供應鏈關係不確定性對公司信用風險影響之研究

This study explores the effects of supply chain relationship uncertainty (SCRU) on corporate credit risk by American bond market data from year 2000 to 2008. Empirical results show that the firm-customer relationship uncertainty (FCRU) is significantly and positively related to bond yield spreads, whereas the firm-supplier relationship uncertainty (FSRU) exhibits nonsignificant effects when controlling for other well-known bond yield determinant variables. In addition, this research also finds that business cycle condition non-significantly changes the FCRU effect on bond yield spreads. Finally, the results we derive by evaluating SCRU variables through other weighted methods or by controlling for additional variables affecting cash flow variations are robust.