Analysis about Bank Borrowing Decision by Small-Medium Firms

[[abstract]]一家邁向成熟健全的企業，必然經歷草創成長之階段，此時資金來源是大多數企業最大的問題。中小型企業籌資的主要來源為銀行機構，但是因為資訊不對稱問題，向銀行借貸資金就必須仰賴良好的銀行往來關係與自我資訊之完整揭露，本研究提出模型架構推論企業向績效良好與績效落後銀行借款條件之差異，再佐以實證分析企業本身之財務狀況、銀行往來關係及授信案之條件，對於中小型企業借款成本之影響程度，以下為重要結論： 1.數理模型推導結果說明在兩階段投資計畫之建構下，當企業維持銀行往來關係，則績效良好銀行在第二階段之利率降幅將大於績效落後銀行；若企業向多家銀行往來，績效良好銀行給予之利率永遠低於績效落後銀行之利率。 2.實證結果方面，本研究針對2002年公開發行之中小型企業進行實證，選取前100家資產總額最小的企業為研究對象，將1238筆授信案件列為觀察樣本，結果發現關於企業財務狀況構面，公司淨值為影響借貸成本的一項重要指標，顯示企業的淨值越高，能提高公司聲譽，降低貸款成本；而短期償債能力之流動比率越好，越能吸引銀行以較低利率提供資金予企業。 關於銀行往來關係構面，當企業與銀行維持長期良好往來關係，藉以降低資訊不對稱程度，則銀行將降低貸款利率；而企業若建立多重複雜的銀行往來關係，將造成利益分散效果，使貸款成本提高；當企業向經營績效良好之銀行建立往來關係，其所獲得之借款利率將比向經營績效落後銀行借款來的優惠，顯示財務體制健全、風險承受能力佳之績效良好銀行提供中小型企業之貸款成本較為低廉。 關於借貸案之條件構面，貸款案附擔保品顯示企業存在較高之授信風險，因此銀行將要求較高之風險貼水作為補償﹔而貸款期限越長，銀行將會提高利率作為補償。[[abstract]]This paper wants to analysis small-medium firms’banking borrowing decision in Taiwan. We achieved biphasic model to prove that one firm’s bank lending relationship influenced its borrowing cost. we fund that when a firm maintain single banking relationship, one well-performed bank offer a better lending condition than one bad-performed bank in the second arrival; if a firm maintain multiple-banking relationships, one well-performed bank always offer a lower lending rate than one bad-performed bank. The empirical analysis is to examine what factors affect borrowing cost by three directions: a firm’s financial structure, bank lending relationship and the loan’s condition, the empirical are summarized as follows: 1.About one firm’s financial structure, we fund that one firm’s equity and liquidity ratio both influence its borrowing cost, and the results present advice movement. 2.About bank lending relationship, we observed if one firm keeps long and steady banking relationship, it will decrease the degree of asymmetric-information, and help to cut borrowing cost; it’s the same result when one firm borrow from a well-performed bank displacing one bad-performed bank. However, a firm constructing multiple-banking relationships would accept a worse borrowing condition by benefit-dispersed effect. 3.About the loan’s condition, we fund that when a loan brings with collateral, the borrowing cost increases; it’s the same influence that the longer of borrowing date, the higher of borrowing rat