頁籤選單縮合
題名 | 企業財務危機對貸款銀行股價的影響=The Influence of Corporate Distress on Lending Banks' Share Prices |
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作者 | 黃江川; Huang, Jiang-chuan; |
期刊 | 環球科技人文學刊 |
出版日期 | 20070800 |
卷期 | 6 2007.08[民96.08] |
頁次 | 頁1-20 |
分類號 | 562.29 |
語文 | chi |
關鍵詞 | 企業財務危機; 事件研究法; 銀行放款; Corporate distress; Event study method; Bank loan; |
中文摘要 | 本研究以1996年至2005年期間,發生財務危機之國內上市櫃公司為研究樣本,主要目的在以事件研究法衡量借款公司宣告財務危機對貸款銀行股價影響,進而探討公司財務危機對貸款銀行股價影響的程度及速度。根據研究實證結果發現,借款公司發生借款信用違約或被宣告為全額交割股財務危機時,主要貸款銀行股價會產生顯著之負平均異常報酬率。此外,貸款銀行對危機公司的放款暴露比率越高,則在借款公司發生財務危機時,貸款銀行股價負累積異常報酬率愈大。總結而論,借款公司財務危機對主要貸款銀行股東而言,是一項逆向訊息,且該訊息會在事件日前提前反應,並持續到事件日以後。 |
英文摘要 | This research collects data from Taiwan listed companies that encounter financial distress over the period 1996-2005 to analyze the lending bank’s share price reaction when one of a bank’s corporate borrowers enters financial distress as reflected by a loan default and/or margin trading. Based on the empirical findings, the news of a corporate distress has a materially adverse impact on the stock prices of the main lending bank as well as the effects of the news on the lending banks’ share prices response ahead of time and last to even after the distressed event day. In addition, banks with higher exposure to the distressed firm have larger negative announcement period returns. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。