本研究旨在探討公司的勞動力聘僱風險與信用評等之間的關聯。勞動力在公司營運中扮演著重要角色，其聘僱數量的適度決定與產出具有密切關係，然而，異常的勞動力聘僱數會使公司承擔額外的風險，甚至對公司的營運造成負面影響，因此，本研究預期當公司勞動力聘僱風險增加時，將使信用評等機構給予較差的信用評級。我們使用1988至2014年間的美國上市公司數據進行實證研究，實證結果支持本研究預期。在額外測試中發現，無論是超額聘僱或是聘僱不足，都會導致公司取得較差的信用評級，且在投機等級的公司中，勞動力聘僱風險對信用評等的影響較弱。另外，本研究進行了穩健性測試，將樣本分別以公司規模大小和樣本期間切割進行分析，並於迴歸模型中獲得與主要研究一致性的結果。本研究證實了信用評等機構在衡量受評公司的信用評級時，會將勞動力聘僱風險納入考量，經研究結果顯示，勞動力聘僱風險與信用評等之間存在負向關係。

This study explores the association between labor employment risk and credit ratings using a sample of US-listed firms from 1988 to 2014. We document a positive association between labor employment risk and credit ratings. Further, both over-hiring and under-hiring can lead to lower credit ratings for companies, and labor employment risk have a weaker impact on credit ratings among speculative-grade firms. In the robustness test, this study analyzes the samples separately based on company size and sample period, and obtains consistent results with the main research. The research findings indicate that credit rating agencies take labor employment risk into consideration when assessing the credit ratings of rated companies, and there is a negative relationship between the two.

Alissa, W., Bonsall Iv, S. B., Koharki, K., & Penn Jr, M. W. (2013). Firms' use of accounting discretion to influence their credit ratings. Journal of Accounting and Economics, 55(2-3), 129-147.
Ayers, B. C., Laplante, S. K., & McGuire, S. T. (2010). Credit ratings and taxes: The effect of book–tax differences on ratings changes. Contemporary Accounting Research, 27(2), 359-402.
Bauer, R., & Hann, D. (2010). Corporate environmental management and credit risk. Available at SSRN 1660470.
Belo, F., Lin, X., & Bazdresch, S. (2014). Labor hiring, investment, and stock return predictability in the cross section. Journal of Political Economy, 122(1), 129-177.
Ben-Nasr, H., & Alshwer, A. A. (2016). Does stock price informativeness affect labor investment efficiency?. Journal of Corporate Finance, 38, 249-271.
Bhandari, A., & Golden, J. (2021). CEO political preference and credit ratings. Journal of Corporate Finance, 68, 101909.
Bonsall IV, S. B., Holzman, E. R., & Miller, B. P. (2017). Managerial ability and credit risk assessment. Management Science, 63(5), 1425-1449.
Cai, J., & Thakor, A. V. (2008). Liquidity risk, credit risk and interbank competition. Credit risk and interbank competition (November 19, 2008).
Cameron, K. S., Freeman, S. J., & Mishra, A. K. (1991). Best practices in white-collar downsizing: Managing contradictions. Academy of management perspectives, 5(3), 57-73.
Cheng, M., & Neamtiu, M. (2009). An empirical analysis of changes in credit rating properties: Timeliness, accuracy and volatility. Journal of Accounting and Economics, 47(1-2), 108-130.
Cornaggia, K. J., Krishnan, G. V., & Wang, C. (2017). Managerial ability and credit ratings. Contemporary Accounting Research, 34(4), 2094-2122.
Graham, J. R., & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of financial economics, 60(2-3), 187-243.
Ha, J., & Feng, M. (2018). Conditional conservatism and labor investment efficiency. Journal of Contemporary Accounting & Economics, 14(2), 143-163.
Huang, H. H., & Lee, H. H. (2013). Product market competition and credit risk. Journal of Banking & Finance, 37(2), 324-340.
Huang, X., & Tarkom, A. (2022). Labor investment efficiency and cash flow volatility. Finance Research Letters, 50, 103227.
Jung, B., Lee, W. J., & Weber, D. P. (2014). Financial reporting quality and labor investment efficiency. Contemporary Accounting Research, 31(4), 1047-1076.
Kaplan, R. S., & Urwitz, G. (1979). Statistical models of bond ratings: A methodological inquiry. Journal of business, 231-261.
Khedmati, M., Sualihu, M. A., & Yawson, A. (2020). CEO-director ties and labor investment efficiency. Journal of Corporate Finance, 65, 101492.
Kisgen, D. J. (2009). Do firms target credit ratings or leverage levels?. Journal of financial and quantitative analysis, 44(6), 1323-1344.
Kuang, Y. F., & Qin, B. (2013). Credit ratings and CEO risk‐taking incentives. Contemporary Accounting Research, 30(4), 1524-1559.
Lai, S., Li, X., & Chan, K. C. (2021). CEO overconfidence and labor investment efficiency. The North American Journal of Economics and Finance, 55, 101319.
Lim, S. C., Mann, S. C., & Mihov, V. T. (2017). Do operating leases expand credit capacity? Evidence from borrowing costs and credit ratings. Journal of Corporate Finance, 42, 100-114.
Luo, X., & Zhang, F. (2020). Internal information environment and labor lnvestment efficiency. Accounting and Finance Research, 9(4), 1-70.
Oikonomou, I., Brooks, C., & Pavelin, S. (2014). The effects of corporate social performance on the cost of corporate debt and credit ratings. Financial Review, 49(1), 49-75.
Pinnuck, M., & Lillis, A. M. (2007). Profits versus losses: Does reporting an accounting loss act as a heuristic trigger to exercise the abandonment option and divest employees?. The Accounting Review, 82(4), 1031-1053.
Skaife, H. A., Collins, D. W., & LaFond, R. (2004). Corporate governance and the cost of equity capital. Available at SSRN 639681.
Tsai, F. T., Lu, H. M., & Hung, M. W. (2010). The effects of news sentiment and coverage on credit rating analysis.
Veltri, S., & Silvestri, A. (2011). Direct and indirect effects of human capital on firm value: evidence from Italian companies. Journal of Human Resource Costing & Accounting.
Yu, D. (2020). Labour Investment: A managers’ decision-making perspective.
Zhang, Y., Ke, Y., & Lee, W. (2018). Customer concentration and employment risk in supplier firms. Available at SSRN 3158088.
Zhang, Z., Ntim, C. G., Zhang, Q., & Elmagrhi, M. H. (2020). Does accounting comparability affect corporate employment decision-making?. The British Accounting Review, 52(6), 100937.