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研究生:吳文秀
研究生(外文):Wu Wen Hsiu
論文名稱:財務資訊揭露透明度與信用評等和公司成長機會之關聯性
論文名稱(外文):The Relationships between Disclosure Transparency of Financial Information, Credit Rating and Growth Opportunities of Firms
指導教授:李佳玲李佳玲引用關係
指導教授(外文):Lee Chia Ling
口試委員:周庭楷何加政
口試委員(外文):Chou, T. K.Ho Chia Cheng
口試日期:2011-01-20
學位類別:碩士
校院名稱:國立中正大學
系所名稱:會計與資訊科技研究所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:中文
論文頁數:89
中文關鍵詞:財務資訊揭露透明度信用評等資金成本外生性成長機會逆向選擇資訊不對稱
外文關鍵詞:Financial information disclosure transparencyCredit ratingWeighted average cost of capitalExternally financed growthAdverse selectionInformation asymmetry
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本研究主要探討財務資訊揭露透明度、信用評等與資金成本及外生性成長機會之關係,而外生性成長機會指的是公司所創造的實際盈餘成長機會扣除內生性的成長機會,本文納入實際的成長機會扣除由內部資金創造的成長機會(EFG1)和實際的成長機會扣除短期借款創造的成長機會(EFG2),以2005至2009年上市、櫃電子產業為研究對象。本研究實證結果發現當公司的信用評等愈高,則資金成本愈低,表示投資人或債權人考量公司的信用評等,影響其借款或投資意願;而揭露水準愈高則外生性成長機會愈高,此表示擴大及可信的揭露政策將改善公司取得資金,進而創造公司更多的成長機會。實證研究亦發現揭露水準及信用評等愈高,則外生性成長機會(EFG1)愈高。本研究進一步考量揭露水準對信用評等之影響所建構的聯立方程模型,研究發現與上述結果相符外,揭露水準及信用評等與EFG2之正相關亦獲得支持。
This paper aims to explore the relationships among financial information disclo-sure transparency, credit rating, weighted average cost of capital, and externally fi-nanced growth. Externally financed growth means the practical profit growth created by companies after deducting internally financed growth. Based on listed companies and on cabinet companies of electronic industry from 2005 to 2009, this paper includes the practical growth deducted by internally financed growth (EFG1) and the practical growth deducted by the short-term loan (EFG2). The result of this study is that the higher the credit rating of a company is, the lower the cost of the cap-ital is. It means that the credit rating of a company which investors or creditors take into consideration will have influence on the willingness of their loan or investment. On the other hand, the higher the disclosure level is, the higher the externally financed growth is. It means that enlarging the reliable disclosure policy will help companies obtain capital and create more growth of companies. This paper also justifies that the higher the disclosure level and the credit rating is, the higher the externally financed growth is EFG1. Furthermore, this paper takes into consideration the simultaneous equation type formulated by the influence of disclosure level and credit rating and finds the above-mentioned result is matched and that the positive re-
lationships among disclosure, credit rating, and positive of EFG2 are supported.

摘要 ……………………………………………………………………………… i
Abstract .................................................. ii
誌謝…………………………………………………………………………………iii
目錄 ……………………………………………………………………………… iv
圖目錄 …………………………………………………………………………… v
表目錄 …………………………………………………………………………… vi
第一章 緒論 ……………………………………………………………………… 1
第一節 研究背景與動機 …………………………………………………… 1
第二節 研究目的 …………………………………………………………… 9
第三節 研究架構與流程 …………………………………………………… 11
第二章 文獻探討與假說發展 …………………………………………………… 12
第一節 「財務資訊揭露透明度」和「資金成本」之關聯性 …………… 12
第二節 「信用評等」與「資訊不對稱」之關係 ………………………… 18
第三節 「財務資訊揭露透明度」及「信用評等」影響「公司成長機會」
之關係……………………………………………………………… 22
第三章 研究設計與研究方法 …………………………………………………… 25
第一節 研究架構 …………………………………………………………… 25
第二節 研究期間、資料來源與樣本選取 ………………………………… 26
第三節 變數定義與衡量 …………………………………………………… 30
第四節 實證模型 …………………………………………………………… 43
第四章 實證結果與分析 ………………………………………………………… 46
第一節 敍述性統計分析 …………………………………………………… 46
第二節 相關係數分析 ……………………………………………………… 50
第三節 多元廻歸分析 ……………………………………………………… 54
第四節 以聯立方程式建構財務資訊揭露透明度和信用評等之廻歸分析..73
第五章 結論與建議 ……………………………………………………………… 80
第一節 研究結論 …………………………………………………………… 80
第二節 研究貢獻 …………………………………………………………… 82
第三節 研究限制與建議 …………………………………………………… 83
參考文獻…………………………………………………………………………… 84

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