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題名：董事會政治背景與企業信用風險之關係
書刊名：證券市場發展季刊
作者：翁慈青 引用關係／紀信義 引用關係
作者(外文)：Weng, Tzu-ching／Chi, Hsin-yi
出版日期：2014
卷期：26:2=102
頁次：頁43-89
主題關鍵詞：董事會政治背景；信用風險；負債資金成本；Politically connected firms；Credit risk；Cost of debt capital
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(13) 博士論文(0) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:10
  • 共同引用共同引用:137
  • 點閱點閱:50
本研究係在探討董事會政治背景是否會影響到企業的信用風險。本研究根據董事成員政治背景之特性，分別就董事成員是否擔任過中央政府官員、民意代表及相關政黨工作等特性，以此作為董事會政治背景之替代變數。本研究主要以台灣1995年至2010年之上市櫃公司為研究對象，實證結果發現，具有政治背景的董事將為公司帶來較高的違約風險，故該公司的信用風險偏高，且會產生較高的負債資金成本；本研究更進一步發現，當公司的董事成員擔任過中央政府官員或民意代表時，不僅無法提升公司價值，反而會產生更大的信用風險，進而使債權人要求更高的風險貼水。
The purpose of this paper is to investigate whether the board member's political connection is associated with corporation's credit risk and cost of debt capital. Using Taiwanese listed firms for year 1995 to 2010, we find that if the boards have the political connection, they will suffer from higher credit risk and higher cost of debt capital, especially for the board members who serve as government officials and elected representatives. Accordingly, politically connected firms are determined to be higher credit risks and are charged higher interest rates by lenders than non-connected firms.
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會議論文
1.Srinidhi, B.(2010)。Political Connection, Transparency and Auditor Choice: Evidence from Family-owned Firms in China。4th Symposium of China Journal of Accounting Research。  new window
研究報告
1.Guedhami, O.(2009)。Auditor Choice and Politically Connected Firms。  new window
2.Houston, J. F.(2012)。Political Connections and the Cost of Bank Loans。University of Florida。  new window
圖書
1.陳瑞、周林毅(2007)。風險評估與決策管理。臺北市：五南。  延伸查詢new window
2.郭敏華(2000)。債信評等。臺北市：智勝文化。  延伸查詢new window
其他
1.Byrne, J.(19961125)。Listen up: The National Association of Corporate Directors’ New Guidelines Won’t Tolerate Inattentive, Passive, Uninformed Board Members。  new window
圖書論文
1.Reiss, P. C.(2001)。Structural Econometric Modeling: Rationales and Examples from Industrial Organization。Handbook of Econometrics。  new window
 
 
 
 
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