2007年中次級房貸爆發後，美國信用評等機構的中立地位，受到質疑以及攻擊。回顧過去評等的，國際信評公司對美國恩隆(Enron)，在爆發前才降為「投機等級」；在亞洲金融危機發生之後，歐美信評公司普遍給予亞洲國家過低之評等，對亞洲地區經濟復甦造成一定程度之負面效應。一連串的金融事件引發了投資人對於信用評等效力的疑慮：信用評等還是能代表中立客觀的評價嗎？是否擁有較公開財務資料更多更完整的訊息？果真如此，對於問題的發生是否有發現及反應的能力？本研究利用相對買賣價差以及Panel data、Simultaneous Model檢測信用評等對股票流動性之影響，再進一步討論信評與財務結構的關係實證分析信用評等對台灣證券市場流動性存在正向關係，並且影響財務結構。本研究實証結果的價值是提供影響市場流動性的因素中，信用評等也是促成流動性的原因之ㄧ。信用評等所帶來的流動性提供了對投資者、金融機構以及資本市場更穩定並且更有效率的機制。

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13.計畫主持人：薛綺，共同主持人：李馨蘋、柯瓊鳳，研究助理：許仲傑、陳又瑋、林哲弘、洪上為，當前金融機構如何結合公司治理與風險管理的研究，委託單位：金融研究發展基金管理委員會，執行單位：台灣金融研訓院

14.李俊賢，2004，信用評等之產業別財務比率測試，長庚大學企業管理系論文

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