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題名：公司治理對企業信用評等之影響與預測
書刊名：東吳經濟商學學報
作者：呂素蓮 引用關係／李國榮 引用關係／謝聖涵
作者(外文)：Lu, Su-lien／Lee, Kuo-jung／Hsieh, Sheng-han
出版日期：2014
卷期：87
頁次：頁97-133
主題關鍵詞：公司治理；信用評等；Ordered Logit模型；馬可夫鏈模型；Corporate governane；Credit ratings；Ordered Logit model；Markov chain model
原始連結：連回原系統網址new window
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  • 被引用次數被引用次數:期刊(3) 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:3
  • 共同引用共同引用:285
  • 點閱點閱:128
1997年亞洲金融風暴，乃至恩隆（Enron）、世界通訊（WorldCom）、國內的力霸集團、博達公司及中興銀行等弊案發生後，公司治理議題逐漸為企業所重視。本研究探討公司治理對信用評等之影響，並預測信用評等之移動與違約風險，研究對象為2004-2011年台灣公開發行公司，共採計6個產業合計508家公司，研究方法為Ordered Logit迴歸模型，並建立研究假說，探討各假說是否支持，最後，本文透過馬可夫鏈模型進行信用等級移轉機率與違約機率之預測。實證結果顯示，在本研究中的6個產業，大多數產業支持獨立董事比例越高、機構投資人持股比例越高和選用四大會計師事務所，有利於提升企業之信用評等。另有約半數產業支持大股東持股比例越高與董事會規模會影響企業信用評等，但是影響方向於各產業則無一致之結果，因此，公司治理機制確實對企業信用等級有顯著影響。最後，本文將估計結果進行預測，並藉由馬可夫鏈模型建構信用評等轉移矩陣，藉此可瞭解各產業在下一年度各評等等級之移轉機率，以及預測各產業之違約機率，本研究之實證結果可防範企業發生財務危機，亦可做為金融機構授信決策之參考依據。
Following the Asian financial crisis of 1997 and the scandals at Enron, WorldCom, and Taiwanese corporations such as Rebar Group, Procomp Informatics Ltd., and Standard Bank, enterprises have gradually recognized the importance of corporate governance. This study explored the variation in credit ratings from the perspective of corporate governance. The subjects of this research were public companies in Taiwan. The sample comprised 6 industries from which 508 firms were collected during the research period of 2004 to 2011. The Ordered Logit regression model was employed to analyse the 6 industries. Ten hypotheses were established according to the research objective, and its validity was discussed. Finally, we employ the Markov chain model to estimate transition matrices, which are used to forecast transition probabilities and default probabilities. The empirical results of this study support the hypothesis that the credit ratings of a company are significantly influenced by the following factors: a high proportion of independent trustees, a high shareholding ratio of institutional investors and selecting the Big Four for auditing services. The results of this study can also provide a reference for financial institutions and regular investors to understand industrial enterprise credit ratings. Furthermore, the transition probability of the subsequent annual ratings for the 6 industries examined in this study can be predicted using the credit rating transition matrix. The results of this study can also provide a reference for financial institutions and investors to invest or lend.
期刊論文
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3.林郁翎、黃建華(20090300)。考慮公司治理之企業財務危機預警模型。東吳經濟商學學報，64，23-55。new window  延伸查詢new window
4.余惠芳、邱怡華(20120900)。獨立董監事、融資決策與公司績效之實證研究。華人經濟研究，10(2)，1-15。new window  延伸查詢new window
5.何文榮、鄭碧月(2005)。台灣上市公司營運危機預測模式之研究。華人經濟研究，3(1)，71-92。  延伸查詢new window
6.何文榮、李復禮(20061100)。公司治理與財務危機關係之研究--以上市公司為例。華人前瞻研究，2(2)，1-25。new window  延伸查詢new window
7.吳克、余惠芳、黃曉如、邱資凱(20121200)。財務槓桿、公司治理與公司績效之實證研究。全球管理與經濟，8(2)，40-54。new window  延伸查詢new window
8.彭雅惠、呂佩珊(20110300)。公司治理機制對信用評等影響之研究。玄奘管理學報，8(1)，49-74。new window  延伸查詢new window
9.Mak, Y. T.、Li, Y.(2001)。Determinants of corporate ownership and board structure: evidence from Singpore。Journal of Corporate Finance，7(3)，235-256。  new window
10.Pound, J.(1988)。Proxy contents and the Efficiency of Shareholder Oversight。Journal of Financial Economics，20(1/2)，237-265。  new window
11.李建然、高惠松(20070900)。會計師事務所人力資本與審計品質之關聯性研究。人力資源管理學報，7(3)，45-64。new window  延伸查詢new window
12.李春安、徐傳瑛(20100700)。董事會獨立性與企業財務危機關係之研究。管理與系統，17(3)，467-499。new window  延伸查詢new window
13.Hudson, C. D.、Jahera, J. S. Jr.、Lloyd, W. P.(1992)。Further Evidence on the Relationship between Ownership and Performance。The Financial Review，27(2)，227-239。  new window
14.Mangel, R.、Singh H.(1993)。Ownership Structure, Board Relationships and CEO Compensation in Large US Corporations。Accounting and Business Research，23(91A)，339-350。  new window
15.Tripathi, S.(1998)。A different world。Far East Economic Review，161(33)，49-51。  new window
16.Patton, A.、Baker, J. C.(1987)。Why Won't Directors Rock the Board?。Harvard Business Review，65(6)，10-18。  new window
17.Chen, H.、Hu, M. Y.(2002)。An analysis of determinants of entry mode and its impact on performance。International Business Review，11，193-210。  new window
18.Jarrow, R. A.、Lando, D.、Turnbull, S. M.(1997)。A Markov Model for the Term Structure of Credit Risk Spreads。Review of Financial Studies，10(2)，481-523。  new window
19.Dechow, P. M.、Sloan, R. G.、Sweeney, A. P.(1996)。Causes and consequences of earnings manipulations: An analysis of firms subject to enforcement actions by the SEC。Contemporary Accounting Research，13(1)，1-36。  new window
20.Bhojraj, S.、Sengupta, P.(2003)。Effect of corporate governance on bond ratings and yields: The role of institutional investors and the outside directors。The Journal of Business，76(3)，455-475。  new window
21.Oviatt, Benjamin M.(1988)。Agency and Transaction Cost Perspectives on the Manger-Shareholder Relationship: Incentives for Congruent Interests。Academy of Management Review，13(2)，214-225。  new window
22.Daily, Catherine M.、Dalton, Dan R.(1993)。Board of Directors Leadership and Structure: Control and Performance Implications。Entrepreneurship: Theory and Practice，17(3)，65-81。  new window
23.黃振豊、呂紹強(20001100)。企業財務危機預警模式之研究--以財務及非財務因素構建。當代會計，1(1)，19-40。new window  延伸查詢new window
24.Sengupta, Partha(1998)。Corporate disclosure quality and the cost of debt。The Accounting Review，73(4)，459-474。  new window
25.Chaganti, R. S.、Mahajan, V.、Sharma, S.(1985)。Corporate board size, composition, and corporate failures in retailing industry。Journal of Management Studies，22(4)，400-417。  new window
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28.Ashbaugh-Skaife, Hollis D.、Collins, Daniel W.、LaFond, Ryan(2006)。The Effects of Corporate Governance on Firms' Credit Ratings。Journal of Accounting and Economics，42(1/2)，203-243。  new window
29.Lipton, Martin、Lorsch, Jay W.(1992)。A Modest Proposal for Improved Corporate Governance。The Business Lawyer，48(1)，59-77。  new window
30.吳安妮(19930400)。臺灣經理人員主動揭露盈餘預測資訊內涵之實證研究。會計評論，27，76-107。new window  延伸查詢new window
31.Lee, Tsun-Siou、Yeh, Yin-Hua(2004)。Corporate Governance and Financial Distress: Evidence from Taiwan。Corporate Governance: An International Review，12(3)，378-388。  new window
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33.La Porta, Rafael、López-de-Silanes, Florencio、Shleifer, Andrei(1999)。Corporate ownership around the world。Journal of Finance，54(2)，471-517。  new window
34.Yermack, David(1996)。Higher market valuation of companies with a small board of directors。Journal of Financial Economics，40(2)，185-211。  new window
35.Botosan, Christine A.(1997)。Disclosure level and the cost of equity capital。The Accounting Review，72(3)，323-349。  new window
36.Eisenberg, Theodore、Sundgren, Stefan、Wells, Martin T.(1998)。Larger board size and decreasing firm value in small firms。Journal of Financial Economics，48(1)，35-54。  new window
37.Jeong, S. W.、Rho, J.(2004)。Big six auditors and audit quality: The Korean evidence。The International Journal of Accounting，39(2)，175-196。  new window
38.Fama, Eugene F.(1980)。Agency Problems and the Theory of the Firm。Journal of Political Economy，88(2)，288-307。  new window
39.Claessens, Stijn、Djankov, Simeon、Fan, Joseph P. H.、Lang, Larry H. P.(2002)。Disentangling the Incentive and Entrenchment Effects of Large Shareholdings。The Journal of Finance，57(6)，2741-2771。  new window
40.Barnhart, Scott W.、Rosenstein, Stuart(1998)。Board Composition, Managerial Ownership, and Firm Performance: An Empirical Analysis。The Financial Review，33(4)，1-16。  new window
41.Jensen, Michael C.(1993)。The modern industrial revolution, exit, and the failure of internal control systems。The Journal of Finance，48(3)，831-880。  new window
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44.Beasley, Mark S.(1996)。An Empirical Analysis of the Relation between the Board of Director Composition and Finacial Statement Fraud。The Accounting Review，71(4)，443-465。  new window
研究報告
1.Black, B. S.、Jang, H.、Kim, W.、Mark, J.(2002)。Does corporate governance after firm value evidence from Korea。Stanford Law School。  new window
2.Rajgopal, S.、Venkatachalam, M.(1997)。The role of institutional investors in corporate governance: An empirical investigation。University of Iowa。  new window
學位論文
1.吳蕙真(2007)。台灣集團企業財務預警模式--加入公司治理變數探討(碩士論文)。東吳大學。  延伸查詢new window
2.張媛婷(2007)。多角化經營、公司治理與財務危機(碩士論文)。國立政治大學。  延伸查詢new window
3.鄭祥和(2007)。公司治理與財務危機關聯性之探討(碩士論文)。東吳大學。  延伸查詢new window
4.蔡鳳娟(2006)。運用財務比率分析及公司治理指標於企業財務危機之研究(碩士論文)。淡江大學。  延伸查詢new window
5.蔡其勳(2006)。從會計師資訊的角度構建企業財務危機預警模型(碩士論文)。靜宜大學。  延伸查詢new window
6.洪嘉馨(2011)。公司財務危機預測-以公司治理為基礎(碩士論文)。淡江大學。  延伸查詢new window
7.陳富祥(1998)。運用公司治理與財務比率建構危機預警模型(碩士論文)。台南科技大學。  延伸查詢new window
圖書
1.伍忠賢(2003)。公司治理的第一本書。台北市：商周出版社。  延伸查詢new window
2.葉銀華、李存修、柯承恩(2013)。公司治理與評等系統。台北：智商文化。new window  延伸查詢new window
3.Berle, Adolf Augustus Jr.、Means, Gardiner C.(1932)。The Modern Corporation and Private Property。Macmillan Publishing Company。  new window
4.Bacon, Jeremy(1973)。Corporate Directorship Practices: Membership and Committees of The Board。The Conference Board。  new window
圖書論文
1.McFadden, D.(1974)。Conditional logit analysis of qualitative choice beha。Frontiers in Econometrics。New York：Academic Press。  new window
 
 
 
 
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