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    Please use this identifier to cite or link to this item: http://asiair.asia.edu.tw/ir/handle/310904400/26177


    Title: 公司財務決策在初次信用評等前後之反應
    Authors: 陳獻儀
    Contributors: 管理學院;財務金融學系
    Date: 2012
    Issue Date: 2013-07-18 15:36:49 (UTC+8)
    Abstract: 專業信用評等機構所發揮的功能,係立基於其在資訊取得處理上擁有的規模經濟 優勢,以及能減緩存在於公司和外部投資人間的資訊不對稱程度。以往文獻指出 資訊不對稱會對公司的財務決策產生顯著的影響,本計畫主要探討公司獲得專業 信用評等機構初次信用評等之後,其資金成本、融資、投資和股利決策等方面, 是否會因資訊不對稱的改善而有顯著的改變,本研究有別於以往信用評等相關文 獻將焦點置於金融市場投資人價格反應觀察,將藉由公司之初次信用評等事件, 以最直接的方式檢視資訊不對稱對公司財務決策的重要性。

    The function of specialized credit rating agencies is based on the advantage of economies of scale in information gathering and processing. In addition, rating agencies exist on the pretext of partially easing the adverse effects of information asymmetry existing between the company and external investors. Previous studies have indicated that information asymmetry substantially influences corporate financial decisions. Unlike previous credit-rating studies that have focused mainly on the announcement effects on financial markets, this study examines the influence of initial credit ratings on borrowing costs, financing, investment, and dividend policies of rated companies, and explores more directly the importance of information asymmetry regarding corporate financial decisions.
    Appears in Collections:[財務金融學系] 科技部研究計畫

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