The Benefits of Firms Holding Bank Shares on Bank Loans: Evidence from the Global Financial Crisis

企業持有銀行股權對銀行貸款的益處：來自全球金融風暴的實證

10.6160/2015.06.02

林智勇(Chih-Yung Lin)；莊逸偉(Yi-Wei Chuang)；蔡維哲(Wei-Che Tsai)；吳羽旋(Yu-Xuan Wu)

銀行貸款 ； 持有銀行股權 ； 金融危機 ； 關係人放貸 ； Bank Loans ； Holding Bank Shares ； Financial Crisis ； Relationship Lending

中山管理評論

23卷2期（2015 / 06 / 01）

563 - 590

英文

本研究利用2005年到2010年台灣公司的銀行貸款合約資料，探討在金融危機間，非金融業公司能否透過持有銀行股份與放貸銀行建立關係連結，進而替公司從銀行融資上獲得優惠。研究結果顯示透過持有股權與銀行建立連結的公司相較於無此關係連結的公司，能獲得約125%的貸款額度；即使關係連結公司的違約風險較高，這些公司仍舊可獲得低於類似條件卻無關係連結公司約28.28個基點的貸款利率優惠。我們的研究結果顯示透過持有銀行股份與放貸銀行建立關係連結確實能為公司帶來好處。

This study investigates whether firms that build connections via holding bank shares can benefit their bank loan contracts during the global financial crisis. The analysis is based on data from Taiwan (2005 to 2010). Empirical results show that the loan size of connected firms is approximately 1.25 times larger than that of firms without such connections. Connected firms can obtain 28.28 basis points lower loan rate as well, and can benefit from bank loans even if they present high default risks. Our findings provide not only support for benefits derived from relationship lending for firms but also an explanation why firms hold bank shares.

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