题名

The Information Content of the Sale of Nonperforming Loans by Taiwanese Banks: Evidence of an Affiliated-Buyer Effect

并列篇名

台灣銀行業不良放款出售的資訊內涵：關聯買方效果的證據

DOI

10.6545/JFS.2014.22(1).4

作者

劉永欽(Yong-Chin Liu)；陳香如(Hsiang-Ju Chen)；蔡秉原(Bing-Yuan Tsai)

关键词

不良放款 ； 關聯買方效果 ； 資訊透明度 ； 效率 ； 利益衝突 ； 異常報酬 ； Nonperforming loans ； affiliated-buyer effect ； information transparency ； efficiency ； conflict of interest ； abnormal returns

期刊名称

財務金融學刊

卷期/出版年月

22卷1期（2014 / 03 / 31）

页次

81 - 106

内容语文

英文
中文摘要

本文比較效率和資訊透明假說對不良放款（NPL）出售宣告股票異常報酬（ARs）的解釋力，及檢視買、賣方有關聯時對ARs的影響。以台灣的NPL拍賣和拍定事件為樣本，發現拍賣宣告使賣方股票有負ARs，隱喻NPL的低資訊透明度比效率假說具解釋力。銀行出售NPL予其大股東成立的資產管理公司會有較低的ARs，表示投資人視此種交易是大股東牟私利的行為。
英文摘要

This paper compares the explanatory power of efficiency hypothesis with information transparency hypothesis for seller's stock abnormal returns (ARs) following the sale announcement of nonperforming loans (NPLs), and examines the affiliated-buyer effect on the ARs. Using NPL auctions and closed-deal events in Taiwan as samples, we find on auctions, sellers' stocks suffer negative ARs, implying that low information transparency on NPLs, compared with efficiency, is the major reason for the ARs. Banks selling NPLs to asset management companies established by their blockholders face lower ARs, signifying that investors view the type of closed deals being motivated by blockholder's self-interest behavior.
主题分类 社會科學 > 經濟學
社會科學 > 財金及會計學
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