| 摘要: | 本研究主要探討台灣上市的50指數與100指數的代表企業如何以微觀層次策略性人力資源(以薪酬和生產力為衡量變項)影響公司績效(衡量變項包括資產報酬率和股東權益報酬率)，以及總體層次公司脈絡〔四個代理變項，包括公司規模(員工人數)、公司資產強度、公司資本、與產業類別〕如何影響策略性人力資源和公司績效之間關係。本研究使用「臺灣經濟新報財經資料庫(TEJ)」於2005年1月1日至2012年12月31日八個年度進行的調查結果，樣本包括臺灣上市公司之臺灣指數成分股(臺灣50指數及臺灣中型100指數)138家公司，共計分析樣本數為1104份的公司資料收集。
本研究綜合資料實證的結果，提出五點貢獻：(1)公司績效(包含資產報酬率和股東權益報酬率)在微觀層次和總體層次是顯著的動態效應，公司績效動態分佈受公司脈絡變項的影響。(2)在微觀層次，策略性人力資源(包括薪酬和生產力)與公司績效關係有顯著的公司間與公司脈絡間的差異。(3)最終模式的總體層次公司脈絡效應:在薪酬對公司績效關係是負向顯著的關係上；公司規模(員工人數)與公司資本愈大，會顯著正向的擴大薪酬與公司績效的關係；但資產強度在薪酬對公司績效的關係則沒有影響差異；只是產業類別，對薪酬與公司績效之資產報酬率的關係有負向的顯著差異; 亦即，產業類別在薪酬對資產報酬率的影響上電子工業產業比傳統產業少。(4)總體層次公司脈絡之效應：在生產力與公司績效是正向的顯著關係;公司規模與資產強度二者皆會顯著的負向影響生產力與公司績效的關係；而公司資本與產業類別在生產力對公司績效關係皆沒有影響差異。(5)由本研究樣本的實證結果，多層次模型同時也突顯公司脈絡在生產力對公司績效關係的影響作用上，如果公司是高資本、高自動化(低勞工密集)、高集中密集的資產強度(低分散式的資產強度)，可能是策略性人力資源在達成公司的長期績效之最佳資源配適組合。
This Study present HLM analysis to examine the impact of the two level (micro and macro) factors on company performance. We explore the role of various factors at the micro level (i.e., strategic human resource included compensation and productivity two measurable variables) and the macro-company contexture-level (i.e., company size, asset intensity, company capital, industry type) that potential impact the effect of company performance.
Using data from the 2005 to 2012 panel study of TEJ (Taiwan Economic Journal Data Bank) survey, we analyze the company performance (included return on assets and return on equity two measurable variables) of 1104 company data from 138 different company’s contexture in Taiwan 50 index and Taiwan Mid-Cap 100 index groups.
The results draw five main conclusions from the analyses. First, the effects of micro level and macro-contexture level both significantly affect company performance dynamics. Second, in the micro level, compensation and productivity are highly significant impact on company performance. Third, for macro-level contextual factors in the final model, the strength of the relationship between compensation and company performance is significantly negative where is significantly positive extending influence by company size and company capital, but there is no significant interaction impact with the asset intensity. As well as the company operates compensation more efficient in Traditional industry than the company in Electronic industry. Fourth, in the final model, the positive effect of relationship between productivity and company performance whereas significantly negative interaction influence by both of company size and asset intensity, and there company capital and industry type both have non-significant effects in the relationship between productivity and company performance. Lastly, from these specific groups, the hierarchical linear model is essentially significant the critical suggest company if highly capital, highly automated (low labor intensity), highly technology asset intensity (low dispersible asset intensity) that may be an optimal resource approach for strategic human resource accomplishing company’s performance. |
