這項研究探討執行長（CEO）臉部特徵如何影響信用評等評估，提出了一種關於財務評估中主觀偏誤的新觀點。根據「面容印象」的理論基礎，我們檢驗信用評等機構在評估企業信用風險時，是否納入來自視覺印象的因素，特別是臉部可信度、吸引力與支配性。研究採用機器學習技術量化CEO的臉部特徵，結果發現，CEO的臉部可信度與支配性與信用評等呈現顯著相關，而吸引力則未顯示一致的影響效果。此外，調節效果分析顯示，在特定企業情境下，臉部特徵的影響更加顯著。本研究結果凸顯了CEO非財務特徵在信用評估中的重要性，並有助於深化資本市場中「軟性資訊」角色的理解。

This study investigates how CEO facial traits influence credit rating assessments, introducing a novel perspective on subjective bias in financial evaluations. Drawing on the the concept of "face impressions", we examine whether credit rating agencies incorporate visual impressions, specifically, facial trustworthiness, attractiveness, and dominance, when evaluating firm creditworthiness. Using machine-learning techniques to quantify CEO facial traits, we find that facial trustworthiness and dominance significantly correlate with credit ratings, while attractiveness shows no consistent effect. Further, our moderation analyses reveal that the effect of facial traits is more pronounced under specific firm conditions. These findings highlight the importance of non-financial CEO characteristics in shaping credit evaluations and contribute to the broader understanding of soft information in capital markets.

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