186 /302
供應鏈關係不確定性對公司信用風險影響之研究
186
以各供應商進貨比率
(CIC)
加權之
KCICV
最主要供應商的
KCICV
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
Bage
-0.5997
-0.5494
-0.0869
0.1491
-0.5994
-0.5502
-0.0822
0.1495
(-0.35)
(-0.32)
(-0.05)
(0.08)
(-0.35)
(-0.32)
(-0.05)
(0.08)
LFFL
0.1530
0.2085
0.4940**
0.3222*
0.1532
0.2088
0.4936**
0.3223*
(0.42)
(0.63)
(2.48)
(1.66)
(0.42)
(0.63)
(2.48)
(1.66)
Lnamt
8.2413
8.2161
7.6556
6.7757
8.2349
8.2059
7.6394
6.7749
(0.91)
(0.89)
(0.76)
(0.55)
(0.91)
(0.89)
(0.76)
(0.55)
Rating
1.9014
1.9855
3.0853
-0.0910
1.8983
1.9824
3.0790
-0.0909
(1.12)
(1.07)
(1.46)
(-0.04)
(1.11)
(1.07)
(1.46)
(-0.04)
ADJPIN
1186.6447 1388.5695 2140.9572** 2037.0468** 1184.9808 1386.1302 2137.2969** 2036.6388**
(1.34)
(1.45)
(2.11)
(1.99)
(1.33)
(1.45)
(2.11)
(1.99)
HHI
236.3357
56.7955 -138.0606 -125.0398 234.7530
55.1068 -135.9576 -124.8851
(0.56)
(0.14)
(-0.52)
(-0.43)
(0.55)
(0.13)
(-0.51)
(-0.43)
RD
718.3386 790.7679 763.3613 695.9238 716.2200 787.7151 760.5321 695.5507
(0.76)
(0.80)
(0.73)
(0.65)
(0.76)
(0.80)
(0.73)
(0.65)
PSOS
240.4409 270.3109 419.1006** 317.2956 239.0632 268.1595 417.4707** 317.0924
(1.07)
(1.32)
(2.04)
(1.64)
(1.07)
(1.31)
(2.04)
(1.64)
Constant
-504.5707*** -481.6016*** -483.6220*** -430.1270*** -503.5187*** -480.2613*** -482.9209*** -430.0472***
(-3.46)
(-3.41)
(-3.56)
(-3.16)
(-3.45)
(-3.40)
(-3.54)
(-3.15)
Observations
2791
2680
2500
2380
2791
2680
2500
2380
Adj. R
2
0.6117
0.6172
0.6262
0.6287
0.6117
0.6173
0.6262
0.6287
註：其中符號“
*,**,***
＂表示顯著水準依序為
10%, 5%, 1%
，括號內數字代表
t
統計量。所有變數之定義與表二及表三相同。