Corporate Governance and Credit Risk

[[abstract]]本研究旨在探討公司治理機制是否對企業的信用風險有所影響。本文以企業信用風險指標(TCRI)作為信用風險的代理變數，且以股權結構、董事會組成等六個構面的公司治理變數檢測其與信用風險的關係。實證結果顯示，管理者持股比率越多、外部董監事席次比率越高、董事長與總經理不由同一人擔任、大股東持股比率越低以及法人機構持股率越多，能降低公司信用風險的產生，使公司的信用評等越好。顯示出完善的公司治理機制確實能有效降低公司信用風險的產生，提高公司的誠信，降低投資人與公司間資訊不對稱的問題，健全資本市場的發展。[[abstract]]The main purpose of this research is to examine the impact of corporate governance on credit risk We use Taiwan Corporate Credit Risk Index (TCRI) as the proxy for credit risk and investigate the relationship between credit risk and six corporate governance aspects such as ownership structure board characteristics and so on The empirical analysis finds that the firm with higher management ownership higher board of outside director’s member's proportion and the presidency who doesn’t serve as the board chairman lower blockholder shareholding and greater institutional ownership will reduce effectively credit risk and enhance credit ratings This result indicates that the corporate governance system is useful in reducing credit risk and enhancing the reputation of corporate The corporate has fine reputation will reduce information asymmetry between investors and corporate The development of capital market will be also stronge