部門間風險差異對公司債利差與營運績效之影響

Abstract

本論文探討部門間相對風險差異與其所造成公司債利差/資產報酬率之影響的關係。採用Kruger, Landier, Thesmar(2015)計算方法去評估核心部門與非核心部門間的相對風險。研究實證結果顯示，部門間相對風險與公司債利差呈正相關，與資產報酬率呈負相關。意味著公司在評估專案時，若忽略部門間相對風險的差異而採用錯誤資金成本，將會損害債權人的價值及公司的營運績效。

This study examines the relationship between firms’ division relative risk and their bond yield spreads/return on assets. We employ the method developed in Kruger, Landier, Thesmar(2015) to evaluate the relative risk between core division and non-core division. The empirical results of the study show that division relative risk is positively correlated with bond yield spreads and negatively correlated with return on assets. The results suggest that firms ignoring division relative risk and evaluating projects with wrong capital costs will harm the value of their bondholders and operating performance.