公司治理與資訊揭露對信用風險之影響－金融海嘯後之長期觀察

The Impacts of Corporate Governance and Information Disclosure on Credit Risks After Financial Crisis -A Long Term Analysis

賴丞坡(Cheng-Po Lai) ； 黃麗夙(Li-Su Huang)

《管理科學研究》 15卷2期 (2021/12) Pp. 63-76

https://doi.org/10.6873/MSR.202112_15(2).0004

摘要

本文旨在研究公司治理與資訊揭露對企業信用風險之影響，以金融海嘯後2010至2017年台灣上市櫃公司為研究對象，建構追蹤型資料進行實證分析。有別於過去文獻，本研究試圖釐清台灣上市櫃公司治理與資訊揭露對其信用風險之關係，以擴大公司治理研究之廣度與深度，本研究發現公司治理變數中董事會規模與法人持股比例對信用風險呈現顯著負向影響，而資訊揭露亦負向影響信用風險。公司治理變數中獨立董事人數、董事長兼總經理、董事持股比例、監事持股比例與大股東持股比例則對信用風險呈現顯著正向影響。本研究觀察金融海嘯後國內企業治理情形與資訊揭露對其信用風險之影響，實證結果可作為金融機構授信決策與監理單位進行金融監理之參考依據。

關鍵字

公司治理 ； 資訊揭露 ； 信用風險

並列摘要

The purpose of this paper is to examine the impacts of corporate governance and information disclosure on corporate credit risk using a large sample of Taiwan's listed companies from 2010 to 2017 after the global financial crisis. Different from the past research, this study attempts to clarify the relationships among corporate governance, information disclosure and corporate credit risk of Taiwan's listed companies to extend the existing corporate governance research. The results show that the size of the board of directors and the proportion of intuitional ownerships in corporate governance variables have significant and negative impacts on credit risk, while information disclosure also has a negative impact on credit risk significantly. Independent directors, CEO duality, director's ownership ratio, supervisor ownership ratio and majority shareholder ratio in corporate governance variables have significant and positive effects on credit risk. This study provides insights into the effects of Taiwanese listed companies' corporate governance and information disclosure on their credit rating. The empirical findings provide suggestions for financial and supervisory institutions in making credit decisions and financial supervisions.

並列關鍵字

Corporate governance ； Information disclosure ； Credit Risks