日益漸增的外資成交金額比重促使政府與企業個體皆積極的去爭取各大外資法人之注目,而許多機構投資者被限制或禁止去投資冒險等級的公司,或持有非投資等級之公司。企業資訊複雜且不易取得攸關資訊都造成企業與大眾間資訊不對稱的問題,且在投資獲利前更須重視投資風險,故信用風險評等對大眾而言存有重大資訊意涵,但在身為精明投資者的投資決策中,評等等級是否扮演重要的角色實為一實證問題。本研究之樣本資料涵蓋1998到2009年之上市及上櫃公司,研究資料兼具橫斷面資料與時間序列資料,且台灣法令於2000年12月30日前,對於外資投資我國證券市場依然設有上限,故採用追蹤資料模型與截斷迴歸模型。實證結果顯示信用風險評等愈佳的公司,外資持股意願會越高。故企業若欲吸引外資之注入,應致力於提升公司之評等等級。
The increasing deal proportion of foreign investment pushes Taiwan government and firms to actively draw foreign investors’ attention. However, quite a few institutional investors are limited or even forbidden to invest in speculative grade firms or hold non-investable grade firms. The complication and inaccessibility of firms' information causes information asymmetry problem between firms and the public. Investors should consider risk prior to profits. Credit risk rating therefore has important meaning to public investors. However, whether the rating plays an important role in the smart investor’s decision-making is an empirical question. This paper adopts panel data model and censored regression model to examine firms listed on the TSE and OTC from 1998 to 2009, because the data is cross-section and time series assembled and the foreign investment still has upper limitation in Taiwan security market till Dec 30, 2000. As the empirical results show, the higher a firm is graded, the more its shares are held in the portfolio of foreign investors. Namely, firms should be dedicated to upgrade their risk rating to attract the investments of foreign investors.