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研究生:吳至雅
研究生(外文):Jr-Ya Wu
論文名稱:人力資源投資與企業評價
論文名稱(外文):Human-Resource-Related Investments and Business Valuation
指導教授:董澍琦董澍琦引用關係馮鴻璣馮鴻璣引用關係
指導教授(外文):Shuh-Chyi DoongHung-Gay Fung
學位類別:博士
校院名稱:逢甲大學
系所名稱:商學研究所
學門:商業及管理學門
學類:一般商業學類
論文種類:學術論文
論文出版年:2011
畢業學年度:99
語文別:英文
論文頁數:58
中文關鍵詞:社會資本財務資本人力資本人力資源投資杜賓q
外文關鍵詞:Tobin&apos&aposs qHuman Resource InvestmentHuman CapitalFinancial CapitalSocial Capital
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  The traditional economic production function primarily focuses on labor and capital; however the important social and human capital factors for a firm seem missing (Fung et al., 2007). This dissertation relates the effects of social, human and financial capitals on the financial performance of the enterprise, as well as how investments in human resources affect the firm value. This dissertation contains two chapters.
  Chapter 1 surveys the effects of social, financial, and human capital on the financial performance of Taiwanese firms in 2007. We use several variables to proxy the capital. The results demonstrate that these various forms of capita help improve their financial performance. In particular, our result indicates that the related-party transactions among firms are important for Taiwanese firms. Chapter 2 examines how investments in human resources by Taiwanese firms affect their market value. The results show that the market value of a firm is found to be positively and significantly related to these investments, which include hire of highly educated personnel, education and training programs for employees, innovative outputs, and employee compensation and benefit plans. Our result implies that these investments in human resources are important in enhancing share value.
  In sum, this dissertation shed lights on how social, financial, and human capital affect the market value of Taiwan enterprises. Further, this dissertation presents policies related to investments in human resources, which are important in affecting firm value.
Abstract...................................................i
Contents..................................................ii
List of Tables...........................................iii

Chapter 1 Are Social, Financial, and Human Capital Value Enhancing? Evidence from Taiwanese Firms...................1
1 Introduction...........................................1
2 Methodology and Data...................................4
2.1 The model............................................4
2.2 Measures of social capital...........................5
2.3 Measures of financial capital........................6
2.4 Measures of human capital............................7
2.5 Control variable.....................................8
2.6 Data.................................................8
3 Empirical Results......................................8
3.1 Preliminary Results..................................8
3.2 Regression Results..................................12
4 Robustness Checks.....................................15
4.1 Approximation of Tobin’s q by Chung and Pruitt (1994)....................................................15
4.2 Sample firms exclude those in financial crisis......16
5 Conclusion............................................16
References................................................19

Chapter 2 Human-Resource-Related Investments and Firm Value.....................................................29
1 Introduction..........................................29
2 Methodology and Data..................................33
2.1 The Model...........................................33
2.2 Measures of Human Resource Investments..............34
2.2.1 Investment in Employee Selection..................35
2.2.2 Training and Development..........................35
2.2.3 Workforce Management..............................36
2.2.4 Employee Motivation and Retention.................36
2.3 Control Variables...................................37
2.4 Data................................................38
3 Empirical Results.....................................38
3.1 Preliminary Results.................................38
3.2 Regression Results..................................41
4 Tests of Robustness...................................45
5 Conclusion............................................46
References................................................48
Appendix A................................................57
Appendix B................................................58
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