公司治理與信用評等之探討：以AIG集團及子公司南山人壽為案例

A Research of Corporate Governance and Credit Rating – A case study of AIG Group & its subsidiary – Nan Shan Life Insurance Company

戴瑞紅(Jui-Huan Tai)

指導教授 ： 沈仰斌

元智大學/管理學院/管理研究所/碩士(2007年)

摘要

公司治理又名企業管治、公司管治。公司治理制度是為能查出和防止欺騙而設計，是需要擔負及受託責任，對股東和其他人的資料揭露、審計及控制機制。而信用評等是評估一個體或證券發行履行財務承諾的能力，包括利息、特別股股利或本金償還能力等。
公司治理及信用評等是對企業的財務掌控及投資人負責的一整個機制，往往公司治理及信用評等無法完全互相搭配並及時發揮作用。大部份都是因公司治理不健全發生財務危機時，債信評等機構才隨之調降其信用評等，這樣的反映機制讓財務危機模型出現了很大的改進空間。例如2001年底所爆發的安隆事件，高階管理者為了要讓Enron Online交易量擴大，於是進行了一系列美化財務報表與盈餘操縱的交易與紀錄，然而投資人可能在獲得財務資訊之前，公司就已經發生財務危機，因此有必要從財務報表以外的資訊，來重新解釋財務危機發生的可能性。
1997年亞洲金融風暴的發生，促使許多文獻從公司治理的觀點，解釋為何這些國家會發生金融危機。這些國家文獻是以國家為分析單位，然而我們卻發現即使整個國家產生財務危機，仍然有些公司營運正常進行，但也有許多公司產生財務困難。因此有必要以個別公司為分析單位，探討公司治理對個別公司發生財務危機的影響。本研究以公司治理及信用評等為主軸，採個案研究方式，探討AIG集團發生危機時，集團本身及子公司南山人壽公司治理及信用評等之改變，及內部控制與風險管理之影響層面。

關鍵字

公司治理 ； 信用評等 ； 內部控制 ； 風險管理

並列摘要

Corporate governance policy shall design not only to prevent and to find out any trickery but also to take the mandatory responsibility of revealing information to share holder and retain the mechanism of audit and control.
In this sense, credit rating is what we used to evaluate the capability of finance redemption to any individual or stock, where it shall include but not limit to interest, stock dividend of preferred stock, and the capability of capital reimbursement,…etc.
However, the finance risk management model still has plenty of room to improve if the credit rating corporation would reduce one company’s credit rating only until it has problem on corporate governance and financial crisis are caused.
Take the Enron case as example, the high level management had been window-dressing its financial reports to expand the trading of “ Enron Online”. The investors will never know there’s been a finance crisis taking place from these reports. So it is necessary indeed to explain the possibilities of financial crisis from other information than financial reports.
The Asia financial crisis in 1997 has urged many researches that try to explain why it happened from corporate governance perspective. These studies were taking a country as the research objective, but we had found even the crisis occurred in the country, still there’re companies that are running in good condition. So it is necessary to take a company as the research objective and to explore how corporate governance would affect the financial crisis.
This thesis aims on corporate governance & credit rating and to explore the influence of internal control and risk management to AIG Group and its subsidiary – Nana Shan Life insurance company while financial crisis occur on AIG Group.

並列關鍵字

Corporate Governance ； Credit Rating ； Internal Control ； Risk Management

參考文獻

◆葉銀華、李存修、柯承恩(2002),Corporate Governance and Rating System

◆徐俊明(2004)，財務管理理論與實務，台北市：新陸書局股份有限公司

◆ 保險業內部控制及稽核制度實施辦法

◆李丙寅(2005),「從公司治理探討跨國企業內部稽核之實務運作」，元智大學管理研究所碩士論文

Strategic Issues Conference 2002