关联贷款担保对债务成本的影响:来自韩国的证据

Q4 Business, Management and Accounting

Journal of Applied Business Research Pub Date : 2017-08-31 DOI:10.19030/jabr.v33i5.10021

Yong-sang Woo

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引用次数: 0

摘要

当一家公司担保支付附属公司的贷款时，就会发生贷款担保。关于向附属公司提供贷款担保的相互矛盾的论点占了上风。首先，一些人认为，向附属公司提供的贷款担保会降低公司价值，因为它们是或有负债（Shim，1996；Berkman，Cole&Fu，2009年）。其次，其他人认为，当向附属公司提供的贷款担保金额较大时，公司价值较高，因为贷款担保将被视为未来现金流的积极指标（Lee，2005）。本研究的目的是为这些论点提供更多的经验证据。研究结果表明，当向关联公司提供的贷款担保金额较大时，债务成本较高。这一结果表明，当向关联方提供的贷款担保金额较大时，债权人要求更高的风险溢价，因为他们将贷款担保视为或有负债。因此，这一结果支持了贷款担保降低企业价值的说法。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Effect Of Affiliate Loan Guarantees On Cost Of Debt: Evidence From Korea

A loan guarantee occurs when a company guarantees payment of an affiliate’s loan. Conflicting arguments regarding loan guarantees provided to affiliates have prevailed. First, some suggest that loan guarantees provided to affiliates would decrease firm value because they are contingent liabilities (Shim, 1996; Berkman, Cole & Fu, 2009). Second, others suggest firm value is high when the amount of loan guarantees provided to affiliates is large because loan guarantees would be regarded as a positive indicator of future cash flow (Lee, 2005). The purpose of this study was to present additional empirical evidence of these arguments. The result of this study showed that cost of debt is high when the amount of loan guarantees provided to affiliates is large. This result indicates that creditors demand higher risk premiums when the amount of loan guarantees provided to affiliates is large because they regard loan guarantees as contingent liabilities. Therefore, this result supports the assertion that loan guarantees decrease firm value.

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来源期刊

Journal of Applied Business Research Business, Management and Accounting-Business and International Management

CiteScore

0.60

自引率

0.00%

发文量

期刊介绍： The Journal of Applied Business Research (JABR) welcomes articles in all areas of applied business and economics research. Both theoretical and applied manuscripts will be considered for publication; however, theoretical manuscripts must provide a clear link to important and interesting business and economics applications. Using a wide range of research methods including statistical analysis, analytical work, case studies, field research, and historical analysis, articles examine significant applied business and economics research questions from a broad range of perspectives. The intention of JABR is to publish papers that significantly contribute to these fields.