신용부도스왑 거래가 노동투자효율성에 미치는 영향

This study examines the effect of the introduction of credit default swaps (CDS) on labor investment efficiency. Specifically, the introduction of CDS for a specific firm changes the relationship between managers and creditors, and it is to examine what changes occur in the labor investment efficiency of the firm. This study presents the hypotheses about the relationship between CDS introduction and labor investment efficiency, as well as hypotheses about the mechanism of the relationship, and conducts empirical analysis. As a result of the analysis, this study finds that the labor investment efficiency increases after the introduction of CDS, which is the result of reducing labor investment in firms that have overinvested. After the introduction of CDS, creditors can receive insurance payments from CDS sellers if the borrowers experience credit events, so they are likely to be tougher in debt renegotiations and have incentives to push borrowers into bankruptcy. Therefore, the results imply that firms adopt more conservative policies than ever before to avoid debt renegotiations, and as part of that, they improve overinvestment in employment. Moreover, the increase in labor investment efficiency after CDS introduction is more pronounced in firms with more stringent financial constraints and greater bank debt dependency. Finally, this study shows that results are robust to potential endogeneity concerns by using a propensity score matching analysis and an instrumental variable approach. By deriving meaningful results on the relationship between CDS and labor investment efficiency through this study, it is possible to provide new implications for the decision-making of corporate managers along with the practical effects of CDS introduction. Starting with this, it is expected that more diverse studies in the financial field incorporating personnel management factors will be conducted in the future.