信用評等與投資績效之影響性

The Analysis of the Relationship between Credit Rating and Investment Performance

王彥翔(Yen-Hsiang Wang)

指導教授 ： 倪衍森

淡江大學/商管學院/管理科學學系碩士班/碩士(2014年)

https://doi.org/10.6846/TKU.2014.01114

摘要

近年來國內投資的風潮愈來愈盛行，許多投資者也將資金投入股票市場、期貨市場或其他衍生性金融商品。然而，一般投資者可能並無太多的資訊來判斷一檔股票的優劣，進而使有些散戶投資者血本無歸。所以本研究主要目的是讓一般投資者在進行投資前有個可以判斷的公開資訊，使一般投資者可以考慮是否該把資金投入該股票。本研究探討台灣上市公司信用評等、財務變數及公司治理變數對投資績效之間的關聯性。而研究結果發現當企業信用評等愈差時股票報酬率愈高，反之若企業信用評等愈好則投資者的股票報酬率反而愈低。此外，負債比率、稅後淨利率與公司市值與其他財務指標對股票報酬率也都具有顯著的影響性。由上述結果顯示，投資者可以透過信用評等指標及其他財務報表的資訊來判斷是否願意進場投資。

關鍵字

信用評等 ； 投資績效 ； 股票報酬率

並列摘要

In recent years, more and more financial instruments are introduced into the capital markets. Thus, many market participants invest their capital into stocks, bonds, and derivatives. However, individual investors, in general, are lack of information for stocks and this results in losing money in their investments. Thus, the purpose of this study is to explore more valuable information in term of the information released in public as the reference for investing stocks listed in Taiwan stock exchange. In this study, we explore the relationship among credit rating, corporate governance, and financial statement variables. The results reveal that the firms with lower credit rating have higher rate of returns; and those in the firms with higher credit rating, on the contrary, have higher rate of returns. In addition, we also reveal that the debt ratio, net profit rating, and firm values have significant impacts on stock returns. As a result, market participants mayinvest stocks by taking the credit rating and other financial indicators into account.

並列關鍵字

Credit Rating ； Investment Performance ； Stock returns

參考文獻

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