ghost of one devoured by tiger
倀 centers on the ghost of a person devoured by a tiger, a specific supernatural concept. The meaning is narrow and does not extend to general ghost or spirit senses.
倀 combines 亻 (person) with 長, which likely contributes the sound. The character is associated with a specific ghostly figure in Chinese folklore, but the exact historical development of the compound is uncertain.
A person 亻 beside 長 (long) suggests a lingering ghost that stays around for a long time after being devoured by a tiger.
For チョウ, imagine a ghost named Chou who was devoured by a tiger and now haunts the forest: Chou -> チョウ.