學校排名與公司績效探討

Abstract

本研究探討學校排名與公司績效之間的關聯，學校排名資料採用U.S. NEWS & World Report 1983-2015年的全美學校排名資料，理論上top25學校的畢業生隱含著較佳的人力資本，而與top25學校同州的公司會因學校與企業密切的產學合作，讓學生在畢業後選擇在就近同州的公司就業，企業將因吸引到好的人力資本，而有較好的公司績效表現。 本研究使用三種表達排名的方式：(1)有無top25學校；(2)top25學校絕對數量；(3)學校排名加權計分，實證結果顯示三種學校排名衡量方式皆與公司績效呈現正向關係，本研究將子樣本以時間、公司大小、市價淨值比、產業別分群後，仍然呈現一致的結果，即學校排名與公司績效表現有正向關係。

This paper tries to examine the relationship between school’s ranking and firm performance each year. We use college ranking released by U.S. News and World Report from 1983-2015 and only observe top 25 schools each year. We assume graduating students from top 25 colleges imply better human capital. Due to collaboration projects between colleges and companies, companies in the same state are easy to attract graduating students from top 25 schools to work for them. That is, those companies will have outstanding human capital, which will generate higher firm financial performance. We use three methods to evaluate the ranking, including (i) whether there is top 25 college in the state, (ii) numbers of top 25 colleges in the states, (iii) weighted score of ranking each year. Our results indicate that there is a significantly positive relationship between school ranking and firm financial performance. After we split the sample by period, firm size, MB ratio and industry, the results are consistent.