188 /302
供應鏈關係不確定性對公司信用風險影響之研究
188
表六 供應鏈關係不確定性對公司債利差之影響：以資產市值、資產帳面價值、銷售額加權
顧客關係不確定性
(CPSV)
供應商關係不確定性
(KCICV)
(1)
(2)
(3)
(4)
(5)
(6)
MV_CPSV5
394.8878***
(5.31)
BV_CPSV5
399.0280***
(5.50)
Sales_CPSV5
412.2445***
(5.96)
MV_KCICV5
160.4769
(0.97)
BV_KCICV5
31.6824
(0.18)
Sales_KCICV5
412.2445***
(5.96)
LEV
547.3948***
547.3447***
547.2753***
759.8608***
760.0498***
547.2753***
(2.64)
(2.64)
(2.65)
(4.02)
(4.02)
(2.65)
VOL
741.5206***
741.4719***
741.7113***
638.1272***
638.3401***
741.7113***
(4.39)
(4.39)
(4.39)
(3.90)
(3.90)
(4.39)
Coupon
19.7141**
19.7119**
19.7170**
20.0840**
20.1071**
19.7170**
(2.17)
(2.17)
(2.17)
(2.42)
(2.42)
(2.17)
Bage
-6.9150*
-6.9132*
-6.9116*
-0.5945
-0.6016
-6.9116*
(-1.72)
(-1.72)
(-1.72)
(-0.34)
(-0.35)
(-1.72)
LFFL
0.2431
0.2430
0.2427
0.1535
0.1534
0.2427
(0.61)
(0.61)
(0.61)
(0.43)
(0.42)
(0.61)