人力資本對企業經營之重要性，在許多研究當中已獲得印證，而國內針對人力資本多以問卷調查，並以李克特量表（Likert scale）為基礎蒐集資訊，本研究採用次級資料蒐集，避免抽樣誤差與數據連續性問題，彌補過去問卷資料之不足。 為進一步探討人力資本與組織績效關聯性，本研究在組織績效方面以財務績效為主軸，透過文獻分析與整理，將企業人力資本分為三類：人力素質（員工平均年齡、年資、受教育年數、專業人員比例）、企業訓練（員工每人訓練經費）、員工薪資（用人費用率、薪資成本比、員工每人薪資），探討其與組織財務績效（股價市值與淨值比、附加價值、人力資本投資報酬率、員工每人營收、員工每人營業毛利、員工每人稅前營業利益、員工每人稅後淨利）之關係。 蒐集公開市場上市之150家公司1999?2004年間人力資本與組織財務績效總計900筆相關數據，經分析後發現員工平均年齡、年資、平均就學年數、每人訓練經費、企業用人費用率、薪資成本比、每人薪資等人力資本相關變數與附加價值（Value Added）、人力資本投資報酬率（HC-ROI）、員工每人營收與員工每人營業毛利等組織財務績效相關變數關聯性較強。 The current study examined the relationship between human capital and organizational financial performance. In order to modify the shortage of Likert scale and questionnaire , this study chooses secondary data. Research data are collected from 150 companies in Taiwan during 1999 to 2004. The results show that human capital index such as employee age, employee tenure, employee education, training investment（training budget per employee）, compensation per employee, compensation revenue ratio and compensation expense ratio exhibited a significant effect on organizational financial performance such as Value Added, Human Capital ROI, Revenue Per Employee and Profit Per Employee. The results also show that training investment can influence organizational financial performance in the same period. In addition, the results of regression analysis data showed that employee tenure exhibited a curvilinear (U-shaped) effect on M/B Ratio.
