跨國企業之授信政策 以D公司台灣子公司為例

The Credit Policies of Transnational Corporations - An Example of D Company’s Taiwan Subsidiary

麥 琪 鈺(Chi-Yu Mai)

指導教授 ： 丘 駿 飛

元智大學/管理學院/管理研究所/碩士(2006年)

摘要

在以D公司台灣子公司授信政策為例子之研究中,主要是透過在資本市場中信用評等機構之評等方式,來模擬公司對客戶的授信,主要以Moody's (穆迪)評等手法評估D公司台灣主要5個客戶,以質化 (Qualitative Analysis)與量化(Quantitative Factors)的構面,分別對客戶之營運、產業、市場、管理..等環境因素與財務指標的數量方式進行評估。另一方面,以D公司自己對客戶的授信方式,及內部 (銷售人員、客戶財務資料…) 和外部 (銀行、客戶拜訪…)的資料,也對此主要5個客戶進行授信的評等。比較兩者評等結果,顯示其結果相似,且穆迪評等的分類等級較D公司等級更為細分。

關鍵字

信用評等 ； 授信政策 ； 評等方式 ； 穆迪評等

並列摘要

In the study of credit policies of the transnational corporation for its subsidiary in Taiwan, we would like to know if the external credit rating agency method can work for its policy.

By applying the Moody’s credit rating methodology, we analyze five main customers of D company subsidiary in Taiwan. To this end, we assess the financial data of these customers, the industry environment, operation, marketing position and management aspects they face to generate the credit rating. Besides, we use D company’s internal (sale person opinion, public financial data…etc) and external (bank data, customer visiting…etc) information as input in the credit process for these customers to make the customer credit rating.
By comparing both rating results, we find their conclusion is nearly same, and the agency rating categories are more detailed divided than corporation’s.

並列關鍵字

credit rating ； credit policy ； rating methodology ； Moody’s

參考文獻

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