Please use this identifier to cite or link to this item:
http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/65170| Title: | 從結構型模型觀點探討執行長人力市場異質性、公司識才能力與公司信用風險之關係 CEO Market Heterogeneity, Firm’s Recruiting Ability and Credit Risk—Structured-form model perspective |
| Authors: | Wen-Hsuan Chen 陳玟璇 |
| Advisor: | 廖咸興 |
| Keyword: | 公司信用風險,執行長能力差異,高階經理人人力市場,董事會資訊,公司識才能力, Corporate credit risk,CEO ability heterogeneity,Managerial labor market,Board information,Firm’s recruiting ability, |
| Publication Year : | 2012 |
| Degree: | 碩士 |
| Abstract: | Taylor (2010) 指出執行長能力差異及公司對執行長的了解程度會影響公司替換執行長的時機早晚，本研究則將此影響延伸至公司信用風險。本文以2001年至2010年北美地區公司的資料，研究企業的違約風險與執行長的能力差異之關聯，並探討公司了解執行長能力與否是否同樣影響公司的違約風險。我們發現，此兩項因素都會影響企業的信用風險。實證結果顯示同產業執行長的能力差異越大，公司的違約機率越小。而公司識才能力越好對公司越有利，除了可淘汰不適任的執行長外，也有利於尋找更有才能的人選來經營公司。 Taylor (2010) displays that CEO ability and the capability of the board in understanding CEO ability affect the timing of replacing CEO. This study investigates their effects on firm credit risk. We use North America bond data to investigate the relationship between firm credit risk, CEO ability and the board capability in understanding management ability. We find that both affect a firm’s credit risk. The higher CEO ability heterogeneity of a firm’s industry is, the lower is the firm’s credit risk. Higher recruiting ability also enhances firm credit quality. The results are robust when controlling well known yield spread determinant variables and firm credit ratings. |
| URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/65170 |
| Fulltext Rights: | 有償授權 |
| Appears in Collections: | 財務金融學系 |
Files in This Item:
| File | Size | Format | |
|---|---|---|---|
| ntu-101-1.pdf Restricted Access | 368.55 kB | Adobe PDF |
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.