本次研究目的是為了釐清經理人能力與公司信用品質之間的關聯性。我們相信，藉由這次的研究，公司經理人的能力能備受重視並躍升為各界判斷公司財務狀況好壞的依據之一。
我們使用由Demerjian et al. (2012)所提出的經理人能力指標(MA-Score)做為經理人能力的代理變數；另外，我們使用由金融經濟學家Edward Altman所提出的Z得分公式(Zscore)做為公司信用品質的代理變數，再加入多項控制變數，並且透過迴歸分析進行檢驗。此外，我們也透過Z得分公式以及由Kaplan及Zingales所提出的KZ指標將樣本分群，進而判斷當公司處在不同的財務狀況或是擁有不同公司體質時，經理人的能力是否仍會對公司信用品質有顯著影響。而結果顯示，當公司處在融資不受限或是公司體質佳的情況下時，經理人能力對公司信用品質有顯著的影響。為了提升我們論文背後的支撐力，我們也將Z得分公式替換成公司的信用評級，並進行穩健性測試。
在經過本次的研究後，我們可以確定經理人能力越好，往往會對公司帶來正面的效益。本篇論文不僅能讓產業界及學術界對經理人能力更加重視，在政策制定上，也能使制定者提升員工補償機制的意識。透過獎勵好的經理人，能使公司以及產業產生向上的動能，進一步使公司效益最大化。

In this study, we want to know more about the relationship between managerial ability and corporate credit quality and we believe that by this study, managerial ability will be put more emphasis on and become an important character in the area of government management.
We use MA-Score, which is developed by Demerjian et al. (2012), as the proxy of managerial ability. Besides, we use Z score, developed by Edward Altman, to be the proxy of corporate credit quality. After the regression with the two variables and control variables, we find that managerial ability and corporate credit quality have a positive relationship. Besides, we divide our sample by the KZ index, which is developed by Kaplan and Zingales, and the Z score. We find that under the condition of corporate with the unlimited financing or better financial position, the able manager can make the corporate credit quality better by his or her own abilities. Finally, we use the credit rating to replace the Z score to do the robustness test and by doing so, our study can get a strong back-up.
By this study, we can make sure that a well-performed manager can bring his or her company a better future and corporate credit quality by his or her own ability. This study can not only make people focus on the importance of managerial ability but also let the policy makers level up their awareness of compensation of employee. By compensate the well-performed managers, it will produce a positive power and make the companies better.

論文審定書......................................................... i
摘要.................................................................... ii
Abstract............................................................. iii
表次.................................................................... v
第一章 簡介..................................................................1
第二章 文獻回顧與假設檢定........................................4
第三章 研究方法...........................................................6
3.1 資料及樣本.............................................................6
3.2 變數假設.................................................................6
3.3 模型假設.................................................................8
第四章 實證結果..........................................................9
4.1 敘述統計量以及相關係數矩陣............................9
4.2 經理人能力與公司信用品質之間的關係........10
4.3 在不同財務狀況下的關係...................................12
4.4 在不同公司體質下的關係...................................13
4.5 穩健性測試..........................................................14
第五章 結論..............................................................16
參考文獻...................................................................26
附錄...........................................................................28

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