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題名：信用評等調整是否影響企業資本結構的決定？
書刊名：兩岸金融季刊
作者：黃玉麗 引用關係
作者(外文)：Huang, Yu-li
出版日期：2014
卷期：2:1
頁次：頁31-61
主題關鍵詞：資本結構；信用評等；最適資本結構；部分調整模型；Capital structure；Credit rating；Optimal capital structure；Partial adjustment model
原始連結：連回原系統網址new window
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本文以1998 至2009 年間，獲得評等機構給予評等等級的上市、上櫃公司為樣本，探討我國企業資本結構的調整過程，是否納入信用評等為考量。本文納入中華信用評等機構、標準普爾信評機構、惠譽評等機構、台灣惠譽評等機構、穆迪投資服務機構、台灣穆迪投資服務機構，以完整了解各評等機構調整評等等級對我國企業的資本結構之影響。實證結果發現在控制其他可能影響資本結構決定的因素後，評等等級調升使企業的負債比率顯著提升，顯示評等等級調整確實影響企業資本結構的決定。當以淨債務發行增量減去淨股東權益的增加占資產總額的比率衡量資本結構，發現評等等級調整對資本結構沒有顯著的影響，但若將資金籌措的方式細分，發現評等獲得調升的企業，隔年的公司債發行比率顯著上升，顯示我國的企業透過增加發行公司債以回到目標資本結構。
This paper includes the long-term issuer credit ratings issued by 6 rating agencies from 53 firms in Taiwan markets during 1998–2009. We try to investigate the partial adjustment process of capital structure when rating agencies upgrade or downgrade firms’ credit ratings. We find firms increase debt ratio when the rating is upgraded but the effect is not significant when the rating is downgraded. Furthermore, firms increase issuing corporate bond when firms’ rating is upgraded and the effect is still insignificant when the rating is downgraded.
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會議論文
1.Durand, D.(1952)。Cost of Debt and Equity for Business: Trends and Problems of Measurement。Conference on Research of Business Finance。New York：National Bureau of Economic Research。215-247。  new window
2.Huang, Y. L.、Shen, C. H.(2013)。Cross-country Variations in Capital Structure Adjustments--the Role of Credit Rating。21st Annual Conference on Pacific Basin Finance, Economics, Accounting and Management，(會議日期: 2013/07/05-07/06)。Melbourn, Australia。  new window
研究報告
1.Hovakimian, A.(2003)。Are Observed Capital Structures Determined by Equity Market Timing?。Zicklin School of Business, Baruch College。  new window
2.Ammer, J.、Clinton, N.(2004)。Good News Is No News? The Impact of Credit Rating Changes on the Pricing of Asset-Backed Securities。  new window
學位論文
1.張慧琳(2007)。信用評等與資本結構關聯性之研究-以台灣公司為研究對象(碩士論文)。國立交通大學。  延伸查詢new window
2.白淑芬(2007)。資本結構影響因素之實證研究--以臺灣上市公司為例(碩士論文)。國立成功大學。  延伸查詢new window
3.宋函芳(2009)。信用評等與資本結構變化關聯性之研究(碩士論文)。國立中山大學。  延伸查詢new window
4.李淑鈴(2006)。信用評等與資本結構關聯性研究--以臺灣上市公司為例(碩士論文)。國立中正大學。  延伸查詢new window
5.陳宜汶(2008)。信用評等改變對公司資本結構決策之影響(碩士論文)。國立中央大學。  延伸查詢new window
6.藍瑞卿(2000)。台灣地區股票上櫃公司資本結構影響因素之探討(碩士論文)。國立臺北大學。  延伸查詢new window
 
 
 
 
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