中小企業融資成本與信用評等之關聯性─以B銀行為例;none

NCUIR > School of Management at National Central University > Executive MBA > Electronic Thesis & Dissertation > Item 987654321/54985

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Title:	中小企業融資成本與信用評等之關聯性─以B銀行為例;none
Authors:	梁玉忠;Liang,Yu-chung
Contributors:	管理學院高階主管企管碩士班
Keywords:	融資成本;信用評等;中小企業;financial cost;credit rating;Small and medium corporations (SME)
Date:	2012-06-20
Issue Date:	2012-09-11 19:14:23 (UTC+8)
Publisher:	國立中央大學
Abstract:	台灣企業的結構向來以中小型企業為主軸，以2010年為例，依據經濟部中小企業處的統計顯示：中小企業家數佔全部企業之97.68%，中小企業之就業人口佔總就業人口之78.06%，顯示中小企業對台灣社會結構具有重大的貢獻，並且也是國內經濟成長、社會穩定的主要動力來源。此外，依據銀行局之金融統計資料顯示：2010年年底國內銀行對中小企業之授信餘額佔總放款餘額之19.85%，2011年底為20.81%，亦顯示中小企業之融資對國內銀行之重要性。國內金融機構對企業之放款利率訂價，一般訂有標準的訂價辦法作為依循的準則，分析個案公司對企業放款利率的訂價架構主要依據：計價基礎、信用加碼、作業成本加碼以及授權利率加碼等4個要項組成對企業之放款利率(即企業之融資成本)，其中計價基礎以及作業成本加碼對所有的企業在相同的幣別、相同的融資天數條件下，均相同。個別企業在個案公司取得融資成本會依據個別企業過去經營所累積的財業務結果所產生的信用評等不同以及授權利率加碼的不同而產生差異性。雖然台灣中小企業的財務透明度不高，但依據個別企業所提供之財業務資訊所產生之信用評等是否影響其融資成本？本研究乃藉由個案公司對中小企業融資之案例，藉由線性迴歸之分析方法，所得結論如下：1.個案公司對中小企業評定的信用評等確實影響企業之融資成本。2.依基本資料進一步分析，影響企業信用評等之因素包括：稅前損益、負債比率。Small and medium corporations (SME) arenas always been the main economical pillars of Taiwan corporate structure; take 2010 as an example, 97.68% of all corporates are SMEs, which contributes 78.06% of the employment forces, based on MOEA SME DEPT's statistics; showing that SME's significant contribution to Taiwan social structure and domestic economic growth, as well as society stability. In addition, according to the Banking Bureau's statistics, bank loans to SME are as much as 19.85% and 20.81% of total bank loan outstanding in the year of 2010 and 2011 respectively. Domestic financial institutions generally has a standard pricing policy toward corporate loans; the case study in the thesis using the 4 basic principles as the pricing standard for loan interest calculation: pricing basis, credit premium, operation cost, and authorized interest spreads, whichmakes up corporates' financial cost. Of which, pricing basis and operational cost are assumed the same under the circumstances that lending currency and lending tenor are the same. Each individual corporate's lending cost is different based on credit rating derived by assessing the past financials of their operating results. Even though Taiwan SMEs lack financial transparency, would credit ratings based on the financials and business information provided by each individual corporate affect their lending cost? This thesis is base on specific corporate lending case, using linear regression analysis, to derive the following conclusions: 1. Corporate credit rating assessment for SME indeed affects the finial costs of the corporate. 2. Further analysis on corporate's basic information, other credit rating affecting factors includes, EBITA, debt ratio.
Appears in Collections:	[Executive MBA] Electronic Thesis & Dissertation

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