公司治理對信用風險的影響—以台灣上市櫃電子業為例; The effect of corporate governance on firm's credit risk : An Empirical Study of the electronic firms in Taiwan

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题名:	公司治理對信用風險的影響—以台灣上市櫃電子業為例;The effect of corporate governance on firm's credit risk : An Empirical Study of the electronic firms in Taiwan
作者:	陳郁均;Chen,Yu-chun
贡献者:	財務金融學系在職專班
关键词:	股權結構;董事會組成;公司治理;信用風險;Shareholder Structure;Board Composition;Corporate Governance;Credit Risk
日期:	2013-07-25
上传时间:	2013-08-22 12:04:02 (UTC+8)
出版者:	國立中央大學
摘要:	本研究主要之目的是在於探討台灣上市(櫃)電子工業產業之公司治理機制與信用風險之間的關連性。並以TCRI作為公司信用風險的替代變數，以股權結構與董事會組成等八個構面的公司治理變數檢測其與信用風險的關係，藉以驗證公司治理機制是否對企業的信用風險有所影響。本文以國內上市(櫃)電子工業產業為研究對象，共計4,610筆資料。研究期間為2005年至2011年，並將期間分次貸金融風暴前與次貸金融風暴後兩階段進行實證。採用SAS統計套裝軟體進行分析，所使用的分析方法包括敘述統計分析、Pearson相關係數分析與多元迴歸分析。茲將本研究的主要結果說明如下： (1)在股權結構方面，「大股東持股比率」對公司信用風險有顯著正向影響；「經理人持股比率」、「國內法人持股比率」與「外國法人持股比率」對公司信用風險有顯著負向影響。 (2)在董事會組成方面，「董監事持股質押比例」對公司信用風險有顯著正向影響；「董事會規模」與「獨立董事席位比例」對公司信用風險有顯著負向影響。 (3)「酬金合計」與「三年內CPA異動次數」對信用風險有正向影響 (4)次貸風暴發生後，外國法人持股比率、董事會規模與公司信用風險間的關係變得不顯著 The purpose of this study is to explore the corporate governance mechanism of Taiwanese listed companies in electronic industry and its connection to the credit risk. In this paper, we examine the TCRI substitution variables as credit risk, and prove the thesis whether the corporate governance has an impact on credit risk by analyzing 8 different factors, including the shareholder structure, board composition etc. We target 4, 610 domestic listed companies in electronic industry from 2005 to 2011 and divided into 2 phases, before and after the financial crisis in 2008, for empirical study. The data analysis employed in this study includes the descriptive statistics, Pearson’s correlation, and Regression analysis, through SAS. This research concludes the following points: (1)On the shareholder structure: "Blockholder Ownership" has a significant positive correlation to the corporate credit risk, whereas "Managerial Ownership," "Ownership of Domestic Institutional Investors" and "Ownership of Foreign Institutional Investors" have a significant negative correlation (2)On Board Composition: "Pledged Share Ratio of Directors and Supervisors" has a significant positive correlation to the corporate credit risk, whereas "Board Size" and "Number of Independent Director" have a significant negative correlation (3)"Director Compensation" and "Number of CPA changes within 3 years" have positive influence on credit risk (4)After the sub-prime mortgage crisis, the impact of "Ownership of Foreign Institutional Investors" and "Board Size" become less significant.
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