本研究旨在探討公司績效與投資是否會受到借款銀行之規模影響。本文以ROA及Tobin’s Q衡量公司績效，並使用研發費用率作為衡量公司投資之代理變數。實證結果發現公司與規模較大的銀行借款，公司績效與投資越高。原因在於公司受到大銀行規模經濟的外溢效果影響，而有較低的成本，使公司績效與投資增加。然此效應僅在低負債比率或Z-score處在非高破產機率區間的公司顯著，且亦隨產業而有所變動，此外考慮到總體經濟環境，發現此效應亦不存在於金融危機時期。

We investigate how bank size affects performance and investment of borrowers by using the loan data of Taiwan listed firms. Our results show that bank size is positively related with firms’ performance, proxied by ROA and Tobin’s Q. Borrowing loans from large banks motivates firms to spend more on R&D investment. Additionally, the positive association between bank size and firms’ performance is more pronounced when borrowers are financially stable (low leverage ratio or safe Altman Z-score). In consideration of macroeconomics, our evidence shows that the beneficial impact of bank size on borrowers’ performance is eliminated during the financial crisis. We also find that the effects of bank size on firms’ performance and investment differ across industries. Our research provides the evidence that banks with large size provide advantages to their borrowers and emphasize the benefits of large banks.

論文審定書 i
摘要 ii
Abstract iii
1. Introduction 1
2. Literature Review and Hypotheses Development 4
3. Data 9
3.1. Samples 9
3.2. Variables 10
3.2.1. Bank size 10
3.2.2. Dependent variables 11
3.2.3. Control variables 11
3.2.3.1. Loans’ characteristics 11
3.2.3.2. Banks’ characteristics 12
3.2.3.3. Firms’ characteristics 13
3.3. Summary statistics 14
3.4. Empirical models 15
4. Empirical Results 16
4.1. Impacts of bank size on firms’ performance and investment 16
4.2. Impacts of bank size on firms’ performance and investment across different characteristics of firm 17
4.3. Impacts of bank size on firms’ performance and investment across years 19
4.4. Impacts of bank size on firms’ performance and investment across industries 21
4.5. Robustness check 21
5. Concluding Remarks 22
Reference 24
Appendix 29

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