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    Please use this identifier to cite or link to this item: http://ir.lib.ncu.edu.tw/handle/987654321/80744

    Title: 公司仰賴技能勞工之程度與信用利差和債券流動性之關係;The relationship between the reliance of skilled labor, credit spread and bond liquidity
    Authors: 黃鈺婷;Huang, Yu-Ting
    Contributors: 財務金融學系
    Keywords: 技能勞工;勞工變動成本;信用利差;債券流動性;Skilled labor;Labor Adjustment cost;Credit Spread;Bond liquidity
    Date: 2019-06-24
    Issue Date: 2019-09-03 15:06:27 (UTC+8)
    Publisher: 國立中央大學
    Abstract: 本研究採用2002年至2015年共3289筆美國公司債年資料,進行公司仰賴技能勞工的程度、信用利差與債券流動性相關性之研究。從過去文獻發現,公司仰賴技能勞工的程度越高,公司面對勞動力的變動時,勞工變動成本會增加,兩者呈現正相關。又有相關研究指出,當公司勞工變動成本越高,公司的營運風險會隨之提升,進而導致公司債的信用利差增加。而信用利差又與債券流動性呈現反向關係,因此本研究針對公司仰賴技能勞工的程度對公司債信用利差與債券流動性的影響進行探討。
    ;This paper investigates the impact of firm’s reliance on skilled labor on credit spread and bond liquidity. The sample is adopted from American corporate bond with yearly data from 2002 to 2015. According to previous research, the firm with higher share of skilled workers would face the increase of substantial labor adjustment cost. In addition, firm with higher labor adjustment cost would decrease firm’s profit and increase the credit risk. Then, the relationship between credit risk and bond liquidity is negative. Therefore, we focus on the relationship between dependence on skilled labor, credit spread and bond liquidity. We use the OLS and 2SLS regressions. The result shows that firms with a higher share of skilled workers will increase LACs and lead to higher credit risk and less bond liquidity.
    Appears in Collections:[財務金融研究所] 博碩士論文

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