影響企業貸款利率高低之因素分析

Abstract

銀行扮演著資金供給者與需求者的中介者，銀行若能健全經營，不僅能促進資本形成，提高資金使用效率，更可穩定國家金融體系，以助於經濟發展。從企業融資來源而言可分為內部及外部資金，內部資金係指企業本身的保留盈餘，又稱為自有資金；外部資金通常係指企業透過增資發行之權益證券，然而並非每家企業都被允許從事該行為，因此向外部金融機構貸款融資即為最常見方式。不過企業向銀行申請貸款，如在商品市場購買貨品，必須定期償還本金與利息，因此本研究欲瞭解銀行放款給企業，貸款利率受到哪些因素左右與影響程度多寡。 實證結果指出，從企業之經營構面分析，當公司經營年限越長、為上市櫃公司或為家族企業，其貸款利率較低。若從企業之公司治理與股權結構方面解析，董事會規模越大、董監事持股比率、經理人持股比率、大股東持股比率及法人持股比率較高時，皆與利率呈現負相關。再從企業財務比率來看，資產規模、資產報酬率、速動比率及流動比率較大時，呈現負相關，相反地當負債比率較高時，顯著的正相關。而債權銀行營業狀況來說，若是逾期放款比率、資本適足率和股東權益報酬率偏高時，公司之貸款利率明顯增加。相對地因為銀行本身的多角化經營，使得利息收入非其唯一獲利來源，有助於企業獲得較優渥之授信利率。 在企業信用評等部分，當企業信評較佳時，借款違約風險之機率大為減少，易獲得較低利率。最後從企業與銀行簽訂之借款契約內容來說，若是企業被銀行要求以擔保品保障合約，意謂著該企業違約可能性較高，因此銀行同時也會要求較高之風險溢酬。另外，企業貸款額度與利率亦呈現顯著性正相關。

Banks play the role of mediator between fund suppliers and demanders. If a bank operates healthy and efficiently, it will not only promote capital formation and improve capital efficiency, but also stabilize a country's financial system, thus assisting economic developments. From a corporate finance perspective, resources can be divided into internal and external funding. Internal funding includes retained earnings of a company, meaning the funding of enterprise itself. External funding often means corporate capital through issuing equity securities, but not every enterprise is allowed to engage in such behavior of issuing securities. Therefore, loans financing from financial institutions is the most common way companies receiving funding. However, loaning funds from banks, such as the purchase of goods in the commodity market, principal and interest must be paid on a regular basis. Hence, this study is to understand that in the lending from banks to businesses, the degree which the factors that are affecting the rates which banks give for businesses lenders. The empirical results indicated that from the management and operation perspective, when a company is a listed company, has longer period of operation, and is a family-run business, together resulting in companies having lower interest rates on loans. If viewing from corporate governance and ownership structure of the company, the larger of the board of directors, directors' shareholding ratio, managers’ shareholding ratio, the ratio of the largest shareholder, and higher institutional ownership ratios are negatively correlated with interest rates. Moreover, the corporate financial ratios, the size of the assets, return on assets, quick ratio, and large current ratio all are negative correlated with interest rates. Conversely, high debt ratio has significantly positive correlation. On the operating conditions of lending banks, if it has high NPL ratio, high capital adequacy ratio and high return on equity, lending rates for a company increase significantly. On the contrary, if collecting interests is not the main source of income due to a bank’s diversification, companies can usually borrow with more generous rates from banks. From the perspective of corporate credit rating analysis, the higher corporate credit rating greatly reduced the risk of default of the borrower, thus making the company obtaining loans at a lower interest rate. Finally, from the perspective of the content of loan contract between corporate and bank, if the banks require collateral loan with a firm , meaning the default rates will increase significantly, so the bank will also require a higher risk premium from its borrowers. In addition, corporate loan amount and interest rate showed a significant positive correlation.