本篇旨在探討台灣歷經金融變革後，商業銀行的授信行為會否隨著企業的信用評等高低而有影響。實證結果顯示高信用風險的企業有顯著較高的借款利差，而不管是「打銷巨額呆帳」之銀行或是「卡債損失慘重」之銀行其給予客戶的放款利率均顯著較高，但「卡債損失慘重」之銀行針對高信用風險之客戶仍給予其較低之利差；而因法規的鬆綁允許外資進入，使得國內金融市場競爭激烈，因此在削價競爭下，國內銀行給予借款客戶的利差均顯著較低，也因為在這種情況下，國內銀行均不會對借款客戶信用風險的高低而給予不同之定價；相反的，外資銀行在承做放款時會檢視借款客戶的信用風險高低而作出合理之定價。再探討往來關係上，企業之最大債權銀行和主力銀行均會給予借款客戶較低的利差，且即使是高信用風險之客戶也有較低的借款成本。 本研究的第二個重點為企業的投資和融資行為會否受銀行授信行為的改變而有顯著的差異。實證發現企業之最大債權銀行為「打銷巨額呆帳」或是「卡債損失慘重」者，這些企業會保留較多之自有資金去因應未來的資本支出；銀行所有權類型也是影響企業投融資決策因素之一；最後就企業信用風險評等的高低和企業信用評等調升降狀態去檢視其投融資決策，則發現亦有顯著影響。This study examines the effect of borrower’s credit risk rating on banks’ credit behavior after the financial restructuring in Taiwan. The evidence shows that risky firms experience higher loan rate. And not only bank with “the write off large bad debt” but also banks with “large loss from credit card crisis” significantly price higher loan rate for their customers. However, bank with “large loss from credit card crisis” still lend lower rate for the high credit risk borrowers; Because of deregulation and the involvement of foreign banks, Taiwan’s financial industry become more and more competition. In this situation private domestic banks tend to provide lower rate for their customers regardless credit risk. On the contrary, foreign banks price the rational loan rate depending on borrowers’ credit risk. Then borrowers with closer lending relationship pay low loan rate even for risky borrowers. The second purpose of this study is to investigate the effect of banks’ credit behavior on firms’ investment and financing decisions. The result shows that firms borrow from bank with “the write off large bad debt” or banks with “large loss from credit card crisis” have higher sensitivity of investment to cash flow. Firms with relationship with different bank ownership types also affect firms’ investment and financing decisions. Finally, the evidence suggests that firm’s credit risk rating and ratings upgrade or downgrade also influence the sensitivity of investment to cash flow.
