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探討犯罪公司定罪前後銀行貸款利率之差異 / The Impact of Corporate Convictions on Syndicated Bank Loan Prices黃聖雯, Huang, Sheng Wen Unknown Date (has links)
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.
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