員工流動對公司價值的影響─以台灣上市櫃公司為例

Abstract

員工流動是人力資源管理上很重要的議題，過去關於員工流動率的研究多僅聚焦在員工流動率如何影響公司的短期績效，本研究嘗試將討論延伸至員工流動與公司價值的關係。本文實證結果顯示，員工流動率會透過影響短期績效對公司價值有負面效果。在其它條件不變下，當公司營收衰退且虧損時，員工流動率對公司價值有顯著的正面影響，本文稱之為員工流動率的「重整效果」。本文也發現研究發展支出密度與是否屬於科技業會影響重整效果：企業的研究發展支出密度愈高，則重整效果對公司價值的正面影響會顯著下降，而當公司屬於科技產業時，重整效果也會大幅減弱。此外，員工年資愈高，員工流動率的重整效果會變小，而員工平均年齡與員工教育程度對重整效果沒有明顯影響。

Employee turnover is an important issue in human resource management. Past employee turnover studies mostly focus on how turnover affects firms’ short-term performance. This study tries to further discuss employee turnover’s impact on firm value. Our regression analysis shows that employee turnover negatively affects firm value through short-term performance. For firms with losses and shrinking revenue, employee turnover has significant positive impact on firm value if other things being equal. We name this effect the restructuring effect. The empirical results of this study also indicate that R&D density and whether the firm is in high-tech industries are significant moderators for the restructuring effect. As R&D density is higher, the restructuring effect becomes weaker. If the firm is in high-tech industries, the restructuring effect disappears. In addition, the restructuring effect is weaker for firms with longer employee tenure, while employee age and education have no influence on firm value.