本文除填補專業服務業人力資本槓桿對財務績效影響文獻的不足外，實證結果亦對會計師事務所決策者具潛在的管理意涵，即人力投入除了考量槓桿程度外，若能進一步與所提供服務之種類及結構進行最佳配適時，將創造出相對最高的財務績效。 This research is to study how the human capital leverage and the goodness of fit of the business structure will influence on the financial performance in predominant accounting firms of partnership pattern in the market of audit services. By adopting the data of “Survey on the Business of Accounting Firms” done by the Department of Statistics, Ministry of Finance and Financial Supervisory Commission, covering from 2002 to 2005, and analyzing through two-way ANOVA test, we have discovered several issues as follows. Firstly, the human capital leverage influences negatively on the financial performance of accounting firms. The implicit cost of human is the critical factor affecting on the financial performance of accounting firms which play importance on the human. Secondly, under the same level of business structure, the lower human capital leverage will result in higher financial performance. In collocation with the business structure where non-audit services take up higher percentages, the lower human leverage will produce the relatively highest financial performance. Even after considering covariances of the size, the age, the number of branches and employee benefit, the result is not significantly impacted. It is thus perceived to be quite stable. Through this article we try to make up the insufficiency of documents probing into influences that the human capital leverage has on the financial performance. The practical result also can provide the management implication to policymakers of accounting firms, that is the highest financial performance will be achieved by the best collocation of human input, leverage degree and further the type and structure of services provided.
