Banking Relationships, Financial Constraints, and Investment

碩士論文[[abstract]]儘管現存的文獻大多支持密切的銀行往來關係對公司而言是有利的，但在資本市場資訊不對稱的前提下，資本分配的過程是否會因公司與銀行建立密切的往來關係而更有效率，卻仍舊是一個尚無定論的問題。本研究以公司「往來銀行家數」、「是否依賴銀行借款」及「雙方是否在彼此董監事會當中擔任職務」，作為判斷公司與銀行往來是否往來密切之衡量構面，而此三構面包含銀行為公司之債權人或是股東，故藉由債權人與股東不同的觀點來探討各分群樣本其投資支出對公司內部現金流量的敏感程度，以驗證銀行往來與融資限制的關係；並考慮在不同的往來關係下，投資規模大小對於公司是否面臨融資限制的影響程度，以驗證銀行往來關係雖然是重要的，但對於改善公司融資限制的問題仍是有一定的限度。 在實證方法中，首先採用固定效果模型來估計公司投資是否面臨融資限制，接著利用羅吉特模型來求算各樣本的選擇性偏誤，再以隨機效果模型來進行估計，也就是將選擇性偏誤視為自變數置入原投資方程式中，探討在考慮選擇性偏誤下，所估計的結果與未考慮選擇性偏誤的結果是否一致。 實證結果顯示，若不考慮投資規模大小時，與銀行往來密切（依賴銀行借款及董監往來密切）的公司較與銀行往來不密切（不依賴銀行借款及董監往來不密切）的公司較易面臨融資限制。但若考慮投資規模大小後，當投資規模小時，與銀行有董監往來密切之公司則顯著地沒有面臨融資限制，但與董監往來不密切之公司卻顯著地面臨融資限制，可知若投資規模適當，且公司與銀行彼此具有股東關係的話，則與銀行維持密切的往來關係對公司在投資活動的進行上是有利的。[[abstract]]The extant literature suggest that there are benefits associated with a close banking relationship, it remains an open question whether the efficiency of the capital allocation process varies depending on a firm’s relationships with its banker or bankers. On way to sort out these conflicting effects is to examine the correlation between a firm’s cash flows and its investment expenditures. In particular, firms that find it relatively more costly to raise external capital will demonstrate a greater sensitivity of investment to cash flow. In this article, we use this approach to examine whether financial constraints vary systematically with the number of bank lenders a firm uses and the reliance on bank debt and the directorate between firm and bank. To examine whether the effect of banking relationship on cash flow sensitivity of investment varies with the type of financing needed, we examine how the cash flow sensitivity of investment varies with the relative size of the investment expenditure. To verify although the banking relationship is matter, but the relationship have limits. We control the potential selectivity bias in two ways. First, we estimate the investment equation using within-group fixed effects. Second, we use logit model on the choice of bank attachment and then using the predicted probability from the logit model as an exogenous variable in the investment equation. The results show firms have the close banking relationship are significantly more cash-flow-constrained than firms that have weak banking relationship. However, the greater cash-flow sensitivity of investment for firms with close bank relationships arises only for the largest capital expenditure. Consequently, for most levels of investment spending, firms with close bank relationships appear to be slightly less financial constraints. But this result just to support on the relationship between firm and bank in the directorate each other