公司治理與負債資金成本之關係

The Relationship between Corporate Governance and Cost of Debt

林欣慧(Sin-Hui Lin)

指導教授 ： 鄒翊

中原大學/商學院/會計學系/碩士(2007年)

https://doi.org/10.6840/cycu200700291

摘要

本研究主要為探討公司治理機制與負債資金成本之關聯性，並分析公司之信用評等是否會受其所採行之公司治理機制的影響。
在分析公司負債資金成本與公司治理特性之實證結果發現，控制股東持有之現金流量權比率、揭露指數與負債資金成本呈顯著負相關，與本研究預期符號相符。
在信用評等與公司治理特性關係之實證結果發現，解釋變數中，控制股東持有之現金流量權比率、獨立董監事佔董監事會席次比例、董事會規模以及揭露指數與信用評等呈顯著負相關，皆與本研究預期符號相符。控制股東席次控制比例與信用評等呈顯著負相關，但與本研究預期符號相反。

關鍵字

信用評等 ； 公司治理 ； 負債資金成本

並列摘要

The thesis is to study the relationship between corporate governance and cost of debt, and to analyze whether corporate governance affects the rating.
To analyze the relationship between cost of debt and corporate governance, we find that the proportion of cash flow rights held by controlling shareholders and disclosure level are significant negatively correlated with the cost of debt.
In additions, the result of the relationship between rating and corporate governance indicates that the proportion of cash flow rights held by controlling shareholders, the proportion of board seats held by independent directors and supervisors, the board size and disclosure level are all significant negatively correlated with the rating. The proportion of board seat held by controlling shareholders is significant negatively correlated with the rating, but is not at anticipated direction.

並列關鍵字

cost of debt ； corporate governance ； rating

參考文獻

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