公司治理過去的研究多偏向公司治理機制對公司績效、公司價值或是公司信用評等的影響，鮮少有針對信用評等機構如何將公司治理變數納入評等過程的研究，因此本研究以台灣企業信用風險指標（Taiwan Corporate Credit Risk Index，簡稱TCRI）為研究對象，探討國內信用評等制度評等過程之健全性以及公司治理層面在信用評等制度中落實之成效，以個案研究方法蒐集彙整國內外相關學術文獻、書籍期刊與各大信用評等系統之網站及所出版之刊物，以經濟暨合作發展組織（OECD）的公司治理原則以及新巴賽爾資本協定（Basel 2）對於合格外部信用評等機構之標準來檢視本土信用評等制度的健全性，並實地訪談個案信用評等系統之高階負責人，了解個案信用評等系統對於目前整體信用評等動態和未來趨勢之看法。

跟以往研究不同，本研究透過實際訪談了解國內信用評等制度的發展，研究結果顯示，在新巴賽爾資本協定（Basel 2）對於合格外部信用評等機構之標準中，TCRI的獨立性、透明度、資訊揭露與可信度都在標準之上，但客觀性與資源投入就稍顯不足。此外，目前TCRI對於公司治理層面的考量都是在人工判斷階段進行，內部擬於2012年重新修正信用評等數量模式時將公司治理變數納入，並加強公司治理衡量面向。

In the past, the research of corporate governance was focus on the company performance, company value and company credit rating affected by the corporate governance. Few research were regarding how the credit rating firms incorporate the variable of corporate governance into the rating process. Therefore, we use the Taiwan Corporate Credit Risk Index(TCRI) as our object of study and discuss the completeness of domestic credit rating process and the effectiveness of how the corporate governance works on credit rating system. Using the corporate governance principle of OECD and Basel 2 to overview our domestic credit rating system.
Unlike the research before, we understand the development of domestic credit rating system by practical interview and discuss. The empirical studies show that based on the standard of Basel 2, the independence, transparency, disclosure and reliability of TCRI are better than Basel 2. However the objectivity and resource input are not enough. Besides, now the consideration of governance on TCRI is judged by human. In 2012, Taiwan Economic Journal (TEJ) will modify the credit rating model by incorporating the variable of corporate governance to enhance the evaluation of corporate governance.

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