人力資本投資與企業價值關聯性之研究

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Title:	人力資本投資與企業價值關聯性之研究
Other Titles:	Human capital investment and firm value
Authors:	李明德;Lee, Ming-te
Contributors:	淡江大學會計學系碩士班林谷峻;Lin, Ku-jun;曹嘉玲;Chao, Chin-ling
Date:	2005
Issue Date:	2010-01-11 04:30:30 (UTC+8)
Abstract:	本文從人力資本資本化與否，探討人力資本對企業價值的影響。以國內上市上櫃公司為實證對象，不同於以往文獻，本文將人力資本依Chen and Lin (2004)提出的僱用模式分為兩群(一般員工與董監事)，驗證企業盈餘是否受過去人力資本投資而產生效益，並依據Feltham and Ohlson (1995) 及 Bernard (1995) 的股價評價模式，比較人力資本資本化與費用化的評價模式特性。依此，本文針對國內上市上櫃企業一般員工人力資本投資和上市上櫃董監事人力資本投資是否具有遞延效益進行檢測，以了解國內企業人力資本投資遞延效益的情況。並且，針對人力資本支出資本化的會計基礎股票評價模式與費用化的評價模式進行檢測，以了解人力資本支出資本化的會計基礎股票評價模式是否比費用化的評價模式，對企業市場價值的預測有比較高的準確度。經由上述的研究，本文的主要發現如下： (1)上市上櫃一般員工人力資本投資效益未有顯著的遞延現象。 (2)上市上櫃董監事人力資本投資效益，約於未來一年至二年實現，平均而言，一元的董監事人力資本投資，在未來1至2年期間約產生2元以上的盈餘。 (3)依據Feltham and Ohlson (1995) 的股價評價模式，發現資本化並無明顯較費用化的處理，提供更多的股價攸關資訊給投資人。而本文的結果可提供企業作為人力資本投資和管理的參考以及會計專業組織在制定會計準則的參考。 This paper investigated whether the capitalization of human capital investment influences firm values. We first classified Taiwan listed companies’ employees into two groups (i.e. general employees, directors and officers) and then explored the relationship between companies’ historical human capital investment and reported earnings. Then, based on Feltham and Ohlson’s (1995) and Bernard’s (1995) valuation models, this study examined whether the prediction accuracy of valuation model with human capital capitalized was greater than that with human capital expended. The major findings of this study are as follows: (1) Human capital investment on the listed firms’ general employees does not affect future earnings substantially. (2) The benefits of human capital investment on the listed orporations’ directors and officers are realized after one year but no later than two years. On average, additional NT$1 investment on the humnan capital can increase earnings over NT$2. (3) Capitalizing human capital does not provide a greater amount of value-relevant information to investors than expensing human capital. The research can provide insights to corporations in making decisions on human capital investment, and to accounting professional organizations in setting accounting standards.
Appears in Collections:	[Graduate Institute & Department of Accounting] Thesis

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