本研究旨在透過不同於以往的模型對資產負債表穩健進行衡量,探討和債務資金成本之間的關聯性,並再度檢驗企業之信用風險評等是否顯著影響其債務資金成本,最後加入資產負債表穩健程度和信用風險評等交乘項變數,檢驗資產負債表穩健對信用風險評等和債務資金成本間之調節效果。本研究以台灣2018年至2019年上市(櫃)公司為研究樣本,實證結果表明:(一)資產負債表穩健和債務資金成本確實呈負向關係,但並未達到顯著水準;(二)信用風險評等與債務資金成本具有高度顯著正相關,代表債權人非常關注企業違約之風險程度;(三)資產負債表穩健和信用風險評等之交乘項與債務資金成本為負向之關係,但同樣不具顯著性。
This study measures the balance sheet conservatism with a model different from the past and make an approach to the relationship between the balance sheet conservatism and the cost of debt. Next section is the further test of the relationship whether it’s positive significantly between the credit risk rating and the cost of debt. Finally, join the cross-multiplying term of balance sheet conservatism and credit risk rating to examine the adjustment effect of balance sheet conservatism on credit risk rating and the cost of debt. Based on the listed companies in Taiwan from 2018 to 2019, the empirical results appear the below. First, the negative relationship between the balance sheet conservatism and the cost of debt indeed, but it hasn’t reached a significant level. Second, the credit risk rating has a highly significant positive correlation with the cost of debt, which means creditors are very concerned about the risk level of corporate default. At last, the cross-multiplying term has a negative relationship with the cost of debt. However, it is a lack of statistical significance.