勞動力投資決策與銀行貸款條件

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賴姿吟(ZI-YIN LAI) 查詢紙本館藏

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財務金融學系

論文名稱

勞動力投資決策與銀行貸款條件
(Labor Investment Decisions and Bank Loan Terms)

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摘要(中)

本文主要探討企業的勞動力投資行為，與其後續銀行貸款條件的關聯性。利用1986年至2015年間的美國上市公司為研究樣本，實證結果首先顯示，勞動力投資效率愈低的公司，進而獲取的貸款利差愈高，基於證據表明企業勞動力投資行為影響其信用風險，本文考量兩個可能的解釋，第一，此投資決策可作為衡量未來現金流量不確定性的指標；第二，其能提供貸方評估組織管理層行為的有用資訊。而透過子樣本分析所支持的論點為後者，其結果發現勞動力投資低效率對貸款利差的影響效果，在公司未來現金流量短缺的風險越高時弱化，但在銀行能獲取越多公司內部積累的負面資訊時強化。其次，銀行針對勞動力投資效率較低的公司，同時要求較為嚴格的非價格條件，包括較短的貸款期限、較少的參貸機構、較高機率的擔保品要求和限制條款運用，以便於事後對公司的信用品質進行監控。上述實證結果在控制潛在內生性偏誤、貸款條件共同決定、變數衡量誤差與貸款契約非獨立性等問題後，仍然穩健成立。總體而言，銀行評估借方信用風險時，會加以考慮其勞動力投資行為，本文據此給予企業應重視員工配置效率的觀點。

摘要(英)

This paper investigates the association between a firm’s labor investment behavior and its subsequent bank loan terms. Using a sample of U.S. listed firms from 1986 to 2015, the empirical results show that firms with lower labor investment efficiency obtain higher loan spreads. Based on evidence that labor investment behavior of the firm affects its credit risk, this study considers two possible explanations. First, this investment decision is able to be a proxy for uncertainty in future cash flows. Second, it can provide useful information for lenders to assess the behavior of the organizational management. The latter argument is supported by the subsample analysis which indicates that the effect of labor investment inefficiency on loan spreads is weaker when the firm has a higher risk of future cash flow shortages, and stronger when banks may collect more negative information accumulated within the firm. Further, firms with lower labor investment efficiency have tighter non-price loan terms that facilitate the ex post monitoring of credit quality, such as shorter maturities, fewer lenders, higher likelihood of being secured, and more covenant restrictions. The above findings are robust after controlling potential endogeneity bias, joint determination of various loan terms, variable with measurement error and interdependence among facilities. Taken together, banks take into account borrowers’ labor investment behavior in evaluating borrower credit risk. This research provides firms with a perspective that they should pay close attention to employee allocation efficiency.

關鍵字(中)

★ 勞動力投資效率
★ 銀行貸款
★ 債務成本
★ 信用風險
★ 管理層行為

關鍵字(英)

★ Labor investment efficiency
★ Bank loans
★ Cost of debt
★ Credit risk
★ Managerial behavior

論文目次

中文摘要　i
英文摘要　ii
致謝　iii
目錄　iv
表目錄　v
第一章緒論　1
　第一節研究背景與動機　1
　第二節研究目的　3
　第三節研究架構　3
第二章文獻回顧與假說建立　4
　第一節文獻回顧　4
　第二節假說建立　7
第三章研究設計　11
　第一節樣本選取與資料來源　11
　第二節勞動力投資效率之衡量指標　12
　第三節實證模型與變數定義　15
第四章實證結果分析　18
　第一節敘述統計分析　18
　　一、基本統計量　18
　　二、單變量分析　19
　　三、相關係數表　21
　第二節假說一的實證結果　24
　　一、勞動力投資效率對貸款價格條件的影響　24
　　二、內生性的考量　27
　　三、子樣本分析　30
　第三節假說二的實證結果　36
　　一、勞動力投資效率對貸款非價格條件的影響　36
　　二、貸款條件聯合決定的考量　39
第五章穩健性測試　43
　第一節勞動力投資效率的替代變數　43
　第二節貸款契約獨立性與變數極端值的考量　44
第六章結論　47
參考文獻　49
附錄變數定義　54

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指導教授

黃泓人(HONG-REN HUANG)

審核日期

2020-6-30

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