臺大管理論叢第31卷第2期

NTU Management Rev i ew Vol . 31 No. 2 Aug. 2021, 63-100 DOI:10.6226/NTUMR.202108_31(2).0003 63 Research of Organization Capital and Bank Loan Contracts: The Role of Managerial Ability 組織資本及銀行貸款之研究-管理者能力之角色探討 Hui-Min Chung, Department of Information Management and Finance, National Yang Ming Chiao Tung University / Sustainability Leadership Research Center 鍾惠民/ 國立陽明交通大學資訊管理與財務金融學系 / 王道經營管理研究中心 Jun-Mao Chiu, Department of Finance, National Sun Yat-sen University 邱敬貿/ 國立中山大學財務管理學系 Yi-Hua Li, Department of Finance, Chung Yuan Christian University 李怡樺/ 中原大學財務金融學系 Chun-Min Hung, Department of Information Management and Finance, National Yang Ming Chiao Tung University 洪均旻/ 國立陽明交通大學資訊管理與財務金融學系 Received 2019/12, Final revision received 2021/1 Abstract This study investigates the impact of organization capital on the bank loan contracts, using the data of the U.S. listed companies (1985-2016). This study explores the impact of organizational capital through the different variables related to bank loan contracts. Among them, bank loan variables include bank loan spread, loan maturity date, security, number of general contracts, and number of financial contracts. This study shows that a higher organization capital is associated with lower bank loan spread, security, and general covenants. Further robustness checks support these empirical results. We also confirm that higher organization capitals can reduce bank loan spreads when firms have better managerial abilities. 【Keywords】 organization capital, bank loan costs, managerial ability 摘 要 本研究探討企業組織資本的投入如何影響銀行放款的契約,研究資料利用美國1985 年至2016年期間上市公司作為研究對象。本研究透過不同的銀行放款契約相關的變 數分析組織資本的影響,其中銀行放款變數包括放款利率、放款到期日、擔保品、一 般合約數以及財務合約數。研究結果發現組織資本投入越多,能降低銀行放款利率、 擔保品以及一般合約數,此結果亦由多項穩健性檢定所支持。本研究更進一步探討管 理者特性的影響,結果發現當公司中的管理者能力愈好且投入愈多的組織資本,將使 銀行願意提供較低的放款成本。 【關鍵字】組織資本、銀行放款成本、管理者能力 領域主編:黃泓人教授

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