專業信用評等機構之研究---以Standard&Poor's、Moody's及Fitch為例

• Main Authors: King Wen, 溫成德
• Other Authors: 黃博怡
• Format: Others
• Language: zh-TW
• Published: 2006
• Online Access: http://ndltd.ncl.edu.tw/handle/76785783566632296588

碩士 === 實踐大學 === 企業管理研究所 === 94 === The Financial Crisis of 1997 in Asia alerted Taiwan investors to credit risks. In the same year, the first professional rating agency was established in Taiwan, which was the prelude of professional rating agencies booming in Taiwan. The professional rating agencies have already existed in the world for centuries, here we try to figure out what made these unofficial organizations reveal the issuers’ credit risks to public just through simple symbols, why a company is willing to pay so much to receive a credit rating, and how these rating symbols affect the market. The paper will explain the reasons by understanding the development history of top three professional rating agencies, and the rating agencies in Asian and Latin American countries. Furthermore, we will discuss the rating methodologies of Financial Holdings, Banks, Securities, and Insurance Company of top three professional rating agencies, which could be the reference for issuers when choosing the rating agencies. Meanwhile, the paper will compare the differences between top three rating agencies, which could provide investors and issuers a clearer picture about credit rating.