An Empirical Study on the Impact of Ownership Structure on Credit Risk

• Main Authors: LEE，LI-YA, 李莉雅
• Other Authors: SHIH , YI -CHENG
• Format: Others
• Language: zh-TW
• Published: 2017
• Online Access: http://ndltd.ncl.edu.tw/handle/77005390472827270165

碩士 === 國立臺北大學 === 國際財務金融碩士在職專班 === 105 === The main purpose of this research is to explore the effect of the ownership structure on the credit risk of the company. The paper utilized Taiwan Corporate Credit Risk Index(TCRI) as the proxy of credit risk and investigated the relationship between credit risk and fifteen aspects of ownership structure such as the shareholding of government agencies,financial institutions,investment & trust institutions, corporates, individuals, the top ten of shareholders (excluding director and supervisor), major shareholders, the shareholding of managers, directors and supervisors, and so on. The corporations that entered the Taiwan stock market are the objects of this research. The reference materials were collected from Taiwan Economic Journal (TEJ, 2006-2015). The paper utilized descriptive statistics and regression analysis to learn and understand the relationship between owership structure and corporate credit risk. It was found that in model one there were negative correlation between credit risk and government agencies, domestic/foreign financial institutions, investment & trust institutions except local institutions. In the structure of ownership, we found that the shareholding of individual, the top ten of shareholders (excluding directors and supervisors), major shareholders show that positive correlation with credit risk, but the shareholding of foreign individuals have no significant influence on Credit rating (TCRI). In addition, we found that credit risk was positively related to the shareholding and the pledge ratio of directors and supervisors, but negatively related to the shareholding of managers. In model two there were also negative correlation between credit risk and different institutions, including the shareholding of government agencies, domestic/foreign financial institutions, investment & trust institutions and corporates.