品牌資本與銀行貸款條件

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姓名

林韋錚(Wei-Zheng Lin) 查詢紙本館藏

畢業系所

財務金融學系

論文名稱

品牌資本與銀行貸款條件
(Brand Capital and Bank Loan Terms)

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至系統瀏覽論文 (2025-7-19以後開放)

摘要(中)

本文主要探討企業的品牌資本與銀行貸款利差以及擔保品之關聯性。利用1994年至 2015年間的美國上市公司為研究樣本。本文認為基於品牌資本可以降低資訊不對稱，緩解財務風險以及改善公司治理下，導致銀行改變評估的信用風險，其改變後續銀行貸款條件。實證結果顯示，品牌資本愈高的公司，進而獲取的貸款利差愈低，以及所進而要求擔保品的機率愈少。基於證據表明品牌資本投資行為影響其信用風險。在子樣本分析中表明，對於資訊不對稱較低、財務風險較小以及公司治理較好的情況下，公司品牌資本愈高則銀行貸款利差愈低。總的來說，品牌資本傳遞的重要信息是銀行或信用評級機構可能用於評估公司的因素之一。

摘要(英)

This article examines the correlation between brand value and the terms of bank loans for businesses. The research specifically concentrates on companies listed on public stock exchanges in the United States from 1994 to 2015.By reducing information asymmetry, mitigating financial risks, and improving corporate governance, brand capital is argued in the article to have the capacity to induce alterations in banks′ evaluation of credit risk. As a consequence, this can subsequently impact the terms of loans provided.The empirical results indicate that companies with higher brand capital obtain loans with lower interest spreads and require less collateral. Sub-sample analysis further reveals a stronger negative relationship between brand capital and loan spread for company sub-samples characterized by lower information asymmetry, lower financial risks, and stronger governance structures. Overall, brand capital conveys important information that can be considered by banks or credit rating agencies as one of the factors in assessing a firm.

關鍵字(中)

★ 品牌資本
★ 銀行貸款
★ 信用風險

關鍵字(英)

★ Brand Capital
★ Bank Loans
★ Credit Risk

論文目次

中文摘要 I
ABSTRACT II
致謝 III
目錄 IV
表目錄 VI
第一章緒論 1
第二章文獻回顧與假說建立 4
2-1品牌資本相關研究 4
2-2銀行貸款相關研究 5
2-3品牌資本和銀行貸款條件的關係 6
2-3-1資訊不對稱作用 6
2-3-2財務風險作用 6
2-3-3公司治理作用 7
第三章資料與研究方法 8
3-1樣本與資料來源 8
3-2品牌資本變數之定義 9
3-3實證模型與變數定義 10
第四章實證結果 13
4-1基本統計量以及相關係數表 13
4-2品牌資本對銀行貸款條件的影響 18
4-3子樣本分析 22
4-4內生性檢驗 28
4-5穩健性測試 31
4-5-1品牌資本的替代變數 31
4-5-2品牌資本的替代折舊率 32
4-5-3品牌資本滯後兩期 32
4-5-4添加額外變數 32
第五章結論 38
參考文獻 39
附錄變數定義 44

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指導教授

黃泓人(Hong-ren Huang)

審核日期

2023-7-24

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