本研究主要探討台灣企業間不同的融資限制條件對於企業勞動雇用調整的影響。透過企業的現金流量占總資產比率、股息支付率、利息保障倍數、KZ指數建立綜合的融資限制指標，藉以衡量企業融資限制的情況。研究樣本為金融危機爆發後六年（2008年至2013年）台灣1083家上市上櫃企業的勞動力調整狀況。經多層次混合效果模型證實，企業內、外部融資限制對其勞動窖藏能力有深遠的影響，未受融資限制的企業勞動雇用的狀況相對穩定，實際員工人數隨著生產需求波動，調整至最適勞動人數的速度緩慢。另一方面，本研究認為台灣企業普遍具有勞動窖藏的觀念，可以因應資本結構形成長期的策略性人力資源規劃。最後，穩健性檢定的結果顯示，融資限制帶來的人力資本投資變化，多半不會與企業固定資產投資的變化同部發生。;This study investigates the influence of financial constraint on employment adjustment of Taiwanese firms. We establish a comprehensive index of financial constraint by ratio of cash flow to total asset, payout ratio, interest coverage ratio and Kaplan-Zingales index to measure the degree of cooperate financial constraint. We also collect 1083 Taiwanese listed and over-the-counter (OTC) companies during the six years after the financial crisis (from 2008 to 2013) as the research sample. By applying a multilevel mixed-effects model to a sample of Taiwanese firms, we show that internally and externally constraint have a profound impact on their capability of labor hoarding. As production demand fluctuates, financial unconstraint companies slowly adjust their existing employment to optimum level, and therefore financial unconstraint companies are expected to have a stable employment. On the other hand, this study finds that Taiwanese firms generally have the concept of labor hoarding and can develop long-term human resource strategies in response to their capital structure. The robustness check indicates that most of the changes in human capital caused by labor financing are inconsistent with changes in fixed assets.
