台灣商業銀行聯合貸款之授信決策研究

Abstract

近年來聯合授信案件為國內銀行競相爭取的業務，因大型企業籌資案件金額龐大加上國內企業對銀行承作聯合貸款案件接受度日漸增加，銀行承作聯貸案件利率條件加碼，受到哪些因素影響？本研究依銀行承作聯貸相關條件，利用迴歸分析檢測聯合貸案案件資料，建立定價模式，以聯合貸案授信條件、產業別、信用評等等三構面探討:實證結果顯示:(1).就整體樣本而言，信用評等較佳、總資產報酬率越高、聯貸金額越大、股價淨值比高、營收規模越大，獲得較少的利率加碼。(2).另外，依電子產業及非電子產業區分，電子業在總資產報酬率越高、聯貸金額越大、期間越長、股價淨值比越高，獲得較少的利率加碼。而非電子業在公司營收規模越大，獲得較少的利率加碼。(3).進一步分析信用評等指標(TCRI)對利率加碼影響，對信用評等較佳公司加碼幅度較小，而實務上信用評等較差公司聯貸案件則以加徵提擔保品方式，降低授信風險，這顯示銀行對授信品質較差公司，銀行授信考量除公司營運概況外並以擔保品為償還來源。

In recent years, the joint credit business has grown in popularity amongst local banks. Given huge loan amounts required by large enterprises for raising their capital along with increasing acceptance from local enterprises for syndicated loans undertaken by banks, it is worth finding out the factors influencing the rise of interest rates in syndicated loan cases undertaken by banks. Based on the terms of syndicated loans undertaken by banks, the study uses regression analysis to test the data of syndicated loan cases, establish the pricing model and give exploration from three dimensions: credit terms, industry category and credit rating. The empirical results show the following: (1) According to the samples, enterprises with better credit rating, higher total asset return, larger amount of a syndicated loan, higher price / book value ratio, and greater total income, will be offered a lower interest rate. (2) On the other hand, in terms of the electronic industry and non-electronic industry, when an electronic enterprise has a higher rate of return of equity, a larger amount of a syndicated loan for a longer period of time, higher P/B ratio, the enterprise will be offered a lower interest rate. For a non-electronic enterprise, the greater income it has, the lower interest rate it will be offered. (3) By further analyzing the influence of Taiwan Corporate Credit Risk Index (TCRI) on the rise of interest rates, it is found that a company having better credit rating will be offered with a lower interest rate. However, in practice, those that have poorer credit rating are usually requested to provide collateral in a syndicated loan case, so as to reduce the credit risk. It shows that, for those that have poorer credit quality, other than taking their company operating status into account, banks also use collateral as the alternative means of repayment.