本研究探討企業員工治理因素與公司債信用利差之關聯，檢驗員工治理與人力資本資訊是否反映在企業債務融資成本。以 2017 至 2024 台灣上市櫃公司所發行之公司債為研究樣本。相較於過去研究多著重公司財務結構、債券發行條件、信用風險與市場因素，本研究進一步納入員工流動、薪酬治理、職業安全、員工結構與福利措施等非財務資訊。公司債信用利差以公司債發行殖利率減去同期銀行利率衡量，並以銀行利率作為市場基準資金成本之代理變數。實證結果顯示，員工治理變數與公司債信用利差之關聯並不一致。薪酬差距與職業災害率在部分模型中呈顯著正向關聯，表示薪酬落差或職場安全風險較高時，債權人可能要求較高的風險補償；員工育嬰留停率在完整模型下呈現顯著負相關，隱含完善的員工福利制度與人力資源管理可能與降低公司信用風險有關。其餘員工治理指標未呈現穩定顯著結果。本研究將員工治理因素納入公司債信用利差之分析架構，補充過去以財務變數與債券條件為主之研究，並提供企業改善人力資本管理與員工資訊揭露之參考。;This study investigates the relationship between employee governance factors and corporate bond credit spreads， with the aim of examining whether employee governance and human capital information are reflected in firms’ debt financing costs. The sample consists of corporate bonds issued by firms listed on the Taiwan Stock Exchange and the Taipei Exchange from 2017 to 2024. Unlike prior studies that have primarily focused on corporate financial structure， bond issuance characteristics， credit risk， and market conditions， this study further incorporates non-financial employee-related information， including employee turnover， compensation governance， workplace safety， workforce composition， and employee welfare measures. Corporate bond credit spreads are measured as the difference between the bond issuance yield and the contemporaneous bank interest rate， with the bank interest rate serving as a proxy for the benchmark cost of funds in the market. The empirical results indicate that the relationships between employee governance factors and corporate bond credit spreads vary across different indicators. Pay disparity and the occupational injury rate are significantly positively associated with credit spreads in certain model specifications， suggesting that greater compensation inequality or higher workplace safety risk may lead bond creditors to demand a higher risk premium. The proportion of employees taking parental leave is significantly negatively associated with corporate bond credit spreads in the fully controlled model， suggesting that comprehensive employee welfare systems and effective human resource management may be associated with lower corporate credit risk. The remaining employee governance indicators do not exhibit consistent and statistically significant results across the model specifications. By incorporating employee governance factors into the analysis of corporate bond credit spreads， this study extends the existing literature， which has traditionally emphasized financial variables and bond characteristics. The findings also provide practical implications for corporate human capital management and the disclosure of employee-related information.
