私人信息与银行贷款定价:即将到来的公司分拆的影响

IF 3.2 3区 管理学 Q1 BUSINESS, FINANCE
Ole-Kristian Hope, Vlad-Andrei Porumb, Simona Rusanescu, Dushyantkumar Vyas
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引用次数: 0

摘要

公司分拆是重要的事件,伴随着对母公司的估值和信用风险影响。除其他好处外,分拆可以提高公司的关注度,提高估值透明度。然而,在债务合同的背景下,分拆也可能与剥离公司的负面结果有关。我们考察了银行是否能够及时获得重要的私人信息,能够在正式公开宣布分拆之前确定母公司即将分拆的可能性和影响。我们的实证分析表明,在分拆公告前的365天内,相对于未分拆的公司,银行向分拆后风险增加(减少)的借款人收取的利差逐渐增加(更低)。这表明,尽管银行认识到分拆的价值和提高透明度的作用,但它们也能够预见到这些资产剥离的潜在负面影响。横断面分析表明,如果分拆导致高风险借款人具有更高的报告质量或更低的报告或操作复杂性,银行收取的贷款息差会逐渐降低。这些结果表明,分拆后风险的增加被通常与分拆相关的剥离收益所补偿。同样,高风险借款人如果不经历“焦点增加”的分拆,就会产生更大的息差。总体而言,我们的研究结果表明,银行能够事先确定重要公司事件(如分拆)的影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Private information and bank-loan pricing: The effect of upcoming corporate spinoffs

Corporate spinoffs are important events that are accompanied by valuation and credit-risk implications for the parent firm. Among other benefits, spinoffs can improve corporate focus and enhance valuation transparency. In the debt-contracting context, however, spinoffs can also be associated with negative outcomes for the divesting firms. We examine whether banks, due to their timely access to material private information, are able to ascertain the likelihood and the implications of impending spinoffs for the parent firm before a formal public announcement of the spinoff. Our empirical analyses indicate that, in the 365-day pre-spinoff announcement period, banks charge incrementally higher (lower) spreads to borrowers with increased (decreased) post-spinoff riskiness relative to nondivesting firms. This suggests that, while lenders recognize the value- and transparency-enhancing effects of spinoffs, they are also able to foresee potentially negative implications of these divestitures. Cross-sectional analyses indicate that banks charge incrementally lower loan spreads if spinoffs result in high-risk borrowers having either higher reporting quality or lower reporting or operational complexity. These results suggest that the post-spinoff increase in riskiness is compensated by the divestiture benefits typically associated with spinoffs. Similarly, high-risk borrowers incur larger spreads if they do not undergo “focus-increasing” spinoffs. Overall, our findings suggest that banks are able to ex ante determine the implications of important corporate events such as spinoffs.

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来源期刊
CiteScore
6.20
自引率
11.10%
发文量
97
期刊介绍: Contemporary Accounting Research (CAR) is the premiere research journal of the Canadian Academic Accounting Association, which publishes leading- edge research that contributes to our understanding of all aspects of accounting"s role within organizations, markets or society. Canadian based, increasingly global in scope, CAR seeks to reflect the geographical and intellectual diversity in accounting research. To accomplish this, CAR will continue to publish in its traditional areas of excellence, while seeking to more fully represent other research streams in its pages, so as to continue and expand its tradition of excellence.
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