本研究以德國、法國與英國上市公司為例，探討人力資源、研究支出與公司績效間的非線性關係，由於研發活動屬於人力資源的作用之一，故本研究以人力資源為主，研發支出為輔，以求準確探討兩無形資產與公司績效之關係。本研究採用Gonza′lez, Teräsvirta and van Dijk (2004, 2005)的縱橫平滑移轉迴歸模型（Panel smooth transition regression model, PSTR），以超額人力資本為模型中的轉換變數，股東權益報酬率為公司績效的代理變數，觀察人資源下對德國、法國與英國上市公司是否存在平滑移轉效果，並進一步分析人力資源之平滑移轉效果下，各財務變數，包括研發支出等，對股東權益報酬之影響變化。實證結果發現，人力資源對德國、法國與英國大部分的上市公司的股東權益報酬率都存在顯著的平滑移轉效果，且大部份的公司，其流動比率、長期負債、銷售成長率、市價對帳面價值比、營運現金流量成長率、公司規模與研發支出費用在各門檻間都能顯著的對股東權益報酬有著不同的影響。 This study adopts the empirical model of Gonza''lez, Teräsvirta and van Dijk (2004, 2005) to verify whether the panel smooth transition effect exists in the excess of human capital variable. This research uses regression model to analyze the nonlinear impact of human resource on firm performance of public traded company in Germany, France, and in United kindom. And we further analysis the relationship between financial variables and firm performance. The results show that there is a significant asymmetric non-linear relation between human resurce and firm performance, and most offinancial variables are significant association with firm performance for threshold effect. The financial variables is current ratio, long debt, sales growth, M/B ratio, operating cash flow growth, firm size, and R&D expenditure.
