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研究生:闕玎倚
研究生(外文):Ding-Yi Chueh
論文名稱:公司治理與信用評等-台灣的實證研究
論文名稱(外文):Corporate Governance and Credit Rating-Evidence from Taiwan Corporations
指導教授:楊屯山楊屯山引用關係王國明王國明引用關係
指導教授(外文):Jerry T. YangKuo-Mi Wang
學位類別:碩士
校院名稱:國立清華大學
系所名稱:科技管理研究所
學門:商業及管理學門
學類:其他商業及管理學類
論文種類:學術論文
論文出版年:2004
畢業學年度:92
語文別:中文
論文頁數:111
中文關鍵詞:公司治理指標評等系統信用評等董事會違約機率
外文關鍵詞:Corporate Governance IndexRating SystemCredit Rating IndexBoard of DirectorsDefault Probability
相關次數:
  • 被引用被引用:16
  • 點閱點閱:465
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  • 收藏至我的研究室書目清單書目收藏:0
本文以台灣百大集團為樣本,檢驗董(監)事的監察效能、建構公司治理評等系統、和探討此系統與信用評等指標之關聯性。公司治理(Corporate Governance)這個在台灣似有若無、令人詬病的制度,每每在董(監)事改選的季節,引起討論與質疑。本文除廣納國內外文獻相關公司治理變數外,並考量台灣的企業特性,加入官股比例、交叉董監事等共計27個變數。且改良國內外公司治理評等系統過於主觀的缺點,建構一符合台灣且具客觀量化指標之公司治理指數(Corporate Governance Index; CGI)。再者,本文實證研究發現:CGI藉由影響違約機率,而與信用評等指數(Credit Rating Index, CRI)呈現負向關係。換言之,公司治理越佳(CGI值越高),使得公司之違約風險越低,進而信用評等也會越佳(CRI越低),盼能以此,而有助於台灣公司治理制度的改革;作為信用評等機構將公司治理變數納入信用評等指標中的依據;以及,更精確地警示出具財務危機的公司,以杜絕地雷股事件重演。
Incorporating 27 governance-related variables, we construct a Corporate Governance Index (hereafter CGI)to measure the effectiveness of the board of directors. In addition to the variables discussed in La porta et al. (1999) and Claessens et al. (2000), we include the presence of a controlling shareholder, the average tenure of board members, and the percentage of shares owned by government. The presence of a controlling shareholder solves the classic agency problem resulting from the separation of ownership and control. Yet, the presence of a controlling shareholder introduces a new divergence of interest between the majority shareholder and the minority shareholders. We expect a negative relationship between the presence of a controlling shareholder and CGI, especially for Asian corporations.
Conventionally and imperfectly, the number of outside directors is employed as an indicator of board independence. In addition, we examine if executives are also board members (and especially also on the compensation committee), and if some executives have interlocking board relationships with other board members. The average tenure of board members is another aspect of board independence. The conjecture is that the longer the members stay in the board, the more likely their decisions will be influenced by interpersonal relationship with executives. We anticipate that our expanded measures of board effectiveness will help shed some light on these controversial scandals.
Overall, our contribution is threefold. First, we use a unique data set to investigate the board effectiveness from a cultural of Asian enterprise viewpoint. Secondly, unlike the previous literature, we include the cross shareholding by top conglomerates in Taiwan and other unique governance-related variables to construct a Corporate Governance Index. Finally, we investigate the relationship between corporate governance and credit rating. To our best knowledge, there is little research on examining the direct link between these two default probability-related measures in the literature.
中文文獻
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﹡葉銀華,2002年8月3日,「推動公司治理須放棄粉飾太平心態」,《工商時報》
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網站資料
﹡DBS網站http://www.dbs.com.sg。
﹡Standard & Poor's網站http://www.standardpoor.com。
﹡財政部證期會網站http://www.sfc.gov.tw。
﹡證券暨期貨市場發展基金會網站http://www.sfi.org.tw。
﹡台積電網站http://www.tsmc.com.tw。
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