隨著知識經濟時代來臨，知識在組織經營中扮演日益重要的角色，知識擁有者對於組織而言即為人力資本。組織應瞭解知識擁有者能為組織創造多少效益，從而進行人力資源管理，以求長期競爭優勢。因此人力資本在組織中益顯重要，故本研究擬探討人力資本對組織市場價值與財務績效之影響情況。
本研究以我國上市及上櫃公司為研究對象，包含資訊電子（光電、半導體、資訊通訊服務、資訊家電）、生物科技、食品、化學材料、紡織等產業進行探討。研究期間為2001年至2003年，以複迴歸方式從事實證模型分析。
本研究主要探討議題共分為兩部分：
一、人力資本對組織市場價值之影響：本研究以市場價值及M/B Ratio當為應變數，研發人數、員工向心力為自變數。
二、人力資本對組織財務績效之影響：以每人營業收入、每人營業毛利、每人稅前營業利益為應變數，自變數為：研發人數、員工向心力等。
本研究之實證結果發現：研發人數對組織市場價值與組織財務績效有正向影響，而員工向心力對組織M/B Ratio也有正向影響。另外，智慧資本的投資通常會為企業帶來數年的效益，人力資本也不例外，因此本研究另外針對遞延一期之組織市值及財務績效進行分析，實證結果研究也發現：研發人數對組織財務績效具有部分遞延效益。
根據實證結果，本研究建議組織應加強對人力資本之重視，俾提升其市場價值及財務績效。另外，對於後續研究者而言，由於人力資本之指標因各文獻採用不一，故未來學者應再針對不同指標進行探討，並加以彙整，或許對組織市場價值與財務績效影響因子可能會有更深入及明確之瞭解。 / With the coming of the age of knowledge economy, knowledge plays a very important role in organizations. Knowledge-owners are regarded as “Human Capital” in organizations. Managers should understand how many benefits the knowledge-owners will bring to the organizations, and use their Human Resource Management (HRM) policies effectively to retain the long-term competition advantages. Human capital becomes more and more important, so this study is intent to examine the effect of human capital upon the market value and financial performance of the organizations.
The two main themes of this study are:
1. The effect of human capital on market value of the organizations. The dependent variable are: market value and M/B Ratio; and the independent variable are: number of R&D workers and employee loyalty.
2. The effect of human capital on financial performance of the organizations. The dependent variable are: revenue per employee, gross profit per employee, and operating income per employee; and the independent variable are: number of R&D workers and employee loyalty.
The results show that “R&D workers” has both positive effect on market value and financial performance of the organizations; “employee loyalty” has positive effect on M/B Ratio, too. In addition, human capital has partial lagged effects.
According to the results, this study suggests that the organizations should pay more attention to their human capital to promote their market value and financial performance. Moreover, for future researchers, they could examine different human capital indexes. It may allow us to have a thorough understanding about the influence of human capital on market value and financial performance of the organizations.
| Identifer | oai:union.ndltd.org:CHENGCHI/G0091353023 |
| Creators | 黃聖茵 |
| Publisher | 國立政治大學 |
| Source Sets | National Chengchi University Libraries |
| Language | 中文 |
| Detected Language | English |
| Type | text |
| Rights | Copyright © nccu library on behalf of the copyright holders |
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