品牌價值與人力資本對公司債殖利率利差的影響

Abstract

本研究由無形資產的角度出發，探討企業的品牌價值及人力資本對公司信用風險的影響，並進一步探討品牌價值和人力資本的交互作用和信用風險的關聯。本研究使用公司債殖利率利差作為衡量信用風險的變數，並分別利用Hirose模型及Ohlson模型之Other information作為品牌價值及人力資本的代理變數。實證結果顯示，在控制與信用風險相關之變數如股價報酬波動度、財務槓桿等因素後，品牌價值及人力資本皆與公司債殖利率利差呈顯著的負相關。此結果表示，企業品牌價值越高，其信用風險較低；投入越多資源至人力資本，也可以降低企業之信用風險，而品牌價值與人力資本的交互作用亦與公司債殖利率利差呈顯著負相關。透過本文研究，顯示企業的無形資產為影響公司信用風險的因素之一，此外，無形資產間的交互作用也與企業的信用風險有所關聯。

This study evaluates the impact of brand value and human capital on firm credit risk captured by corporate bond yield spread, and also explore the relationship between bond yield spread and the cross effect of brand value and human capital. This research uses Hirose model to calculate corporate brand value, and uses the “other information” of Ohlson model as a proxy of human capital. The empirical results show that after controlling for variables related to credit risk, both brand value and human capital have significant and negative effects on corporate bond yield spread, and their cross effect also has a significant and negative effects on it. These results indicate that the higher the firm’s brand value, the lower the credit risk. Investing in human capital also reduce the credit risk. This research shows that brand value and human capital and their cross effect all convey information about firm credit risk.