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。 本研究主要採用最小平方法和兩階段最小平方法進行迴歸分析，而主要結果顯示當公司仰賴技能勞工的程度越高，其信用利差越大，且買賣價差與四分位數間距皆變大，表示流動性變差。而這個結果與過去文獻的理論相符，亦表示公司仰賴技能勞工的程度與信用利差、債券流動性有直接關聯性。 ;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.
