資本結構與公司治理對信用評等的影響

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Title:	資本結構與公司治理對信用評等的影響
Other Titles:	Effect of capital structure and corporate governance to credit rating
Authors:	李竑博;Lee, Hung-Po
Contributors:	淡江大學管理科學學系碩士班倪衍森;Ni, Yen-sen
Keywords:	資本結構;公司治理;信用評等;Capital Structure;corporate governance;Credit Rating
Date:	2013
Issue Date:	2014-01-23 13:58:41 (UTC+8)
Abstract:	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。 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.
Appears in Collections:	[Department of Management Sciences] Thesis

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