기업지배구조가 신용등급과 자본비용에 미치는 영향에 관한 실증적 연구: 한국과 중국 상장기업을 중심으로

[Purpose]This study analyzed the impact of corporate governance on credit ratings and capital costs. Validate that sound corporate governance information acts as an important factor in determining credit ratings. In addition, it was verified that corporate governance in the capital market was a contributory factor in reducing capital costs. [Methodology]To achieve this goal, the corporate governance structure was divided into more objective measures, the Korea Corporate Governance Service's governance evaluation score, and China's ownership structure and board features to analyze the relationship between credit rating and capital expenses. The sample of this study was taken from 2009 to 2014 by the Korea Corporate Governance Service's governance evaluation scores of listed companies on the main bourse, which were not part of the financial industry disclosed. [Findings]The analysis results are as follows. First, corporate governance showed a significant amount (＋) correlation between the governance evaluation score and the national ownership ratio and the size of the board of directors. This means that good corporate governance is reflected as important information when evaluating credit rating agencies. Second, the governance evaluation score showed a significant negative relationship to capital costs. This means that companies with higher governance evaluation scores are positively valued in the capital market, thereby reducing the capital costs incurred. Third, in the case of the Chinese market, it was verified that the national ownership ratio was high and that the larger the board size, the more capital costs were induced. [Implications]The results of this study show that information about corporate governance is reflected in the capital market as a positive determinant of credit rating and capital expense. Therefore, companies in the future will need policy efforts to strengthen their governance structure.