人力精簡是企業面對經營困境時，經常使用的管理方法之一，其成效如何眾說紛紜。本研究以台灣上市公司為研究對象，探討人力精簡對台灣企業績效的影響，並以人力資本為中介變項，檢視人力資本對企業人力精簡與企業績效是否具中介效果。資料來源為2010 年至2012 年的台灣經濟新報，採用縱橫資料與多元迴歸分析進行假說的檢驗。 研究結果顯示，台灣企業進行人力精簡對績效及人力資本皆有負向影響。人力資本對ROA 有正向影響，然而卻對Tobin’s Q 有負向影響。金融危機後，與研發密集度低的產業相比，研發密集度高的產業，人力精簡對績效有負向影響；而資本密集度低的產業與資本密集度高的產業相比，資本密集度高的產業進行人力精簡對企業績效有負向影響。 本研究的分析結果，可以作為台灣企業執行人力精簡政策時的參考依據。 關鍵字：人力精簡、企業績效、人力資本;While facing difficulties, companies often tend to take downsizing as a business strategy to improve operating performance. However, according to the findings of downsizing, the relationship of workforce reduction on firm performance is controversial. To explore the relationship between downsizing and firm performance, this research studies all the Taiwan companies, which can be found in Taiwan Economic Journal. Furthermore, we take human capital as mediating variable to examine whether the mediating effect of human capital exists. The study focuses on testing whether the mediating effect of human capital is more obvious after financial crisis in 2008. We use panel data and multiple regression analysis to test four hypotheses. The result of the analysis shows that downsizing in Taiwan have negative effect on firm performance and human capital. Human capital has positive effect on ROA, however, it’s negatively related to Tobin’s Q. After the financial crisis, industries with higher R&D intensity is negatively related to firm performance compare to those with lower R&D intensity industries. As for capital intensity industries, they also have negative effect on firm performance compare to those with lower capital intensity firms. The analysis result of this research can be a reference when companies want to take downsizing as their human resource policies. Keywords: employee downsizing, firm performance, human capital
