女性擔任管理者或董事會成員如何影響企業信用評等？

How do Female Managers or Board Members Affect Corporate Credit Ratings?

本文以台灣上市公司在2011至2018年所獲得的信用評等爲研究對象，探討女性擔任管理者或董事會成員對信用評等的影響，以及此影響的可能理由。實證結果發現，第一，女性擔任管理者，使公司獲得較佳的信用評等。第二，女性董事會成員比例愈高，不利于信用評等，但當女性董監事超過一定比例，反而使公司獲得較佳的信用評等，顯示女性董事會成員比例與信用評等呈現U型關係。第三，女性擔任管理者可以降低過度舉債的過度自信行為，進而使公司獲得較佳的信用評等。第四，女性董事成員比例超過一定門檻，有助于减少管理者過度投資的過度自信行為，或維持較佳的盈餘品質，進而使公司獲得較佳的信用評等。

Using credit ratings of Taiwan listed firms from 2011 to 2018 as sample, this paper tries to investigate whether managers’gender and board gender diversity affect credit rating determinants. In addition, this paper considers three behavioral variables to investigate whether they are the factors for gender influences on credit ratings, including overconfidence, conservative accounting principles and earnings quality. The research shows the following results. First, firms with female managers tend to be assigned better credit ratings. Second, the higher percentage of female boards is detrimental to ratings. However, the firm is assigned a better rating when the percentage is more than a particular point, suggesting the relationship between female board percentages and ratings is U-shaped. Third, firms with female managers tend to reduce managers’high debt-financing’overconfidence behavior and make firms be assigned better credit ratings. Fourth, firms with more than 40% female boards tend to reduce managers’overinvestment’overconfidence behavior or have better earnings quality and make firms be assigned better credit ratings.