| Summary: | 碩士 === 國立高雄第一科技大學 === 財務管理所 === 97 === The main purpose of this research is to examine the impact of corporate governance on credit risk. We use Taiwan Corporate Credit Risk Index (TCRI) as the proxy for credit risk and investigate the relationship between credit risk and six corporate governance aspects such as ownership structure, board characteristics and so on. The empirical analysis finds that the firm with higher management ownership, higher board of outside director’s member''s proportion, and the presidency who doesn’t serve as the board chairman, lower blockholder shareholding and greater institutional ownership will reduce effectively credit risk and enhance credit ratings. This result indicates that the corporate governance system is useful in reducing credit risk and enhancing the reputation of corporate. The corporate has fine reputation will reduce information asymmetry between investors and corporate. The development of capital market will be also stronger.
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