192 /302
供應鏈關係不確定性對公司信用風險影響之研究
192
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)
(7)
(8)
Coupon
20.0378**
20.0137**
20.1907**
20.3881**
16.0672*
16.0404*
15.8337*
15.8095*
(2.22)
(2.21)
(2.23)
(2.25)
(1.80)
(1.80)
(1.77)
(1.76)
Bage
-7.1103*
-7.1151*
-7.0584*
-7.0660*
-0.1076
-0.1077
-0.0800
-0.0709
(-1.78)
(-1.78)
(-1.77)
(-1.77)
(-0.06)
(-0.06)
(-0.04)
(-0.04)
LFFL
0.2215
0.2223
0.2187
0.2216
0.3145
0.3155
0.3133
0.3170
(0.56)
(0.56)
(0.55)
(0.55)
(0.71)
(0.71)
(0.70)
(0.71)
Lnamt
12.6636
12.4748
12.1878
11.8471 14.5055**
14.4930**
14.1586**
14.2560**
(1.20)
(1.19)
(1.16)
(1.13)
(2.35)
(2.35)
(2.28)
(2.29)
Rating
-0.4602
-0.3908
-0.5270
-0.5108
1.8112
1.8058
1.7937
1.7990
(-0.21)
(-0.17)
(-0.24)
(-0.23)
(0.92)
(0.92)
(0.92)
(0.92)
ADJPIN
849.6869
836.8266
864.9190
897.8994* 970.3577 965.6859 976.4823 952.0728
(1.63)
(1.61)
(1.64)
(1.68)
(1.05)
(1.04)
(1.06)
(1.03)
HHI
-1732.1946** -1746.7342** -1733.4439** -1720.5200** 239.8732 235.7227 267.1651 239.4561
(-2.30)
(-2.32)
(-2.36)
(-2.40)
(0.51)
(0.50)
(0.56)
(0.51)
RD
-403.1218 -387.6872 -540.8843 -679.0958 999.4208 995.2946 986.5013 982.8962
(-0.50)
(-0.49)
(-0.63)
(-0.79)
(1.06)
(1.05)
(1.04)
(1.03)
PSOS
240.2499
239.5966
255.9873
256.5132 133.4452 130.2516 140.2420 131.6257
(1.46)
(1.46)
(1.49)
(1.54)
(0.54)
(0.53)
(0.57)
(0.54)
Chg_SGA
-24.1463
-40.7572
14.0265
67.2549 -484.5007 -485.3192 -458.1549 -471.3990
(-0.09)
(-0.15)
(0.05)
(0.25)
(-1.56)
(-1.56)
(-1.45)
(-1.53)
Chg_RECD
3.3943**
3.2996**
3.3608**
3.4692**
0.5917
0.5866
0.5769
0.5695
(2.43)
(2.37)
(2.37)
(2.43)
(0.99)
(0.98)
(0.96)
(0.98)