銀行盈餘品質對其信用評等之影響－兼論各國資訊不對稱程度對上述關聯性之影響

Effects of Bank Earnings Quality on Credit Ratings-Does Information Asymmetry Matter?

黃玉麗(Yu-Li Huang) ； 沈中華(Chung-Hua Shen)

《管理評論》 30卷4期 (2011/10) Pp. 39-62

https://doi.org/10.6656/MR.2011.30.4.CHI.39

摘要

本文以2002至2008年間，來自於全球85國的3,473家商業銀行為樣本，探討銀行的盈餘品質是否影響其信用評等，以及國家的資訊不對稱程度對銀行的盈餘品質與其信用評等間原有的關聯性是否有不同的影響。發現在控制銀行的財務資訊以及國家特定變數後，信評機構仍給予盈餘品質不佳的銀行一較差的評等等級。當一國的訊息揭露品質或法律與制度環境品質佳，均能有效地降低盈餘品質不佳對信用評等的不利影響。此外，發現盈餘品質不佳對信用評等的不利影響，主要出現在資訊不對稱程度較嚴重的國家，與過去文獻結果一致，發現資訊不對稱程度較低的國家，個別企業的財務報表資訊可以解釋信用評等；相反地，資訊不對稱程度較高的國家，發行體評等卻主要決定於國家主權評等、銀行的規模，以及本文探討的盈餘品質變數。

關鍵字

信用評等 ； 盈餘品質 ； 資訊不對稱 ； 資訊揭露品質 ； 法律與制度環境品質

並列摘要

This paper uses the long-term credit ratings issued by Standard and Poor's from 86 countries during 2002-2008 as samples and investigates the effect of earnings quality on credit ratings and the effect of information asymmetry of a country on the relationship between earning quality and credit ratings. The results show: first, banks with worse earnings quality will be assigned a lower rating after controlling for the bank-specific and country-specific variables. Second, banks in countries with serious information asymmetry will aggravate the adverse effect of earnings quality on credit ratings. Third, consistent with previous studies, financial ratios are more relevant to the explanation of credit ratings in countries with less information asymmetry. By contrast, credit ratings are mostly determined by sovereign credit rating, bank size and earnings quality.

並列關鍵字

Credit Rating ； Earnings Quality ； Information Asymmetry ； Disclosure Quality ； Institutional Environment Quality

參考文獻

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