국내 기업 지배구조가 회사채 신용점수에 미치는 영향

초록

In this paper, we analyze the effect of corporate governance on the credit score of the companies those are listed on Korea Securities Exchange from the period of 2003 to 2010. We investigate further how this effect on the credit score would be different before and after the global financial crisis. For this purpose, the Korea Corporate Governance Score and the details of the ratio of the board of directors, the ratio of outside audit members in the audit committee, the ratio of largest shareholders’ ownership, the ratio of foreign investors’ ownership, and other financial characteristic variables for the companies were used as independent variables and control variables. Credit rating agency’s KIS-Value credit scores were used as a dependent variable for the analysis. The empirical results are as follows: First, after controlling all other attributes, companies with good corporate governance score are likely to have high credit scores significantly. The five items of corporate governance, the degree of protection of the rights of shareholders, the independence of board of directors, disclosure, audit committee organizations, division of profits are all significantly positive with their credit scores. Second, the ratio of outside directors affects positively the credit score throughout the entire data period except the period after the crisis. It implies that overall the higher ratio of outside directors brings more independence of the board, thus improving the credit scores. Third, throughout the entire period, the establishment of the audit committee is positively correlated with credit scores. It means that a company with the audit committee has high credit score than a company without the audit committee, all other things are equal. Fourth, foreign ownership and credit score have significantly positive correlation for the entire period. It supports that foreign investors are more likely to invest their money into companies with good corporate governance. The results of this study The results of this study shed some lights on the effectiveness of regulatory efforts to improve corporate governance of companies. In addition, it provides some practical implication for companies to have good corporate governance voluntarily when managers have some incentives to lower the cost of capital or to raise the value of the company.

키워드