臺灣博碩士論文加值系統

本文利用台灣 2008~2018 年上市公司資料，以分量迴歸模型和最小平方法進行研究，探討信用風險與公司價值之間的關係。實證結果顯示，影響公司價值的重要因素包括信用風險、公司規模、獲利能力、技術密集度、流動性、國際化以及公司治理等相關變數。研究發現，對於價值較低的公司而言，信用風險對其公司價值的影響較為明顯，至於國際化的部分，則是對於價值較高的公司更有影響力。另外，除了分量迴歸的基本模型外，還追加一個穩健模型，來判斷其基本模型的穩定度，結果發現，不論是利用董事獨立性或是董事會所有權作為公司治理變數，都呈現類似的結果。最後，也將分量迴歸與最小平方法進行比較，發現各個研究變數會有不同的結果，當利用分量迴歸估計時，更能準確地看出變數位於各個分位水準之間的變化。

This article uses the data of listed companies in Taiwan from 2008 to 2018 to conduct a study using the quantile regression model and the least squares method to explore the relationship between credit risk and company value.The empirical results show that the important factors affecting the company's value include credit risk, company size, profitability, technology intensity, liquidity, internationalization, and corporate governance.The study found that for companies with lower value, the impact of credit risk on the company's value is more obvious.As for the international part, it has more influence on companies with higher value. In addition to the basic model of the quantile regression, a robust model was added to determine the stability of the basic model.It was found that whether board independence or directors' shareholding ratio was used as a corporate governance variable, they all showed similar results.Finally,the quantile regression is compared with the least square method, and it is found that each research variable will have different results.When using quantile regression estimation, it can more accurately see the change of the variable between each quantile level.

1. 緒論
1.1 研究動機 .........................................1
1.2 研究目的 ........................................ 2
1.3 研究架構 .........................................3
2. 文獻回顧
2.1 信用風險 ......................................... 3
2.2 公司價值 ......................................... 4
2.2.1 公司價值與國際化 ................................ 4
2.2.2 公司價值與分量迴歸 .............................. 5
2.2.3 公司價值與公司治理 .............................. 5
2.2.4 公司價值與碳排放 ................................ 6
3. 研究方法
3.1 樣本選取 ...........................................7
3.2 變數 ...............................................8
3.2.1 應變數 ...........................................8
3.2.2 自變數 ...........................................8
3.2.3 控制變數 .........................................10
3.3 分量迴歸 ...........................................14
3.3.1 分量迴歸模型 .....................................14
4. 實證結果
4.1 敘述性統計 .........................................16
4.2 分量迴歸基本模型(模型一)分析 .........................19
4.2.1 信用風險與公司價值分量迴歸分析 ......................19
4.2.2 控制變數與公司價值分量迴歸分析 ......................21
4.3 分量迴歸穩健模型(模型二)分析 ..........................31
4.3.1 信用風險與公司價值分量迴歸分析 .......................31
4.3.2 控制變數與公司價值分量迴歸分析 .......................33
4.4 綜合性比較 ...........................................40
5. 結論
5.1 研究結論 .............................................41
5.2 研究限制與建議 ........................................41
參考文獻 ................................................... 43

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