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    Please use this identifier to cite or link to this item: http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/105088

    Title: Asymmetric relationship between human resource and enterprise risk
    Other Titles: 人力資源和企業風險之不對稱關係
    Authors: 林東寬;Lin, Tung-Kuan
    Contributors: 淡江大學財務金融學系博士班
    邱建良;李命志;Chiu, Chien Liang;Lee, Ming Chih
    Keywords: 多重狀態模型;無形資產;人力資源;企業風險;Human resource;intangible assets;R&D expenditure;Enterprise risk
    Date: 2015
    Issue Date: 2016-01-22 14:47:27 (UTC+8)
    Abstract: 本論文主要採用Hansen(2000)所提出之多重狀態模型(multiple regimes model)分析2005年至2013年台灣上市公司無形資產、公司成長與企業風險關係,並進一步選用Pantzalis and Park (2009)超額人力資本指標(Excess Value of Human Capital, EVHC),探討不同人力資源投入程度下是否對企業風險有不同的影響。
    This dissertation adopts the multiple regimes model to analyze the relations among intangible assets, firm growth and enterprise risk in Taiwan-listed companies from 1998 to 2013. In contrast with previous studies, this dissertation calculates an indicator of human capital’s excess value to examine whether the human resource input difference influences enterprise risk in accordance with Pantzalis and Park (2009).
    The results show that there is a significant asymmetric non-linear relation between human resource and enterprise risk. It is found that firm size and firm growth exhibit a threshold effect with enterprise risk. When firm size was selected the threshold variable with a single threshold effect was used to test the relationship, and the large group could be divided into a high firm growth regime and a low firm growth regime. A large firm regime has a negative significant link between human resource and enterprise risk; a large company owns more advantageous resources and unique experience to reduce costs and humor error which decreases risk. When firm size and firm growth were selected as threshold variables with multiple threshold effects, the large group could be divided into high firm a growth regime and a low firm growth regime. There is a negative significant link between human resource and enterprise risk in large firms with high growth, but the threshold effect does not exist in small firms; human resource input can decrease more risk than in large firms with high growth. Under a large size and high firm growth regime, the research and development expenditure has a significantly positive correlation with risk; our inference is that firms should merge, invest equity, and purchase patents to enhance efficient and reduce cost; higher research and development expenditures do not enhance the benefit assessment. Operating cash flow has a significantly negative correlation with risk; high cash flow is helpful for a firm’s debt-payment ability and increasing cash holdings to invest in potential projects.
    Appears in Collections:[財務金融學系暨研究所] 學位論文

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