本文以企業風險評量機構之評等來衡量企業信用風險，探討股權結構、董監結構、專業經理人角色、財務資訊透明度及經營層風險等公司治理特性對其企業信用風險的影響。我們發現，在控制公司財務特性變數下，公司治理特性的確影響企業的信用風險。具體而言，內部人持股、機構投資人持股、外部董監席次比率、獨立董監專業性、專業經理人角色以及財務資訊品質與時效性等，會降低企業信用風險；至於外部大股東人數、控制權與所有權偏離程度、董事長兼總經理、監察人內部化及經營層風險，則會提高企業信用風險。換言之，無論具有管理紀律效果或侵佔效果之公司治理變數，均與企業信用風險有關。

We examine the effect of corporate governance attributes, including ownership structure, board structure, management power, transparency of financial information, and risk characteristics of management, on firms' credit risk. After controlling for firm-specific factors, we find that firms with governance attributes contributing to better management disciplining have lower credit risk, while firms with governance attributes inducing entrenchment effect have higher credit risk. In sum, both management disciplining and entrenchment effects can explain the credit risk.

信用風險; 公司治理; 董監及股權結構

credit risk; corporate governance; board and ownership structure