本研究利用2005年到2010年台灣公司的銀行貸款合約資料，探討在金融危機間，非金融業公司能否透過持有銀行股份與放貸銀行建立關係連結，進而替公司從銀行融資上獲得優惠。研究結果顯示透過持有股權與銀行建立連結的公司相較於無此關係連結的公司，能獲得約125%的貸款額度；即使關係連結公司的違約風險較高，這些公司仍舊可獲得低於類似條件卻無關係連結公司約28.28個基點的貸款利率優惠。我們的研究結果顯示透過持有銀行股份與放貸銀行建立關係連結確實能為公司帶來好處。

This study investigates whether firms that build connections via holding bank shares can benefit their bank loan contracts during the global financial crisis. The analysis is based on data from Taiwan (2005 to 2010). Empirical results show that the loan size of connected firms is approximately 1.25 times larger than that of firms without such connections. Connected firms can obtain 28.28 basis points lower loan rate as well, and can benefit from bank loans even if they present high default risks. Our findings provide not only support for benefits derived from relationship lending for firms but also an explanation why firms hold bank shares.

We explore the benefits that non-financial firms get from owning bank shares on bank loan contracts during the global financial crisis. Our major findings can be summarized in two-fold as follows. (1) We find that firms with bank shares can obtain favoritism from the banks on loan contracts during the global financial crisis, providing support for the notion of Ivashina & Scharfstein (2010) and Puri et al. (2011) who suggest that the bank-borrower relationship of firms can benefit their bank financing during the crisis period; (2) even under the circumstance of high default risk, we find that these connected firms still acquire favoritism in loan terms compared with non-connected firms, especially in bank loan size. Overall, our empirical results suggest that firms with holding bank shares likely benefit from bank financing during a negative exogenous shock.

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