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標題: | 資訊不對稱、產業結構與企業信用風險 The Information Asymmetry Effect of Industry Structure on Corporate Credit Risk |
作者: | Hui-Ju Kuo 郭慧如 |
指導教授: | 廖咸興 |
關鍵字: | 資訊不對稱,企業信用風險,產業結構,供應鏈,供應商,顧客, Information asymmetry,Corporate credit risk,Industry structure,Supply chain,Suppliers,Customers, |
出版年 : | 2010 |
學位: | 碩士 |
摘要: | 公司的違約風險與流動性危機透過交易對手蔓延至整個供應鏈,導致近期的全球金融海嘯,而公司的信用風險是由於供應鏈中相關物流、金流和資訊流的波動所引起。過去研究證明資訊流是增進供應鏈價值的主要因素,然而現有文獻很少同時探討資訊流與供應鏈中公司之間信用風險的影響。因此,本文將使用2000年到2008年的美國公司資料來探討資訊不對稱與產業結構之間的關係,以及其對公司信用風險的影響。
本研究實證結果顯示,在控制文獻中提到影響公司重要的變數之下,供應商的資訊不對稱程度對公司的信用風險有顯著的正向影響,而顧客的資訊不對稱程度則沒有影響。同時發現供應商的產業集中度與公司信用風險的正向效果會受到資訊不對稱程度較高之上游供應商的影響而減弱,除此之外,供應商的R&D程度與公司信用風險的負向效果亦會受到資訊不對稱程度較高之上游供應商的影響而減弱。最後,我們建議信評公司考慮產業結構中的資訊不對稱性來衡量公司的信用風險。 Due to the contagion effect among counterparties, the default risk and liquidity crunch of a firm are transmittable along supply chain, which causes the recent global financial crisis. This credit risk contagion phenomenon is because the fluctuations of inventory flows, cash flows and information flows of supply chain counterparties affect each other. According to literature, information flow is the most key driver to improve supply chain value. Nonetheless, few empirical studies to date put their emphases on these issues. This study investigates the information asymmetry effects of a firm’s suppliers and customers on its credit risk using American firm data from 2000 to 2008. Empirical results of this study show that the information asymmetry of suppliers has significantly positive impacts on corporate credit risks while that of customers does not when controlling credit risk related variables well known in literature. This study also reveals that the positive relation between a firm’s credit risk and the industry concentration level of its suppliers (customers) becomes weaker (stable) when suppliers (customers) have higher degree of information asymmetry. Moreover, a higher degree of information asymmetry of a firm’s suppliers reduces their requirement for the firm’s credit quality when they make R&D investment decisions. Finally, the results of this study indicate that rating agencies should incorporate supply chain information asymmetry into corporate credit risk assessment. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/22583 |
全文授權: | 未授權 |
顯示於系所單位: | 財務金融學系 |
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