頁籤選單縮合
題 名 | A Data Envelopment Analysis of Shipping Industry Bond Ratings |
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作 者 | Liang, Gin-shuh; Liu, Chin-feng; Lin, Wen-cheng; Yeh, Chen-huei; | 書刊名 | 淡江理工學刊 |
卷 期 | 9:4 民95.12 |
頁 次 | 頁403-408 |
分類號 | 563.538 |
關鍵詞 | Bond rating; Data envelopment analysis; DEA; Default risks; |
語 文 | 英文(English) |
英文摘要 | Industrial corporate bonds have been assigned quality ratings since the early 1900s. Moody and Standard & Poors (S&P), two renowned ratings organizations assign ratings to a portion of new bonds issued each year. However, many businesses and industry leaders have doubt about the consequences of bond ratings. This paper attempts to build an objective and user-friendly bond ratings approach for the shipping indulger and investors. Data envelopment analysis (DEA) is employed to evaluate the corporate bond ratings of Taiwan’s shipping industry from 1997 to 2004, by applying two input variables (fixed assets and debt ratio) and two output variables (fixed assets turnover and times interest earned) as rating factors. The results show that 4 different bonds, in particular, have had relatively high ratings: ETITC’s issue of bonds form 1998 to 2003, EVERGREEN’s bond issue in 1996, and Yang Ming’s bond issue in 2003, respectively. This paper also illustrates that ETITC and Yang Ming have paid more attention on reducing default risks and creating revenue competency during the given time period. |
本系統中英文摘要資訊取自各篇刊載內容。