| 摘要: | 本研究主要以代理理論及管家理論之觀點，探討企業經理人之公司治理理論取向對企業人事結構調整速度之影響。綜合參考過去學者針對二理論之預測行為差異，提出以研發支出比例、非系統風險、現金持有量、發放股利比例以及外部董事比例等五個變項之標準化數值運算結果，建立代理理論與管家理論取向之區辨指標，觀察兩種治理理論取向之企業，在人事結構調整速度上之差異。研究樣本包括2009年至2015年之台灣上市櫃電子產業公司，共294間企業，2058個觀察樣本。實證結果發現，企業人事結構調整速度確實因企業治理理論取向不同而有所差異，且當治理理念愈趨近於管家理論時，企業人事結構調整速度愈快，進一步將組織人事結構調整情形區分為增員與裁員二種，結果發現當組織人力過剩需減少工作人數時，此趨勢更加突顯，然而在勞動人數不足時，增員速度並無因治理理念取向的不同而有明顯差異；而在區辨二者理論取向之五個細項指標中，也顯示研發支出比例愈高、現金持有量愈低、非系統性風險愈高，及外部董事比例愈高，組織人事調整速度愈快，發放股利比例變項則與企業人事結構調整速度未呈系統性之關聯。;This study attempts to investigate whether the corporate governance theories beliefs owned by business executives have impact on the speed of business employment adjustment. Based on the difference of forecasting behavior between agency theory and stewardship theory perspectives, this paper establishes a business discriminative index of agency theory and stewardship theory orientation by five standardized variables including the proportion of research and development expenditure, nonsystematic risk index, cash holdings, dividends to earnings ratio, and the proportion of outside directors, then try to find out the relevance between the orientation index and the speed of company employment adjustment. Collecting data from listed electronic companies at stock exchange market and over-the-counter market in Taiwan from 2009 to 2015, including 294 firms and 2058 observations. The empirical results indicate that the speed of company employment adjustment varies with different corporate governance theory orientation, and when the orientation index gets more close to stewardship theory, the business employment adjusts faster. Furthermore, dividing the employment adjustment situation into staffing and layoff, the results show that layoff speed also faster when the orientation index gets more close to stewardship theory. However, the staffing speed doesn’t vary due to different orientation index. Besides, the higher proportion of R&D expenditure, the higher nonsystematic risk index, the lower cash holdings, and the higher proportion of outside directors, the business employment adjusts faster, yet dividends to earnings ratio isn’t significant related to the speed of company employment adjustment. |
