本研究主要探討公司信用風險對公司債利差的影響，並以1991年至2017年間發行公司債之公司為研究樣本，結果發現，當公司信用風險愈高時，將增加公司與債權人之間的資訊不對稱，進而使公司所發行的債券利差愈大。另外，低成長型產業、公司規模較小或由四大會計事務所查核的企業，其信用風險對公司債利差的影響較大。最後，本文以信用評等為信用風險的替代變數作為穩健性測試，且發現其結果支持主分析的實證結果。

We focus on the impact of how the credit risk affects the corporate bond spreads by using listed companies that issue corporate bonds from 1991 to 2017 in Taiwan market as our research sample. Our results show that when the firms’ credit risks are high, firms can increase the information asymmetry between firms and creditor and have an enhance effect on corporate bond spreads. Furthermore, the effects credit risk on corporate bond spreads are stronger in the firms with lower industry growth, smaller firms’ size, and reviewed by big four accountancy firms. Finally, we use the credit rating as a proxy variable of credit risk and the evidence supporting our main results.

論文審定書 i
誌謝 ii
中文摘要 iii
英文摘要 iv
表次 vi
第一章 前言 1
第二章 文獻探討與假說推論 3
第三章 研究方法 6
3.1 樣本選取與資料來源 6
3.2 變數定義 7
3.2.1公司債利差衡量 7
3.2.2公司信用風險衡量 8
3.2.3控制變數 8
3.3實證模型 9
第四節 實證結果與分析 9
4.1敘述性統計與相關係數矩陣 9
4.2公司信用風險與公司債利差的關係 10
4.3成長型產業與否對信用風險與公司債利差的影響 11
4.4公司規模對公司信用風險與公司債利差的影響 11
4.5會計品質對公司信用風險與公司債利差的影響 12
第五章 穩健性測試 13
第六章 結論 13
參考文獻 15
附錄 18

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