本研究旨在探討銀行對企業放款利率的影響因素，主要聚焦於聯合授信利率加碼與台灣企業信用評等指標TCRI之間的關聯性。本研究之資料來源為Refinitiv LPC及台灣經濟新報，使用了2018年至2022年間的台灣聯貸市場新台幣聯合授信案的實際交易資料及借款人TCRI評等作為研究樣本，以提供最新的實證結果。研究方法採用多元迴歸分析，以台灣企業信用風險指標TCRI和台灣聯貸市場的交易資料為主要分析對象。研究結果顯示，聯合授信利率加碼與授信金額、授信期間、TCRI評等、無風險利率和擔保授信等因素之間存在關聯性。具體而言，研究結果顯示，聯合授信利率加碼與授信期間、TCRI、無風險利率和擔保授信呈正相關，而與授信金額之關聯則不顯著。此外，在將樣本依參考利率別分組後進行迴歸分析的結果也與整體樣本結果大致相同。這些結果有助於更好地理解銀行放款利率的定價機制，提高企業和銀行的融資效率和風險控制能力。

This study aims to investigate the factors influencing bank loan interest rates to businesses, with a specific focus on the relationship between syndicated loan rate spreads and the Taiwan Corporate Credit Risk Index (TCRI). The data for this study were sourced from Refinitiv LPC and the Taiwan Economic Journal, using actual transaction data from the Taiwan syndicated loan market in New Taiwan Dollars (NTD) between 2018 and 2022, along with borrower TCRI ratings, as the research sample to provide up-to-date empirical results. The research methodology employs multiple regression analysis, with the TCRI ratings and transaction data from the Taiwan syndicated loan market as the primary analysis subjects. The results of the study indicate correlations between syndicated loan rate spreads and factors such as loan amount, loan tenure, TCRI ratings, risk-free rates, and collateralized lending. Specifically, the findings show a positive correlation between syndicated loan rate spreads and loan tenure, TCRI ratings, risk-free rates, and collateralized lending, while the association with loan amount is not significant. Furthermore, the results obtained from regression analysis after grouping the sample by reference rates align closely with the overall sample results. These findings contribute to a better understanding of the pricing mechanism of bank loan interest rates and enhance the financing efficiency and risk control capabilities of borrowers and banks.

第一章　緒論 1
第一節　研究動機與目的 1
第二節　研究架構 3
第二章　文獻回顧 4
第一節　授信額度及授信期間 4
第二節　借款人信用評等 5
第三節　擔保品 5
第四節　參考利率 6
第三章　研究方法 8
第一節　資料 8
第二節　多元迴歸分析 10
第三節　變數定義 10
第四節　實證模型設計 14
第四章　實證結果 15
第一節　敘述統計 15
第二節　樣本相關係數矩陣 26
第三節　迴歸分析結果 30
第一小節　授信額度、授信期間和無風險利率 30
第二小節　TCRI評等 30
第三小節　擔保授信 31
第四節　穩健性測試 33
第五章　結論 37
第一節　結論 37
第二節　限制及建議 37
參考文獻 39
附錄 42

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