商業放款不僅是銀行最重要的資產，其訂價的方式直接影響銀行的收益 ，另一方面也是企業籌措資金最重要的管道，其借款利率的高低直接影響 了公司的經營成本。因此本研究藉由對銀行的實際放款資料進行實證研究 ，透過迴歸模型的建立來決定影響銀行放款訂價的因素。本研究的樣本為 國內公開發行公司的 528筆實際放款資料，所選取的解釋變數分為放款銀 行、借款條件以及借款公司三部分，主要實證結果歸納如下：1.對放款利 率加碼有顯著負向影響的變數包括銀行規模、基本放款利率以及借款公司 規模。2.銀行的資金成本對放款利率加碼有正向影響，亦即銀行將資金成 本反映在放款利率的訂價上。3.有擔保的借款明顯有較高的放款利率加碼 。4.信用等級較高的借款者有較低的利率加碼。5.放款期間與放款額度對 利率加碼無顯著影響。6.新、舊銀行間的放款利率加碼並無顯著差異。7. 銀行部分的因素為影響利率加碼最重要的因素，其次為借款者條件，最後 為放款條件的因素。 The pricing of loan rates plays an important role in both the lenders'' (commercial banks'') profitability and borrowers'' cost. In this study a pricing model of commercial loan rates is constructed and applied to examine the factors that affect the spreads of loan rates. The empirical results indicate that boththe banks and companies with larger scale tend to have lower loan spreads. The banks with lower prime rates charge larger loan spreads. The cost of banks'' deposits is reflected in the loan spreads, meaning that the banks with higher deposit rates have higher loan rates. Secured loans also tend to have larger spreads, implying that the riskier borrowers need to be collateralized. Not surprisingly, borrowers with higher credit risk have higher loan spreads. Finally,there are no significant differences in loan rates with respect to loan size, maturity and types of banks (old vs. new).
