| Summary: | 碩士 === 朝陽科技大學 === 財務金融系碩士班 === 90 === Abstract
Bond market is one of the major securities markets in Taiwan. However, default events occur often. Even when corporate bonds due, issuers that came about financial crisis to insolvency cause investors to lose greatly. To weigh investment targets and to guarantee benefits are investor’s primary concerns. According to this trend, this research focuses on Taiwan’s corporate bonds’ market, and employs the point of view of investors to explore the crucial reasons that influence investors’ decisions by considering issuer’s credit rating, issue conditions, investment environment, and market reaction.
Accordingly, this research employs Analysis Hierarchy Process (AHP) and Multi-criteria Evaluation with Qualitative and Quantitative Data (MQQD) to integrate investing evaluation criteria from experts’ experience and theory foundation to establish a corporate bond investment rating model. The operations of professionals were collected by expert’s questionnaire based on AHP for weighting every evaluation criteria.
The empirical results present that when comparing appraisal score with issue rating by Taiwan Rating Corporation announce, the MCDM investing rating model can distinguish bond’s quality better. The model can explore each investing evaluation criteria and evaluate those bonds.
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