公司現金增資時信用評等與承銷商價差相關性之研究

The Study of the Relationship between Credit Rating and Underwriter Spread when Seasoned Equity Offerings

黃馨儀(Shin-Yi Huang)

指導教授 ： 林利萱

元智大學/管理學院/商學碩士班(會計學程)/碩士(2012年)

摘要

本研究係探討台灣公司信用評等調升調降變動對現金增資之承銷商價差之影響，研究期間為1995年至2009年，以台灣上市且執行現金增資之公司為研究樣本。本研究依照TEJ的評等模式，進一步將上市公司信用評等區分為高度風險、中度風險以及低度風險三組樣本，其中一至三等級分類為低度風險之公司，四至七等級分類為中度風險之公司，八至九等級分類為高度風險之公司。探討信用評等在不同風險分類時與承銷商價差間互相影響關係。
實證結果顯示，市場對於公司信用評等風險較高的公司現金增資時擁有較高的承銷商價差，信用評等風險較低的公司現金增資時擁有較低的承銷商價差，信用評等屬於風險中度的公司當現金增資時承銷商價差較無顯著之相互關係。整體而言，本研究發現承銷商價差與信用評等之間存在著顯著的正向關係。

關鍵字

信用評等 ； 承銷商價差 ； 現金增資 ； 承銷商 ； 風險評估

並列摘要

The study examines the impact between the credit rating and underwriter spread of SEOs companies in Taiwan. The sample period is from 1995 to 2009 and the samples are listed companies which offering seasoned equity offerings. In this study, we use the rating module of TEJ and divided into three categories (Good credit rating, bad credit rating and general credit rating) based on the TEJ criteria. One to three levels represent low-risk firms, four to seven levels represent moderate-risk firms and eight to nine levels represent high-risk firms. Furthermore, we examine the relationship between the credit rating and underwriter spread of SEOs companies.
The empirical results shows that low risk credit ratings of SEOs companies have lower underwriter spreads and high risk credit ratings of SEOs companies have higher underwriter spread. In moderate category the result show that SEOs companies have no significant underwriter spread. In this paper, we conclude that credit ratings and underwriter spread of SEOs companies have positive impact relationship.

並列關鍵字

Risk Assessment ； Credit rating ； Underwriter spread ； Seasoned Equity Offerings ； Underwriter

參考文獻

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