CDS 交易對公司取得銀行放款成本的影響

The Impact of CDS Trading on the Cost of Bank Loan

本篇研究探討2001 至2012 年間信用違約交換的交易對公司取得銀行放款成本的影響。理論上，信用違約交換的交易提供了分散風險的機會並降低銀行監管與收集資訊的成本，因此有助於降低公司的借款成本。然而，整體而言我們發現信用違約交換對公司取得銀行放款成本的影響是有限的，但是對於規模較小、信用違約交換流動性較高的公司與亞洲放款市場有著明顯的影響。儘管如此，在金融海嘯期間，有信用違約交換的公司其借款成本反而是高於沒有信用違約交換的公司。

This paper investigate the impact of Credit Default Swaps (CDSs) trading onthe cost of bank loan during 2001 to 2012. Theoretically, the CDS trading havelowered the cost of bank loan to firms by creating risk sharing opportunities andreducing bank monitoring and information cost. However, as a whole, we only findlimited evidence that the CDS trading have lowered the cost of bank loan but theimpact is stronger for smaller firms, those firms with higher liquidity in the CDSmarket, and bank loan market in Asia. Nevertheless, there is strong evidence,during the recent financial crisis period, those firms with CDS trading faced higherbank loan spread than those not with CDS trading.