主權債信評等修訂與公司的投資決策

Sovereign Credit Rating Revisions and Firm’s Investment Decision

全俐(Lih Chyuan)

指導教授 ： 張眾卓

國立暨南國際大學/管理學院/財務金融學系/碩士(2022年)

https://doi.org/10.6837/ncnu202200245

摘要

主權債信評等在公司投資中發揮重要角色。本研究旨在主權債信評等如何影響公司的投資。在這項研究中，收集1990年至2017年68個國家的14,822家公司作為我們的觀察樣本，以及 1990年至2012年標準普爾 (S&P) 評等變化的數據。研究結果表明，當評等降級後，公司會降低評等變動後一年、三年和五年的平均投資，以及評等升級後，公司增加評等變動後三年和五年的平均投資。然而，在評等升級後，公司在次年的投資並未增加。此外，主權債信評等的變動相較已開發國家，對發展中國家對企業投資具有顯著的影響。

關鍵字

總體經濟影響 ； 評等和評等機構 ； 投資決策 ； 資本預算

並列摘要

Sovereign credit ratings play an important role in a firm’s investment. This study aims to determine how sovereign credit ratings affect a firm’s investment. In this study, a total of 14,822 firms in 68 countries from 1990 to 2017 were collected as our observed sample, as well as data on changes in Stand and Poor’s (S&P) ratings from 1990 to 2012. The findings indicate that firms reduce the one, three and five-year average investments after negative rating events, as well that the firm increases its three- and five-year average investments after positive rating events. However, firms’ investments in the following year did not increase after positive rating events. Additionally, and what is even more important, changes in sovereign credit ratings have a significantly positive effect on a firms’ investment after positive rating events, and a negative effect on a firms’ investment after negative rating events occurs dramatically in developing countries.

並列關鍵字

macroeconomic impacts ； ratings and ratings agencie ； investment decisions ； capital budgeting

參考文獻

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