本研究在探討恐怖攻擊是否影響貸款銀行對於貸款合約的授權決策。過去的研究發現，在恐怖攻擊發生後對經濟環境的實質影響，使得債權人有較負面的心理情緒與不安全感，對債務人的還款能力做出較悲觀的評估，未來是否能償還本息的不確定性風險提高。債權人為迴避風險，確保債權穩固與安全，自然會提高借款利率、縮短貸款週期、要求擔保等條件。本文利用美國1993年至2013年有申請貸款公司共3,573筆樣本資料，實證符合預期，發現總部位於恐怖攻擊地區的企業，其借款利率較高，債權人給予的借款期限較短，尤其以現金流波動性較平穩的公司更是明顯。額外測試也發現企業總部位於恐怖攻擊地區的借貸會被附加愈多的契約條款。整體而言，本研究提供證據證明恐怖攻擊會提高企業的借款成本。

This study explores whether terrorist attacks affect lending banks' authorization decisions for loan contracts. Past research has found that the substantial impact on the economic environment in the event of a terrorist attack makes creditors feel more negative psychological emotions and insecurity, make a pessimistic assessment of the debtor's repayment ability, and the uncertainty risk of whether the principal and interest can be repaid in the future increases. In order to avoid risks and ensure the stability and safety of claims, creditors will naturally increase borrowing rates, shorten loan periods, and require guarantees. Using the sample data of 3,573 loan companies in the United States from 1993 to 2013, the empirical evidence is in line with expectations. It is found that companies with corporate headquarters located in terrorist attack areas have higher borrowing rates and shorter loan periods, especially with cash flow volatility. The more stable companies are even more pronounced. Additional tests also found that borrowing companies with corporate headquarters in terrorist attack zones had more covenants attached to them. Overall, this study provides evidence that terrorist attacks increase firms' borrowing costs.

英文文獻
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