董事會獨立性與信用評等關聯之研究

The Study on the Association between Board Independence and Credit Rating

李秀英(Hsiu-Ying Li)

指導教授 ： 廖益興

中原大學/商學院/會計研究所/碩士(2011年)

https://doi.org/10.6840/cycu201200608

摘要

本研究針對國內上市、上櫃公司之獨立董監席次，對公司信用評等之影響進行衡量。本研究選取之樣本為93-98年之上市櫃公司，以台灣經濟新報所評等之信用風險為應變數，獨立董監席次為自變數，並加入了董監事持股比率、董監事股權質押比率、公司規模、負債比率、資產報酬率為控制變數，利用Ordered Logistic迴歸模型進行探討，實證結果顯示獨立董監席次與信用評等呈現顯著負相關，並支持獨立董監事具有監督功能，其席次將影響信用評等等級之結果。

關鍵字

董事會獨立性 ； 公司治理 ； 信用評等

並列摘要

This study aims to investigate the seats of independent board members of Taiwan companies and measure their effect on credit risk rating. In this study, Taiwan’s publicly traded companies from 2004 to 2009 are selected as samples, credit risk evaluated by Taiwan Economic Journal is served as dependent variable, and the seats of independent board members are served as independent variables. Besides, shareholding ratio of directors and supervisors, pledged shares ratio of directors and supervisors, scale of company, liability ratio and return on assets are considered as controllable variables. Multivariate ordered logistic regression is used as analysis model. The empirical results show that the seats of independent board members are significantly negative with credit risk rating. The finds support that independent board members do have supervisory function on their companies and their seats have a significant effect on credit risk rating.

並列關鍵字

Independence of board of director ； Corporate governance ； Credit rating

參考文獻

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