近年來,台灣證管機關積極地推動公司治理,特別是給由法規的修訂以改善企業的資訊透明度,以期透過強化企業資訊透明的方式,降低企業管理當局與外部投資人之間的資訊不對稱,以這資本市場之健全運作。本研究之目的係以台灣上市公司為樣本,探討當企業增加資訊揭露水準,是否有助於信用評等之提升及獲得對外融資成本降低之效益。在控制了淨值報酬率、營業利益率、總資產報酬率、速動比率、利息支出率、借款依存度、負債比率、股票日報酬之標率差、平均收款天數、平均售貨天數、總資產取自然對數及年度別等預期會影響信用評等與負債資金戚本的雙重主後,實證結果彙整如下:OrderProbit迴歸分析的結果,發現揭露水準與信用評等呈顯著負相關,顯示當企業於年報中揭露愈多的資訊時,信用風險愈低,評等機構賦予之信用評等等級愈佳。簡單最小平方法的結果發現揭露水準與負債資金成本呈顯著負相關,顯示當企業於年報中揭露倉多的資訊時,愈能獲得舉債成本降低的效益。此外,在考量揭露水準與負債資金成本兩者之間可能存在內生關聯性之後,利用二階段最小平方法進行統計分析,實證結果更加地支持提升揭露水準確實能顯著地降低負債資金成本。
Recently, the Securities and Futures Commission of Taiwan promote the corporate governance targets to solve the problem of information asymmetry between manager and investors by raising information transparency. The purpose of this study is to investigate the impact of disclosure level on credit rating and cost of debt capital. The findings of this study can be summarized as follows: First, it is significantly negative association between disclosure level and credit rating in the order probit regression. Second, the disclosure level is negatively related with the cost of debt capital in the ordinary least squares regression. In additions, we consider the endogenous relation between disclosure level and cost of debt capital, and use two stage least squares to estimate that relation The finding persists even after we control the endogenous problem.