The Roles of Banks Held by the Group-Affiliated Firms: Evidences From the Cases of Taiwan

  • 研討會日期 : 2003-07-15
  • 時間 : 15:00
  • 主講人 : 沈中華教授
  • 地點 : B棟110室
  • 演講者簡介 : 沈中華教授為Ph.D. in Economics,Washington University (1991)。 現為政治大學金融系教授。 其主要研究領域為金融市場、財務計量、利率風險管理。
  • 演講摘要 : This paper discusses the roles of bank in the conglomerate using Taiwan business group data. We raise three hypotheses to examine the roles of bank as (1) a provider of group firms’ financing, which is tested by the financial constraint hypothesis. (2) an insurer of group firms’ liquidity, which is dubbed as by the liquidity insurance hypothesis, (3) a monitor of group firms’ operation, which is the cheaper funding cost hypothesis. Our results strongly support the first and the second hypotheses but reject the third one.