本研究探討公司策略差異化與貸款利差之間的關係。我們分析了1983年至2021年的聯合貸款資料，發現策略差異化會導致貸款利差增加，而此效應在再融資風險和貸款期限等因素的影響下更加明顯。為了減少內生性問題的影響，我們採用了two-stage least squares (2SLS) 和 propensity score matching with difference-in-differences (PSM-DID)方法來驗證主要假說。結果顯示，經過減少遺漏變量和選擇偏差的影響後，此結果依然穩健，再次驗證了公司策略差異化與貸款利差之間的正向關係。子樣本分析中，我們發現主要研究結果在建造業、製造業和批發零售業都顯著，而且在美國西部和東部都是一致的。高全球化指數或貨幣政策不確定性以及低的現金和速動比率則進一步放大了策略差異化對於貸款利差的影響。這些研究結果不僅填補了現有研究的空缺，還增強了公司與銀行之間的資訊透明度，使銀行能更準確地評估公司價值，從而降低公司的融資成本。;This study utilizes syndicated loan data from 1983 to 2021 to examine the relationship between strategic differentiation in companies and loan spreads. We found that strategic differentiation increases loan spreads and is influenced by factors such as rollover risk and loan maturity. To address endogeneity issues, we employed two-stage least squares (2SLS), propensity score matching (PSM), and difference-in-differences (DID) to validate our baseline regression. Our results are highly robust, particularly following the implementation of the Sarbanes-Oxley Act. The main findings are significant in the building construction, manufacturing, and retail industries, and consistent across both the western and eastern United States. Higher globalization indices, monetary policy uncertainty, and lower cash and quick ratios further amplify these effects. These findings not only fill a research gap but also enhance information transparency between companies and banks, aiding in more accurate company valuation and reducing financing costs.
