2008年金融海嘯造成全球經濟衰退，台灣也因此受到嚴重波及，不少企業開始施行人力精簡策略來降低成本，以舒緩所面臨的經營困境。而人力精簡策略對於企業績效的影響效果卻有兩種不同觀點，其差異可能是取決於是否伴隨著有形資產規模變化。此外，策略內生性因素的考量，亦會影響企業實施人力精簡策略的傾向。 本研究將人力精簡策略依據伴隨的有形資產變化區分為四大類型，主要目的是探討各項人力精簡策略對於企業績效的影響，並將董事會外部董事比例、高階經理人激勵薪酬比例、多角化經營程度、企業前期績效作為人力精簡策略實施傾向的決定性因素，加以驗證這些決定因素將如何影響企業實施何種人力精簡策略的傾向，最後利用工具變數（IV）估計討論納入該策略內生性因素後所選擇的人力精簡策略，對於企業績效將產生的影響效果。本研究樣本來自台灣經濟新報資料庫（TEJ）共388家企業，1940個觀察值，主要探究金融危機發生後5年內的變化效果。追蹤台灣2009年上市公司在2010年至2013年雇用人數、有形資產、企業績效的變動狀況。 實證結果發現，在這段經濟衰退的期間，企業實施人力精簡策略對於企業績效有負向影響；此外，董事會之外部董事比例、高階經理人激勵薪酬比例與企業實施人力精簡策略的傾向存在正向關係，多角化經營程度、企業前期績效表現與企業實施人力精簡策略的傾向則存在負向關係。 ;The 2008 global financial tsunami led to a great economic recession, in which Taiwan has also been seriously affected. Many companies have begun to deploy employee downsizing to ease the operating difficulties. However, there are two different views on the effect of laying-off employees on firm performance. The difference may depend on whether it is concerned with downsizing physical assets or not. In addition, taking account of the endogenous factors will also influence the firm′s tendency to implement the strategy of employee downsizing. Based on the accompanying changes in physical assets, this study divides employee downsizing into four types and focuses on the impact of various employee downsizing strategies on firm performance. This article focuses on the proportion of outside directors, proportion of executive incentive pays, diversification and firm′s pre-performance as the determinations of employee downsizing to verify how they will affect the tendency of companies to implement the strategy for laying off employees. Finally, we use instrumental variable to estimate the effect of the employee downsizing strategy to firm performance after considering the endogenous factors. The data was collected from companies listed in the Taiwan Stock Exchange between 2009 and 2013, which includes the panel data with 388 listed companies and 1940 observations. The results indicate that employee downsizing strategies have a negative effect on firm performance during the economic recession period. Besides, the proportion of outside directors and proportion of executive incentive pays have a positive relationship with the tendency of companies to implement the employee downsizing strategies, while diversification and firm′s pre-performance have a negative relationship with the tendency of companies to implement the employee downsizing strategies.
