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系統識別號 U0002-0307201308285400
中文論文名稱 資本結構與公司治理對信用評等的影響
英文論文名稱 The Effect of Capital Structure and Corporate Governance to Credit Rating
校院名稱 淡江大學
系所名稱(中) 管理科學學系碩士班
系所名稱(英) Master’s Program, Department of Management Sciences
學年度 101
學期 2
出版年 102
研究生中文姓名 李竑博
研究生英文姓名 Hung-Po Lee
學號 600620792
學位類別 碩士
語文別 中文
口試日期 2013-06-27
論文頁數 36頁
口試委員 指導教授-倪衍森
委員-李命志
委員-陳明麗
中文關鍵字 資本結構  公司治理  信用評等 
英文關鍵字 Capital Structure  Corporate Governance  Credit Rating 
學科別分類
中文摘要 在眾多的投資商品中,股票是常被考量的投資標的,而評估該企業的股票表現是否需考量這家公司的信用評等此應該是值得重視的課題,是以本研究主要探討台灣上市企業之資本結構與公司治理對信用評等的影響,並得到以下重要的研究發現。其一、流動比率與信用評等並沒有顯著的正向關係,流動比率越高不表示企業越值得投資。其二、外資投資比率越高,不見得是全然為正面的指標,因為有時候,外資比率的提高,其實是為了拉抬股價來吸引投資人進場。其三、董監事持股比率越高對投資人也會越有保障。其四、獨立董事的設立無疑是對信用評等有加分效果,可是台灣該制度確是由公司高層直接任命,當然在效果上會大打折扣。由上述結果顯示,投資人似可透過資本結構與公司治理的項目來做為擇股的考量因素。
英文摘要 The stock is often taken into account among a variety of financial commodities. In this study, we argue that credit rating would be a worthwhile factor for evaluating the share performance. Therefore, we investigate the effect of capital structure and corporate governance to credit rating, and several important findings are revealed as follows. First, the current ratio has no impact on credit rating, implying the higher current ratio might not indicate a positive signal. Second, investors should not deem the foreign holding ratio as a positive signal, since foreign investment institution often raise the holding ratio for the purpose of raising share prices. Third, the results reveal that the share prices seldom fall down suddenly for the stocks with high director holding ratios. Finally, we disclose that independent directors might not give extra credit for the firm listing in stock exchanges, because the independent directors are appointed by the chairman of the boards even the CEO. Therefore, investors might take the results revealed in this study into account for screening stocks in the share market.
論文目次 目錄

第一章 緒論 1
第一節、研究背景與動機 1
第二節、研究目的 2
第三節、研究流程 3
第四節、研究架構 4
第二章 文獻探討 5
第一節、資本結構與信用評等 5
第二節、股權結構與信用評等 6
第三節、其他變數與信用評等 8
第三章 研究假說與模型 10
第一節、研究資料與變數 10
第二節、研究假說 13
第三節、研究模型建立 16
第四節、實證模型介紹 19
第四章 實證結果與分析 22
第一節、敘述統計量 22
第二節、實證結果與分析(一) 23
第三節、實證結果與分析 (二) 28
第五章 結論與建議 31
第一節、 研究結論 31
第二節、 投資管理意涵 32
第三節、 研究建議 33
參考文獻 34


表目錄

表3-1變數對照表 16
表4-1敘述統計量 22
表4-2多元迴歸模型之實證結果 23
表4-3含年份虛擬變數之多元迴歸模型之實證結果 24
表4- 4含年份與公司虛擬變數之多元迴歸模型之實證結果 25
表4-5 PANEL DATA實證結果 27
表4- 6羅吉特迴歸實證結果(一) 28
表4-7羅吉特迴歸實證結果(二) 29


圖目錄

圖1- 1研究流程圖 3






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Bae, Kee-Hong and Vidhan K. Goyal, 2010. Equity Market Liberalization and Corporate Governance, Journal of Corporate Finance16: 609-621.

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Bebchuk, Lucian, Alma Cohen, and Allen Ferrell, 2009. What Matters in Corporate Governance? Review of Financial Studies 22(2): 783-827.

Brav, Omer, 2009. Access to Capital, Capital Structure, and the Funding of the Firm, Journal of Finance 64: 263-308.

Bradley, Michael, Chen, Dong, Dallas, George S., and Snyderwine, Elizabeth, 2007. The Relation between Corporate Governance and Credit Risk, Bond Yields and Firm Valuation. Available at SSRN: http://ssrn.com/abstract=1078463

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Collins, Daniel W, Hollis Ashbaugh-Skaife, and Ryan LaFond, 2006.The Effects of Corporate Governance on Firms’ Credit Ratings, Journal of Accounting and Economics 42: 203-243.

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Hausmann, Ricardo and Eduardo Fernandez-Arias, 2000. Foreign Direct Investment: Good Cholesterol? IDB Working Paper No.348.

Heflin, Frank, Kenneth W. Shaw, and John J. Wild, 2011. Credit Ratings and Disclosure Channels, Research in Accounting Regulation 23: 20-33

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