The Effects of a Megabank Merger on Firm-Bank Relationships and Borrowing Costs
The Effects of a Megabank Merger on Firm-Bank Relationships and Borrowing Costs
复制标题
大型银行合并对公司与银行关系和借贷成本的影响
DOI：
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发表时间：
2012
期刊：
影响因子：
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通讯作者：
Iichiro Uesugi
中科院分区：
文献类型：
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作者：
Taisuke Uchino;Iichiro Uesugi
使用一个独特的数据集的非上市. RMS识别银行的.我们关注的是合并是如何通过他们的...... rm-bank关系影响...... rms的。具体来说，我们研究了在合并之前与合并银行进行交易的企业，与合并银行之一进行交易的企业，或者与合并银行中的任何一家都没有进行交易的企业，其贷款的可用性如何随着时间的推移而演变。我们发现：（1）与BTM和UFJ都有交易的公司的借贷成本相对于没有与他们交易的公司增加了40个基点。(2)与两家银行中的一家进行交易的公司相比，与两家银行都没有进行交易的公司相比，它们的借款成本增加了20个基点，增幅较小，但仍然很大。以及（3）我们没有发现与收购银行（BTM）和与被收购银行（UFJ）进行交易的公司之间借贷成本增加的程度有显著差异。这些结果表明，银行合并增加了..
Using a unique dataset of non-listed …rms that identi…es the banks the …rms transact with, we examine the eects of the largest-ever bank merger in Japan, that between Bank of Tokyo-Mitsubishi (BTM) and UFJ Bank (UFJ) in 2005. We focus on how the merger aected …rms through their …rm-bank relationships. Speci…cally, we examine whether there are any dierences in how the availability of loans evolved over time for …rms that prior to the merger transacted with both of the merged banks, with one of the merged banks, or with none of them. We …nd the following: (1) Firms that had transacted with both BTM and UFJ saw their borrowing costs increase by 40bp relative to those that had transacted with neither of them. (2) Firms that transacted with one of the two banks saw their bor- rowing costs increase by a smaller but still signi…cant margin of 20bp relative to those that had transacted with neither of them. And (3) we do not …nd a signi…cant dierence in the extent that borrowing costs increased between …rms that transacted with the acquiring bank (BTM) and those that transacted with the acquired bank (UFJ). These results sug- gest that the bank merger increased …rms'borrowing costs partly through the exogenous decrease in the number of …rm-bank relationships and partly through changes in the orga- nizational structure of the merged bank, including a consolidation of the branch network.
DOI：
10.2139/ssrn.948089
发表时间：
2006-11
期刊：
IO: Empirical Studies of Firms & Markets
影响因子：
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作者：
H. Uchida;Gregory F. Udell;W. Watanabe
通讯作者：
H. Uchida;Gregory F. Udell;W. Watanabe