrowing firms flock together significantly. It implied that a bank cannot perform well without a healthy corporate sector, and the performances of the two sectors cannot theoretically be kept apart. (2) The loan terms for the small and mediumsized enterprises to switch other banks after the distressed event of borrowing banks are stricter. The results mean that the adverse effects from distress in the banking sector pertain to the consequences on firms with more serious information asymmetry particularly.

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