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論文中文名稱:考慮產業因素對公司治理機制與企業信用評等影響之研究運用多層次次序迴歸模型 [以論文名稱查詢館藏系統]
論文英文名稱:The Effects of Industry Factors on Corporate Governance Mechanisms and Firm’s Credit Ratings by Utilizing Hierarchical Ordinal Regression [以論文名稱查詢館藏系統]
院校名稱:臺北科技大學
學院名稱:管理學院
系所名稱:商業自動化與管理研究所
畢業學年度:98
出版年度:99
中文姓名:蘇信安
英文姓名:Hsin-An Su
研究生學號:97488026
學位類別:碩士
語文別:中文
口試日期:2009-06-04
論文頁數:92
指導教授中文名:林鳳儀
口試委員中文名:葉青江;黃俊閎;趙莊敏
中文關鍵詞:企業信用評等公司治理產業因素階層線性模式
英文關鍵詞:Firm’s Credit RatingsCorporate GovernanceIndustry FactorHierarchical Linear Modeling
論文中文摘要:綜觀國內對公司信用評等與公司治理之研究,多半著重在探討公司個別之公司治理與公司信用評等有何關聯以及公司治理如何影響公司信用評等,焦點集中在公司層面分析。而本研究有別於過去,不僅探討公司治理與公司信用評等在公司層級方面,更進一步探討產業因素如何影響公司治理與公司信用評等。產業因素之所以重要在於產業環境的改變往往直接改變企業的經營型態與獲利,且產業環境改變雖較為緩慢,若企業無法察覺產業之變動,等到企業察覺時其影響已相當大,因此產業因素對企業而言是不能被忽略的重要因素。因此本研究試圖將平台拉升到產業層級討論,以整個產業角度來觀看,是否產業因素在公司治理與公司信用評等中扮演重要影響權變因素。此外,本研究運用可以同時處理包含公司(個體)與產業(總體)等不同層次資料的階層線性模式進行個體(公司)與總體(產業)的分析。實證結果顯示,一:公司信用評等與公司治理指標之具有顯著相關性;二:產業風險因素會直接影響公司信用評等與公司治理表現;三:公司治理對公司信用評等的解釋能力會因為產業不同而有所不同。
論文英文摘要:Using an industry as moderator for evaluating corporate governance, this study investigates whether firms that exhibit strong benefit from higher credit ratings relative to firms with weaker governance. This study provides evidence that industry factors play an important role when evaluating firm’s performance and selecting the right investment targets. Most Firms’ credit rating and corporate governance focused on how to associate with corporate governance and corporate credit rating. However, corporate governance usually focused on the corporate level. Unlike prior research, this study not only discuss corporate governance and corporate credit rating on the corporate level, but also explore how industry factors influence corporate governance and corporate credit rating, Emphasize industrial factors in corporate governance and corporate credit rating play an important role. Industry factors are important Therefore, this study uses Hierarchical Linear Modeling (HLM) which can process micro (corporate) and macro (industry) independent variables together. The empirical results show. First, corporate credit ratings and corporate governance indicators have significant correlation. Secondly, industry risk factors will directly affect the corporate credit rating and corporate governance performance.Third, corporate governance to corporate credit rating explains ability has different by industry different.
論文目次:摘要 1
ABSTRACT II
致謝 IV
目錄 V
圖目錄 VII
表目錄 VIII
第一章 緒論 1
1.1 研究背景與動機 1
1.2 研究目的 3
1.3 論文架構 4
第二章 文獻探討 6
2.1企業信用評等 6
2.1.1台灣企業信用風險評等指標 (TCRI) 7
2.2 公司治理機制 9
2.2.1公司治理之意涵 9
2.2.2公司治理與信用等級 14
2.2.3公司治理評等系統 17
2.3 產業因素 26
2.3.1產業因素與信用評等 26
2.3.2產業風險 27
2.3.3 產業競爭分析 28
2.3.4 產業風險與競爭程度衡量指標 31
第三章 研究方法 33
3.1研究流程說明 33
3.2階層線性模式(HLM) 34
3.2.1階層線性模式(HLM)特性 36
3.2.2廣義階層線性模式(GHLM)特性 37
3.3研究假設 39
3.4研究樣本 40
3.4.1樣本選取 40
3.4.2資料來源 40
3.4.3產業類別 40
3.5變數定義 41
3.5.1信用評等變數 41
3.5.2公司治理變數 42
3.5.3產業風險程度變數 42
3.5.4產業競爭程度變數 43
3.6兩階層變數 43
第四章 驗證結果與分析 45
4.1變數縮減 45
4.2敘述統計分析 46
4.3階層線性模型之實證結果 49
第五章 結論與建議 79
5.1研究結論 80
5.2 管理意涵 83
5.3 建議 84
參考文獻 85
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