經理人特質對信用風險的影響

Abstract

為了解決信用評等機構與利害關係人間存在的利益衝突問題、信用評等的偏誤問題、以及股東與債權人間存在的代理問題，了解經理人特質對信用風險的影響有其必要性。本文主要依循Cornaggia, Krishnan, and Wang (2017)的研究成果，並且結合Finkelstein (1992)建立的經理人特質指標，探討經理人可觀察特質對信用風險的影響。 本文以信用評等與違約機率做為信用風險的代理變數，實證結果顯示，總經理持股比越高、任期越長、曾經擔任過的職務數越多、大學以上學歷、碩士以上學歷、博士學歷、具有商學背景、具有國外學歷、具有美國菁英大學學歷、曾經在NPO組織兼任董監事職務數越多、同時兼任其他公開發行以上公司董監事職務越多，對於信用評等有正面效果；董事長同時兼任總經理、薪酬佔淨利比率越高，對於信用評等有負面效果；總經理是否為企業創辦人、是否具有法律背景、是否具有教授職經歷、是否具有政治或公部門工作經歷，對於信用評等沒有影響。若以違約機率作為信用風險的代理變數時，上述的結果大致不變。 接著，本文進一步以家族企業做為研究樣本，發現上述的總經理特質對信用評等仍具有效性，但效果有削減的跡象。最後，以已違約或預期違約的企業做為研究樣本，發現控制權力越高、專業能力越好、聲譽效果越佳的總經理，均有助於企業脫離已違約或預期違約的窘境。

It is necessary to concentrate the impact of manager characteristics against the credit risk in order to get multiple approaches on the issues that are likely to encounter in the near days, for instance, the conflict of interest between rating agencies and interested parties, the biased errors from credit ratings and the principal-agent problems between shareholders and creditors. This research is basically made on the results of Cornaggia, Krishnan, and Wang (2017) and combined with the indicators of manager characteristics established by Finkelstein (1992) to discuss how the manager's observable traits have an influence on credit risk. The empirical results shown that a general manager has the higher shareholding in a company, takes longer tenure in a position, took more duties in the past years, awarded the bachelor degree, master degree or PhD, possess the business background, foreign degree or graduated from well-known colleges in the United States, occupies more directors and supervisors slots in the NPO organization or in other public corporations will bring the positive effect on credit ratings based on the assumption of credit ratings and default probabilities as the proxy variable of credit risk. The higher salary proportion accounts for the net worth or the person who occupies both chairman and general manager positions will bring the negative effect on credit ratings. However, whether the general manager is a founder of company or not, or even equips the legal background, has teaching experiences, owns political or public sector work experiences will no effect on credit ratings and if the probability of default as the proxy variable of credit risk, the above results are largely unchanged. Then, the family business was taken as a research sample and was found that the above traits general manager possesses against the credit ratings are still valid but reduced. Finally, the defaulted enterprises and the expected defaulted enterprises were used as research samples showing the results that a general manager has the higher control power, superior knowledge or well reputation help the company out of breach challenge.