| Summary: | 碩士 === 國立臺灣科技大學 === 財務金融研究所 === 96 === Taiwan Ratings has been established more than 10 years since the “Credit Management Proposal” was enacted by the Executive Yuan on April 30, 1997. Over the past decade, Taiwan Ratings has faced many hurdles and challenges. This thesis aims to identify and provide in-depth analysis to the problems facing credit rating industry in Taiwan based on the oligopoly market structure as well as the 11 years of Taiwan Ratings business operation. In an era of increasing uncertainty and risks, it is now the best opportunity for market participants to make greater use of credit ratings. By providing greater transparency and demonstrating credit strengths through professionally assigned ratings, a greater number of bond issuers will be able to access debt markets. Investors and intermediaries also benefit from the additional transparency provided by such ratings, and use them to conduct objective pricing. We believe that greater use of ratings, at higher and lower ends of the scale, would make a substantial contribution to the continuing development of Taiwan's financial markets. This research has five chapters which are organized as follows: Chapter 1 introduces the role of credit ratings in bond markets; Chapter 2 outlines related literature in credit ratings; Chapter 3 describes research methodology; Chapter 4 uses Taiwan Ratings as a sample company for case study; and finally we conclude our research in Chapter 5.
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