在知識經濟時代下，電子化與自動化的產業環境提升了企業的生產力，也加速了全球化的競爭。因此企業對於企業經營績效或企業價值的衡量，不只涵括財務性指標，更應納入智慧資本的核心—「人力資本」。但人力資本是一潛在構念，欲衡量它須借助具體性之衡量指標。過去實證研究對於人力資本衡量指標的採用無一致性的看法，故本研究從資訊品質特性中的「衡量效度」與「攸關性」角度切入，期能找出解釋人力資本較佳之衡量指標。 本研究先進行驗證性因素分析，找出解釋力高之人力資本衡量指標，再以Ohlson model 進行個別人力資本衡量指標與企業價值之攸關性迴歸分析。最後參考Riedl迴歸係數差異檢定法探討人力資本會計衡量指標對不同樣本群之影響。三階段實證結果顯示，高科技業之人力資本以員工獎酬、每人附加價值、每人營業利益和員工平均年齡為代表人力資本衡量之適用指標；傳統產業之人力資本以員工獎酬、每人營業利益、員工教育程度及專業人員比例為代表人力資本衡量之適用指標。整體來說，「高科技產業」之人力資本會計衡量指標對股價的正向影響程度顯著高於「傳統產業」。然而，高科技和傳統產業的股價淨值比和Tobin’s Q值皆大於1，這項結果顯示無論在高科技或是傳統產業，智慧資本對總體企業價值的貢獻不能只侷限在高科技產業的印象裡。 到目前為止，當代會計仍舊無法將企業核心價值之ㄧ的人力資本資訊完整的傳遞到財務報表中，導致金融市場的投資人無法藉由企業所公佈的財務報表資訊，去評估企業的真實價值，以致會計資訊的有用性下降，本研究的實證結果具體提供了人力資本衡量之個別指標與整體指標，亦明確區分人力資本衡量之會計與非會計指標內涵，這項具體結論可彌補目前學術研究與實務運用上的不足之處，亦可作為企業人力資源管理的一個方向參考。 This empirical study focuses on how to measure human capital by way of three stage tests. In the past empirical studies, human capital indicators adopted were very inconsistent, so this paper follows the main quality of information-“measurement validity” and “relevance” that expects to find the high explanatory power indicators in human capital. First, this study uses confirmatory factor analysis to choose the better explanatory power indicators in human capital. Further, this study uses Ohlson model as the basis of revising model to precede relevance regression between the valid human capital indicators and firm value. Finally, we take Riedl’s regression coefficient difference test as a reference method to compare the accounting measurement indicators’ explanatory power with high-tech and traditional industry. Summary, the research results show that the measurement proxy of employee’s compensation, value added per employee, operating income per employee and employee’s average age are the suitable indicators in measuring high-tech industry’s human capital; the measurement proxy of employee’s compensation, operating income per employee, employee’s education, and professional employee rate are the suitable indicators in measuring traditional industry’s human capital. On the whole, the relationship between ” Accounting Measurement Indicator of Human Capital” and stock price show a positive significance and its effect on the high-tech industry is more significant than traditional industry. This study provides some referable indicators when managers engage in human resource management and investors make investment decision.
