本研究之目的在探討公司治理機制是否影響公司的信用評等，亦即檢驗是否擁有健全公司治理的企業，比起不健全公司治理的企業有比較好的信用評分等級。本研究以國內上市公司為樣本，研究期間為民國90年至94年，共計取得521家上市公司樣本。利用Ordered Logistic迴歸模型進行分析，研究結果發現在控制公司特性後，董（監）事組成、股權結構及管理型態變數對信用評等有顯著的影響。本研究採用台灣企業信用風險指標(TCRI)做為信用評等的替代變數，其共分為1至10個等級，等級1優於等級2，以此類推，等級數愈大，代表信用評等愈差。實證結果發現，獨立董監席次與信用評等為負向關係且與股權集中度為正向關係。此外，信用評等與外部大股東持股、法人持股和內部人持股呈現負向關係，但與股份盈餘偏離程度呈現正向關係。此外，董事長兼總經理與信用評等為正向關係。本研究結果證實，公司治理越佳之企業其信用評等結果也越佳。

This study examines the relationship between corporate governance mechanism and credit ratings that is whether firms with strong corporate governance benefit from higher credit ratings relative to firms with weaker governance. The sample consists of 521 publicly listed firms and the sample period is from 2001 to 2005. Adopting the ordered logistic regression model, the research results show that credit ratings are significantly influenced by board independence, ownership structure and management type after controlling for firm-specific risk characteristics. Since the study uses the TCRI indices as the proxy for credit ratings which range from level 1 (the best) to 10 (the worse), credit ratings are negatively related to the number of independent directors and positively related to the number of board members controlled by the controlling shareholders. Moreover, credit ratings are negatively associated with the holdings of outside blockholders and institutional shareholders as well as insider shareholdings, but positively related to the deviation of cashflow rights from equity rights. As to the management type, CEO duality is positively related to credit ratings. These results confirm that firms with strong corporate governance will benefit from high credit ratings.