成本僵固性對信用及異質風險的影響：考量公司治理的調節效果

Effects of Cost Stickiness on Credit Risk and Idiosyncratic Risk: Moderating Effect of Corporate Governance

本文探討台灣上市公司的成本僵固性對信用風險及異質風險的影響，並分析公司治理對前述關係的調節效果。文中採用TEJ之TCRI變數為信用風險的衡量變數，以及採用Fama-French的三因子模型來估計公司的異質風險。實證結果指出，公司的成本僵固性越大，信用風險越小、信用評等越佳；公司的成本僵固性越大，異質風險越大。此外，公司治理越強的公司，成本僵固性與信用風險的正向關係會減弱；並且公司治理越強的公司，成本僵固性與異質風險的正向關係會減弱。

This study examines the effects cost stickiness on credit risk and idiosyncratic risk of listed firms in Taiwan, and further analyzes the moderating effect of corporate governance on the relationship between cost stickiness and risk. We use the TCRI variable of TEJ to measure the credit risk and the Fama-French three-factor models to estimate the volatility of idiosyncratic risk of the firm. The results show that the greater the cost stickiness of the firm, the smaller the credit risk (the best the credit rating), and the greater the cost stickiness of the firm, the greater the volatility of Idiosyncratic risk. In addition, for firm with stronger corporate governance, not only the positive relationship between cost stickiness and credit risk will be weakened, but also the positive association between cost stickiness and volatility of idiosyncratic risk will be weakened.