台灣利率自由化的演進過程，是採取循序漸進的方式，先由貨幣市場實施，再逐步推及到存放款市場。自1989年利率自由化及1991年政府開放新商業銀行設立以來，台灣銀行業的競爭就進入了白熱化的春秋戰國時代，金融版圖重新調整，產業的競爭有增無減。這期間經過兩次的金融改革，體質較弱的銀行紛紛走向讓售及被併購的命運，尤其是2008年發生金融海嘯，對銀行業的經營更是一大挑戰。觀察近年來銀行業的經營困境，存放款利差持續走低，多數銀行採取價格競爭策略，企業授信市場採用低利削價的手段，造成銀行業獲利率降低，危及銀行健全經營體質。所以本研究從文獻回顧探討影響放款利率定價決定因素，從樣本銀行實務授信政策及放款定價辦法探討影響放款利率定價決定因素，並利用樣本資料從實證模型的估計及檢驗來推估假設變數與企業貸款利率定價之間的具體關係及影響方向與程度，最後將實證結果提供予銀行管理當局擬定授信政策及建立完善放款利率定價模型之參考。 / From money market to deposit and loan markets, the development of interest rate liberalization in Taiwan has been in gradual progress. Since interest-rate liberalization in the year of 1989 and governmental approval on the establishment of new commercial banks in 1991, the competition among banks in Taiwan has become severe. Market shares among banks have thus changed. During the period, the financial market experienced two banking reforms. Banks with relatively weak financial nature have been forced to be sold or merged. Moreover, the financial turmoil in the year of 2008 made the business environment of banking industry even more challengeable. Running business in banking has been more difficult in recent years. Interest rate spread for banks has been narrowing. Most banks have adopted price competition strategies. Such price-cutting policy in commercial loan market has resulted in the deterioration of bank management in the industry. This research reviews study-papers focusing on the factors affecting commercial loan interest rate pricing, using bank A as a sample to review its actual operation of credit policy and loan pricing means. In addition, by adopting technique of empirical model measurement and statistical test on the sample data, the concrete correlation and extent of influence between hypothetical variables and pricing on commercial loan interest rate are also estimated. The aim of this paper is to provide empirical tested results to the banking authorities for their reference when designing fine credit policies and commercial loan pricing model.

近年來知名公司面臨起訴或遭到定罪的消息層出不窮，然而在公司定罪的相關研究中，多數文獻著重於探究遭受定罪之事實對公司價值的影響，較少研究聚焦於定罪事實對公司所參與之聯貸案契約條件的影響，有鑑於此，本篇文章旨在探討犯罪公司於定罪前後其聯貸借款條件之借款利率是否有顯著差異。本篇研究發現事件前後犯罪公司之借款利率差異並不顯著。當我們試以修正資料庫登錄與犯罪新聞時間差的問題後，結果顯示犯罪公司之借款利率於犯罪相關新聞發布後顯著上升，除此之外，考量交乘作用後發現犯罪公司間，犯罪罪刑為詐欺類以及受判罰金較高的犯罪公司於事件後，相較於其他犯罪公司，該類公司更傾向面臨較高的借貸成本。 / A number of well-known corporate prosecutions have been raised in recent years. Previous literature focuses more on the valuation impact of corporate convictions. Empirical evidence on how corporate convictions affect the contract terms of syndicated loan is sparse. We examine how corporate misconducts affect the pricing of bank debt after corporate convictions. We find that the difference of loan spreads between facilities initiated before and after conviction are insignificant. Taking potential lag of initial announcement time into consideration, we find significant evidence that the effect of corporate conviction is positively associated with the increases of loan spreads. Moreover, interaction terms with conviction variable show that firms with large fines or convicted of fraud-related crimes tend to face higher loan spread after convictions.

A presente tese procurou retratar o período da República Velha entre 1898 e 1931. Entender o papel da dependência econômica do Brasil para com um produto: o café; e os constantes endividamentos realizados pela nação para cobrir os constantes rombos orçamentários. Deu-se atenção especial aos empréstimos tomados com instituições estrangeiras, em especial europeias, os denominados funding loans ( 1898, 1914, 1931). Tais condições econômico-financeiras foram combatidas com as políticas recessivas da corrente Metalista. Saneado o país, novos períodos Papelistas se instalavam na economia, metaforicamente como o mito de Sísifo. Nesses ciclos intermináveis, o Brasil passava por profundas transformações socioeconômicas decorrentes da adoção do regime republicano, da abolição da escravidão e da industrialização e urbanização crescentes. Foi nesse contexto que um empresário norte-americano, Percival Farquhar tornou-se um dos maiores empresários da história do Brasil. Construiu um imenso império industrial em atividades como ferrovias, portos, serrarias, frigoríficos e hotéis ( entre outras). Não sem sofrer profunda oposição de nacionalistas e agraristas. Procurou-se por último, demonstrar por meio dos relatórios do ministério da Fazenda entre 1898 e 1915 que, ao contrário do pretendido, foram as políticas Metalistas uma das grandes responsáveis pela industrialização do Brasil. Contra a própria vontade de seus ideólogos. Num Brasil em convulsão e transformação completa as classes dominantes se acomodam em velhos estofados, trocando apenas o couro embrutecido pelo tempo. / The present thesis sought to portray the period of the Old Republic between 1898 and 1931. Understand the role of Brazil\'s economic dependence on a product: coffee; And the constant indebtedness carried out by the nation to cover the constant budgetary rhythms. Special attention was given to borrowing from foreign institutions, especially European institutions, the so-called funding loans (1898, 1914, 1931). Such economic-financial conditions were countered with the recessive policies of the Metalist chain. Once the country was rediscovered, new periods of time were established in the economy, metaphorically as the myth of Sisyphus. In these interminable cycles, Brazil underwent profound socioeconomic transformations resulting from the adoption of the republican regime, the abolition of slavery and increasing industrialization and urbanization. It was in this context that an American businessman, Percival Farquhar became one of the greatest entrepreneurs in Brazilian history. He built an immense industrial empire in activities such as railroads, ports, sawmills, refrigerators and hotels (among others). Not without deep opposition from nationalists and agrarians. Finally, it was tried to demonstrate through the reports of the Ministry of Finance between 1898 and 1915 that, contrary to what was intended, Metalist policies were one of the great responsible for the industrialization of Brazil. Against the will of its ideologues. In Brazil in convulsion and complete transformation the ruling classes settle in old upholstery, exchanging only the weathered leather.

Le crédit est indispensable au bon fonctionnement de l’économie. Il existe sous différentes formes (financement participatif, émission obligataire, etc.). L’une des plus répandues reste le crédit bancaire, et lorsque ce crédit est dispensé par au moins deux établissements financiers, il s’agit d’un « crédit syndiqué » qui répond à une certaine organisation collective. C’est dans ce contexte qu’un « agent du crédit » assure l’administration du crédit. En fonction du droit applicable, il peut être un « agent » (droit anglais) ou encore un « mandataire » (droit français). De surcroît, ces financements étant généralement pourvus de sûretés et de garanties il est fréquent de constater l’intervention d’un « agent des sûretés ». Ce dernier agit comme un véritable « gardien » des sûretés et des garanties dont bénéficient les parties financières en garantie de la bonne exécution des obligations des emprunteurs au titre des documents de financement. Son rôle est donc crucial. / Credit is essential for the smooth functioning of the economy. It is existing in various forms (crowdfunding, bond issuance, etc.). One of the most widespread is the bank loan, and when this credit is provided by at least two financial institutions, it is a "syndicated loan" that has to fulfil a certain collective organization. It is in this context that a "facility agent" ensures the administration of loan. Depending on the applicable law, it may be an « agent » (English law) or a « mandataire » (French law). Moreover, as these financings are generally provided with security and guarantees, it is frequent to observe the intervention of a "security agent". The latter acts as a "guardian" of the security and guarantees the financial parties are benefiting from as guarantee of the proper performance of borrowers' obligations under the finance documents. Its role is therefore crucial.

by Chow Ho Wai. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1998. / Includes bibliographical references (leaves 50-51). / ABSTRACT --- p.ii / TABLE OF CONTENTS --- p.iii / LIST OF EXHIBITS --- p.v / LIST OF TABLES --- p.vi / PREFACE --- p.vii / CHAPTERS / Chapter I. --- INTRODUCTION --- p.1 / Definition of Syndicated Loans --- p.1 / Definition of Pricing --- p.2 / Project Objectives --- p.2 / Project Scope --- p.3 / Chapter II. --- KEY ELEMENTS OF SYNDICATED LOAN MARKET --- p.4 / Benefits to Borrowers --- p.4 / Benefits to Lenders --- p.6 / Types of Syndicated Facilities --- p.11 / Titles and Roles --- p.12 / Principal Terms and Conditions --- p.14 / Hong Kong Market Characteristics --- p.16 / Chapter III. --- METHODOLOGY --- p.22 / Literature Review --- p.22 / Model --- p.24 / Sample Data --- p.27 / Analytical Methods --- p.29 / Chapter IV. --- EMPIRICAL RESULTS AND ANALYSIS --- p.32 / Significant Independent Variables --- p.32 / Loan Pricing Model --- p.34 / Chapter V. --- CONCLUSION AND RECOMMENDATIONS --- p.35 / APPENDICES --- p.39 / BIBLIOGRAPHY --- p.50

In the mortgage industry, many mortgage lenders cannot manage mortgage workflow systems while meeting and exceeding organizational objectives. Organizations with an above-industry average turnaround time (ATT) to complete a retail mortgage transaction (RMT) from origination to funding experience revenue losses. Grounded in the proposition that mortgage loan purpose (MLP), mortgage loan type (MLT), and subject property type (SPT) impact ATT to complete an RMT, the purpose of this causal-comparative study was to assess the impact of MLP, MLT, and SPT on ATT to complete an RMT. Using archival data records (N = 146) from a selected mortgage institution in the state of Florida, the results of the 2 x 2 x 2 factorial ANOVA showed that there were no main or interaction effects F(5,140) = 0.42, p = .83. Implications for social change include the possibility for mortgage lenders to implement improved workflow processes to reduce costs and improve efficiency metrics and intrinsic value, thereby benefitting organizational stakeholders such as employees and consumers.

Many entrepreneurs and companies use loans to cover their business needs. Usually it is difficult to choose the best offer. The possible solution is the utilization of methods of multiple-criteria decision-making, which make the decision process easier. The goal of this thesis is to describe these methods and use them practically to choose the best loan offer. It was found out that most of the companies do not use these methods. The results are usually significantly affected by the criterion which was the most preferred. For the most of the companies the offer made by MONETA Money Bank, a.s. was the most favourable.

本文以2000年至2009年計22家台灣商業銀行之追蹤資料（panel data），並利用雙因子固定效果模型（two-factor fixed-effects model）探討不同放款之成長對逾期放款比率（逾期放款/放款總額）與轉銷呆帳率（轉銷呆帳/放款總額）之影響效果。 一般而言，金融主管機關以逾期放款比率為代表銀行資產品質之指標，然而銀行或為達成業績目標，或為符合主管機關之監理要求，往往追求短期成長而忽視風險控制，在初期因放款基礎擴大反而造成逾期放款比率下降的資產品質改善假象，之後卻面臨資產品質惡化須大幅轉銷呆帳或出售不良債權而侵蝕銀行獲利及資本，因此除逾期放款比率外，本文另納入轉銷呆帳率為衡量放款品質之指標，以確實瞭解銀行信用擴張對資產品質之影響，提供金融主管機關及銀行業者在未來相關政策上之參考。 研究結果顯示，民營企業放款成長率、消費者放款成長率及資本適足率對逾期放款比率有顯著負向影響，無擔保消費者放款成長率、前期逾期放款比率及淨值比率對轉銷呆帳率有顯著正向影響，總放款成長率、中小企業放款成長率及消費者放款成長率對轉銷呆帳率有顯著負向影響。 / This paper studies 22 banks from Taiwan during the 2000-2009 period. The panel data regression is used to analyze the different loan growth influencing non-performing loan (NPL) and charge-off ratios of Taiwan’s commercial banks. In general,the authority use non-performing loan (NPL) ratio to represent the quality of bank assets.But for performance or in compliance with the authority's request,banks may pursue loan growth in the short term and ignore the risk.In the beginning, NPL ratios decrease and then banks face deterioration in assets quality.Except NPL ratio, this paper adds charge-off ratio to analyze the effect of different loan growth on assets quality. Our major findings are as follows:(1) The effects of private enterprises loan growth rate, consumer loan growth rate and capital adequacy ratio on NPL ratio are significantly negative. (2) The effects of non-residential consumer loan growth rate,NPL ratio of the previous period and equity ratio on charge-off ratio are significantly positive. (3) The effects of total loan growth rate,small and medium enterprises loan growth rate and consumer loan growth rate on charge-off ratio are significantly negative.

This work undertakes the first comprehensive theoretical assessment of syndicated loans. It is shown that syndicated and bilateral (single lender) loans should be good substitutes in meeting a borrower's financing requirements, but that syndicated loans are more complex and impose additional risks to the parties in the way they are arranged. The existing explantions of loan syndication - that they are hybrids of private bank loans and public debt instruments, that syndication is a portfolio management tool, and that loans are syndicated where they are too large to be provided bilaterally - are unable to substantially explain both the nature of syndicated loans and practice in the loan markets. A rigorous new explanation is developed, which shows that syndication reduces the rate of lending costs, so that the return to the loan originator is greater, and the borrower's cost of financing is lower, where a loan is syndicated rather than provided bilaterally. This explanation is shown to hold in competitive loan markets and to be consistent with the observation that syndicated loans are generally larger than other loans. Incidental to this new explanation, new expressions of the return to a bank from providing a loan on a bilateral basis and from originating a syndicated loan are also developed. New algorithms are also developed for determining the distribution of the commitments from syndicate participants and thus the originator's final hold, the amount it must lend itself, where the loan is underwritten. This provides, for the first time, a rigorous basis for assessing the expected return, and the risk, for the originator of a given syndicated loan. Finally, empirical testing finds that a bank's observed lending history is significant to its decision to participate in a new syndicated loan but that predictions of participation, which are fundamental inputs into the final hold algorithms, based on this information have relatively little power. It follows that there is competitive advantage to loan originators that have access to other, private information on potential participants' lending intentions.

L'opération de crédit "Schuldscheindarlehen" est apparue dans le paysage bancaire et financier allemand au milieu du XIXème siècle. Son essor, au cours des dernières décennies, rend plus que jamais pertinente la question de sa qualification juridique en droit français. L'opération se présentant comme un prêt de nature syndiquée, aux participations cessibles selon des voies simplifiées, est généralement perçue par les financiers comme un outil efficace de financement de l'économie, véritable troisième voie capable de concurrencer la syndication de crédit et l'emprunt obligataire. L'étude des actes juridiques ayant a priori une fonction centrale dans l'opération (Partie I) met en exergue plusieurs spécificités. La possibilité laissée à un large éventail d'investisseurs (banques, compagnies d'assurance, fonds d'investissement) de participer au contrat de prêt favorise la levée massive des fonds, dans le respect d'un cadre juridique fortement standardisé et allégé. Les reconnaissances de dette (Schuldschein) qui sont émises par l'emprunteur au moment de la formation du contrat de prêt, dont on a pu penser qu'elles participaient à la circulation des créances, ne revêtent pas la qualification de titres financiers en droit allemand, ce qui exclut a fortiori qu'elles soient le support des participations. Ce n'est en revanche pas le cas des accords de cession, qui grâce à leur standardisation et aux règles civilistes de cession de créance de droit allemand plus légères qu'en droit français, contribuent sensiblement à la fongibilité et la négociabilité des créances. Il est soutenu que le "Schuldscheindarlehen" est une opération de crédit sui generis pouvant être décrite comme "quasi-obligataire" (quasi-négociable, quasi-fongible). Au regard du droit français, c'est avec le prêt à bons de caisses nominatifs qu'elle paraît présenter le plus de connivences, sans pour autant être parfaitement assimilable.L'étude des services éventuellement fournis par l'intermédiaire financier (Partie II), lors de la phase de formation de l'opération, comme arrangeur-placeur de participations, et/ou lors de son exécution, comme animateur de marché et/ou agent payeur et/ou fiduciaire, révèle leur contribution respective pour une gestion plus rationnelle et plus efficace de l'opération, qui bénéficie à la liquidité des participations et à la diminution des coûts. Le recours aux produits dérivés et/ou structurés a, en outre, permis de donner récemment naissance à des opérations pour des montants plus petits et des durées plus courtes, rendant accessible aux PME cette source de financement, dans un cadre juridique et des structures d'accompagnement à la solidité éprouvée par plusieurs années de pratique. Si ces mécanismes sont largement connus en droit français et peuvent être employés lors d'une syndication de crédit ou un emprunt obligataire, néanmoins, l'analyse met en évidence que le "Schuldscheindarlehen" peut être utilisé en droit allemand comme structure juridique de base à la titrisation de créances (CDO), en lieu et place d'une émission obligataire. Par ailleurs, les participations sont éligibles aux refinancements sur le marché monétaire, ce qui contribue à rendre l'opération plus attrayante pour les investisseurs. D'autres aspects (p. ex. sûretés, procédures collectives) sont analysés dans l'étude afin de donner une vue aussi complète et actuelle que possible de l'opération. / The credit transaction "Schuldscheindarlehen" appeared in the German banking and financial landscape in the middle of the nineteenth century. Its growth during recent decades makes the question of its legal classification under French law more relevant than ever. The transaction operates as a loan of syndicated nature, with relatively simple ways of transferring participations, and is generally perceived by financiers as an effective tool for financing the real economy. It is a competitive option to financing by way of syndicated loan or bond issue. The analysis of legal documents with a priori a central role in the operation (Part I) highlights several specific features of the operation. The possibility given to a wide range of investors such as banks, insurance companies, and investment funds to participate in the loan agreement promotes massive fundraising within a highly standardized and streamlined legal framework. The debt certificates "Schuldschein" issued by the borrower at the time of the formation of the loan agreement, which were expected to be part of the circulation of debts, are not classified as securities under German law. A fortiori, this excludes them from being used in support of any claims. However, this is not the case for assignment agreements. Assignment agreements contribute significantly to the fungibility and transferability of the participations, owing to their standardization and to German civil law rules of assignment of claims, which are less constraining than French law rules. It is argued in the study that the "Schuldscheindarlehen" is a sui generis form of credit that can be described as "quasi-bond" (quasi-negotiable, quasi-fungible). Under French law the strongest resemblance is with the participation loan “prêt à bons de caisse nominatifs”, without being identical. The analysis of services provided by the financial intermediary (Part II), during the formation phase of the operation -as an arranger-underwriter of the participations, and/or during the running phase, as a market maker and/or a paying agent and/or a trustee- points out their respective contributions to a more rational and efficient management. This favours the liquidity of the participations and decreases the costs. Moreover, the use of derivatives and/or structured products has given birth recently to operations for smaller amounts and shorter durations, making this source of funding accessible to SMEs within a legal framework and support structures, developed by many years of practice. Although these mechanisms are widely known in French law and can be applied to syndicated loan or bond issue, the analysis highlights that "Schuldscheindarlehen" can also be used under German law as the legal structure of a debt securitization (CDO), in lieu of a bond issue. In addition, its participations are eligible for refinancing in the European money market, which helps to make the operation more attractive to investors. Other aspects such as collateral, and insolvency are analyzed in the study in order to give as full and updated a picture of the operation as possible. / Das Kreditgeschäft "Schuldscheindarlehen" bildete sich im deutschen Banken- und Finanzwesen in der Mitte des neunzehnten Jahrhunderts heraus. Das Wachstum der letzten Jahrzehnte macht nun mehr denn je die Frage seiner rechtlichen Einordnung im französischen Recht relevant. Die Operation stellt sich als Darlehen von syndizierter Natur dar, mit Beteiligungen, die in vereinfachter Weise übertragbar sind, wird in der Regel von Finanziers als ein wirksames Instrument für die Finanzierung der Realwirtschaft und präsentiert eine sinnvolle dritte Weise, die ohne Bedenken mit der Kreditsyndizierung und der Anleihe konkurrieren kann. Die Analyse der Rechtsgeschäfte mit einer a priori zentralen Rolle in der Operation (Part I) hebt mehrere Besonderheiten hervor. Die Möglichkeit, die einer Vielzahl unterschiedlichster Investoren (Banken, Versicherungen, Investmentfonds) gegeben ist, sich am Darlehensvertrag zu beteiligen, fördert eine massive Mittelbeschaffung, innerhalb eines rechtlich hoch standardisiert und gestrafften Rahmens. Die Schuldscheine, die durch den Kreditnehmer zum Zeitpunkt der Entstehung des Darlehensvertrags ausgestellt werden, von denen man hätte denken können, dass sie als eine Verbriefungsart der Forderung angesehen werden könnten, werden im deutschen Recht nicht als Wertpapiere eingestuft. A fortiori sind sie als Grund der Beteiligungenverkehrsfähigkeit ausgeschlossen. Dieses ist jedoch nicht der Fall der Abtretungsvereinbarungen, die einen wesentlichen Beitrag zur Fungibilität und Übertragbarkeit der Beteiligungen, aufgrund ihrer Standardisierung und den deutschen zivilrechtlichen Vorschriften der Abtretung von Ansprüchen, die einfacher als mit dem französischen Recht vereinbar sind, leisten. Es wird in der Studie argumentiert, dass das "Schuldscheindarlehen" eine Kreditform sui generis darstellt, die als "Quasi-Anleihe" (quasi-verhandelbar, quasi-fungibel) beschrieben werden kann. Im französischen Recht, scheint es dem Darlehen "prêt à bons de caisse nominatifs" zu ähneln, ohne jedoch vollständig assimilierbar zu sein. Die Analyse von Dienstleistungen durch Finanzvermittler geleistet (Part II), während der Entstehungsphase der Operation, als Arrangeur-Underwriter der Beteiligungen, und/oder während der laufenden Phase, als Market Maker und/oder Zahlstelle und/oder Treuhänder, weist darauf hin, ihre jeweiligen Beiträge zu einer rationelleren und effizienteren Verwaltung des Geschäftes, die der Liquidität der Beteiligungen zugute kommt und die Kosten senkt. Außerdem hat unter anderem der Einsatz von Derivaten und/oder strukturierten Produkten zur Entstehung von Operationen mit kürzeren Laufzeiten und kleineren Beträgen geführt, was diese Finanzierungsquelle zugänglich für KMU gemacht hat, in Bezug mit einem rechtlichen Rahmen und unterstützenden Strukturen, die seit mehreren Jahren Praxiserfahrung bewähren. Wenn diese Mechanismen häufig im französischen Gesetz bekannt sind und bei einer Kreditsyndizierung oder einer Anleihe angewendet werden, zeigt jedoch die Analyse, dass das "Schuldscheindarlehen" nach deutschem Recht auch als rechtliche Struktur einer Verbriefung (CDO) anstelle einer Anleihe verwendet wird. Darüber hinaus sind die Beteiligungen zur Refinanzierung auf dem europäischen Geldmarkt zulässig, was die Operation für Investoren attraktiver macht. Andere Aspekte (z.B. Sicherheiten, Insolvenzen) werden in der Studie analysiert, um ein möglichst vollständiges und aktuelles Bild von der Operation zu geben.