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

NCU Institutional Repository > 管理學院 > 財務金融研究所 > 博碩士論文 > Item 987654321/92700

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题名:	品牌資本與銀行貸款條件;Brand Capital and Bank Loan Terms
作者:	林韋錚;Lin, Wei-Zheng
贡献者:	財務金融學系
关键词:	品牌資本;銀行貸款;信用風險;Brand Capital;Bank Loans;Credit Risk
日期:	2023-07-24
上传时间:	2024-09-19 16:14:08 (UTC+8)
出版者:	國立中央大學
摘要:	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。 ;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.
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