對比成本效率與TCRI信用評等--以半導體業為例

• Main Authors: CHAO-CHIN JAN, 詹兆欽
• Other Authors: 鄭政秉
• Format: Others
• Language: zh-TW
• Published: 2008
• Online Access: http://ndltd.ncl.edu.tw/handle/7p9d99

碩士 === 東吳大學 === 經濟學系 === 96 === In 1900s, U.S. gave the credit rating to the bonds which reflected their possibility of default risk. The main functions for credit ratings are: (1) lowering the information cost for investors, (2) reducing the financing cost to individual and business, (3) raising the management efficiency of finance, (4) promoting the efficiency of the market. The area of aplication use to bond, financial organization, fund, REIT and so on. With the fast pace in financial environment, the measurement in early research in risk, usually use to the banking industry mainly, with the economic environment vicissitude, the risk of aplication also expands to various industries, so risk management becomes an important subject to business administration. There are a lot of type of risks, different industries have different administration. However because of various administration, will present different risk, the most important is still the credit risk, the so-called credit risk is refers when the default event occur to lose that the debtor is unable to pay for. But the measure of credit risk usually use credit rating, the reason is the credit scale to represent the ability to pay and credit risk level of company. When company gets higher credit rank, represent lower credit risk. Therefore we use Stochastic Frontiers Approach to measure cost efficiency in the paper, and discussion the relationship of cost efficiency and the TCRI credit rating in semiconductor firms. The results are as follows: 1. There is a positive relationship between the cost efficiency and TCRI credit rating in semiconductor firms, thus the TCRI credit rating moves falls will make the total cost rise. 2. We use the Wilcoxon/Mann-Whitney Test to see the relationship of cost efficiency and the TCRI credit rating. The empirical result shows that there is no difference between the two scores. 3. According to the the relationship of cost efficiency and the TCRI credit rating, To sift firms from the mean of cost efficiency is stricter then TCRI credit rating, and the ratio of bad firms was considered good is 4%. 4. When TCRI credit rating and efficiency are combined, if TCRI credit rating scales are the same, we can use the efficiency to discrimination. 5. TCRI credit rating is not the only standard, because of the financial ratios use in TCRI is lagging indicator, and no forecast ability, but the cost efficiency may forecast future of the firms, therefore two of scores not only have the regurality, but complymently.