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    Title: 控制權異動之影響因素及對企業信用風險之影響
    Other Titles: The Determinants of Management Control Turnover and Its Effect on Credit Risk Rating
    Authors: 許崇源;林宛瑩
    Contributors: 國立政治大學會計學系
    行政院國家科學委員會
    Keywords: 控制權異動;財務績效;股權結構;董事會結構;信用風險評量
    Date: 2010
    Issue Date: 2012-06-26 14:57:50 (UTC+8)
    Abstract: 控制權異動之影響因素及對企業信用風險之影響 經營控制權的異動,不僅影響股東之權益,也影響債權人之權益。由於公司治理之目的在對資金提供者(包含股東及債權人)保障合理的報酬,本研究認為,經營權異動對債權人之權益影響,亦值得重視。有別於其他研究以高階主管異動(包括執行長或董事長)、委託書徵求或企業併購定義經營權異動,本研究從最終控制者(ultimate controlling shareholder)的觀點,以企業隸屬集團或最終控制者之變更定義經營權異動,分析企業經營權異動之決定性因素,以及企業在經營權異動後,新經營管理層是否改變公司之股權結構(董監持股、機構人持股、外部大股東持股)及董事會組成結構(董事會規模、董事會之專業性與獨立性),並進一步從債權人之角度,探討經營權異動對信用風險評量之影響。 依據管理階層異動及公司治理之相關文獻,本研究預期,健全的公司治理機制應有助於企業透過經營權異動達成正面效益。至於異動後是否影響公司治理結構及債權人之權益,則有待本研究實證結果之分析與探討。本研究預期,當經營權異動具有管理紀律效果時,應可發揮保障債權人之效益而有較佳的信用評等,如為管理侵佔或財富移轉效果時,則會傷害債權人之權益,而有較差之信用評等。
    The Determinants of Management Control Turnover and Its Effect on Credit Risk Rating Financial theory pinpoints that potential conflicts of interest exist between investors and creditors. Since the benefit of corporate governance should commonly shared by shareholders and creditors, this research argues that it is also important from the creditor perspective to understand the effect of corporate control turnover, as an effective external governance mechanism. Different from the previous studies, focusing on the turnover issues of CEO or the chair of board, this research defined management control turnover as companies have change in group-affiliated relationship or change in ultimate controller(s). This study intends to empirically investigate first the determinants of management control turnover and then the effect of management control turnover on the credit rating, after controlling for financial attributes, in views of creditors. To be specific, with respect to the determinants of management control turnover, this research examines the effect of operating performance, corporate governance attributes, including ownership structure and board structure, on management control turnover, under control for firm-specific factors. With respect to the effect of management control turnover on credit rating, this study expects that firms encountering management turnover with governance attributes contributing to better management disciplining have lower credit risk, while firms with governance attributes inducing entrenchment effect have higher credit risk. That is, either management disciplining or entrenchment effects should explain the credit rating.
    Relation: 應用研究
    學術補助
    研究期間:9908~ 10007
    研究經費:584仟元
    Data Type: report
    Appears in Collections:[會計學系] 國科會研究計畫

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