本研究旨在探討CEO外向性格與信用評等間之關係。心理學研究指出CEO的外向性格伴隨著愛交朋友、行動力高、積極樂觀、精力充沛、重視溝通與領導力強等特質；卻也容易喜歡追求刺激、過度自信、不當財務槓桿操作、偏愛風險程度較高的營運策略，進而忽略或低估風險承擔的責任。企業的信用評等是信用評等機構考量企業之營運風險、財務風險及營業風險等等，所評估之企業信用風險數值化，並加以分等排名。利用2002至2014年標準普爾1500公司為樣本，實證結果發現CEO外向性與公司信用評等存在顯著正向關係。在額外分析中，本研究發現CEO外向性對公司信用評等的影響，會受到公司規模大小而有所差異，營運規模越小的公司，越容易發生人治的現象，因此外向特質影響公司信用評等的效應較為明顯。穩健性測試發現，CEO外向性對信用評等的影響，不會受到管制性產業而有明顯差異。

Since CEO extraversion may have two opposing effects on corporate credit rating, the relationship between CEO extraversion and credit rating needs to be confirmed through empirical analysis. Hence, the key motivation of this study is to explore the relationship between CEO extraversion and credit rating. This study also selects S&P 1500 companies from 2002 to 2014 as research samples. The empirical results show that CEO extraversion has a positive relationship with corporate credit rating. According to company size, the entire sample is divided into two sub-samples of smaller companies and larger companies. The empirical results also show that when company size is smaller, the more likely it is to experience human governance. Finally, robustness test show that the effect of CEO extroversion on credit ratings does not vary significantly by regulated industries.

中文
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