解構台灣薪資與生產力脫鉤現象：基於企業數據的實證研究

Abstract

本研究運用公司層級資料，探討臺灣長期存在的勞動生產力與報酬之間的脫鉤現象。首先，本研究建立了薪資—生產力脫鉤指標，以量化各家公司脫鉤的程度。基於此指標，本研究結合機器學習方法與統計顯著性排序，辨識脫鉤較嚴重的公司特徵。實證結果顯示，規模較小、較偏向內需市場，以及財務表現較弱且波動較大的企業，其薪資與生產力脫鉤現象較為明顯。此外，本文透過殭屍企業架構辨識可能享有較優惠融資條件的財務脆弱企業，並檢視其是否呈現不同的薪資—生產力脫鉤模式。研究結果顯示，高殭屍化程度的企業相較其他企業群體的薪資—生產力連結最弱，且呈現較為根深蒂固的低成長型態。動態事件研究法(Event Study)與雙重差分法(Difference-in-Differences, DiD)結果進一步顯示，企業由低品質狀態轉變為殭屍企業後，其薪資—生產力彈性會出現延遲且持續加深的弱化現象。整體而言，本研究凸顯了公司異質性與潛在優惠融資條件對理解臺灣薪資—生產力脫鉤現象的重要性。

This study investigates the persistent decoupling between labor productivity and compensation in Taiwan using firm-level data. It first estimates a firm-specific Wage-Productivity Decoupling Index to quantify the degree of decoupling for each firm. Building on this measure, the study combines machine-learning techniques with statistical significance rankings to identify the firm characteristics associated with more severe decoupling. The empirical results show that decoupling is more pronounced among smaller, more domestic-oriented firms and among firms with weaker and more volatile financial performance. The study further applies a zombie-firm framework to identify financially vulnerable firms that may receive preferential credit conditions, examining whether they exhibit distinct patterns of wage-productivity decoupling relative to other firms. The initial analysis finds that High-Intensity Zombie Firms exhibit the weakest overall wage-productivity linkage and a more entrenched low-growth pattern. Dynamic event-study and difference-in-differences analyses further show that the transition from low-quality to zombie status is followed by a delayed and increasingly pronounced weakening of wage-productivity elasticity. Overall, this study underscores the relevance of firm-level heterogeneity and potential subsidized-credit conditions for understanding wage-productivity decoupling in Taiwan.