Bank Relationships and Their effects on Firm Performance Around the Asian Financial Crisis: Evidence from Taiwan
以1997年亚洲金融危机期间的台湾企业为样本，发现国内银行关系数量与企业绩效负相关，而外资银行关系数量则正相关；危机期间企业转向国内银行并减少对外资银行的依赖。
We evaluate the impact of bank relationships on firm performance for a sample of Taiwanese firms around the 1997 Asian financial crisis. We find a negative relation between the number of domestic-bank relationships and firm performance, but a positive relation between the number of foreign-bank relationships and firm performance. Firms explored new relationships with domestic banks and reduced their reliance on foreign banks during the crisis. Lending bank reputation and bank loan ratios are important factors explaining firm performance. Factors that affect banking relationships include borrowing firms’ profitability, age, size, and leverage, and the primary lending bank’s characteristics.