本文從人力資本資本化與否，探討人力資本對企業價值的影響。以國內上市上櫃公司為實證對象，不同於以往文獻，本文將人力資本依Chen and Lin (2004)提出的僱用模式分為兩群(一般員工與董監事)，驗證企業盈餘是否受過去人力資本投資而產生效益，並依據Feltham and Ohlson (1995) 及 Bernard (1995) 的股價評價模式，比較人力資本資本化與費用化的評價模式特性。依此，本文針對國內上市上櫃企業一般員工人力資本投資和上市上櫃董監事人力資本投資是否具有遞延效益進行檢測，以了解國內企業人力資本投資遞延效益的情況。並且，針對人力資本支出資本化的會計基礎股票評價模式與費用化的評價模式進行檢測，以了解人力資本支出資本化的會計基礎股票評價模式是否比費用化的評價模式，對企業市場價值的預測有比較高的準確度。
經由上述的研究，本文的主要發現如下：
(1)上市上櫃一般員工人力資本投資效益未有顯著的遞延現象。
(2)上市上櫃董監事人力資本投資效益，約於未來一年至二年實現，平均而言，一元的董監事人力資本投資，在未來1至2年期間約產生2元以上的盈餘。
(3)依據Feltham and Ohlson (1995) 的股價評價模式，發現資本化並無明顯較費用化的處理，提供更多的股價攸關資訊給投資人。
   而本文的結果可提供企業作為人力資本投資和管理的參考以及會計專業組織在制定會計準則的參考。

This paper investigated whether the capitalization of human capital investment influences firm values. We first classified Taiwan listed companies’ employees into two groups (i.e. general employees, directors and officers) and then explored the relationship between companies’ historical human capital investment and reported earnings. Then, based on Feltham and Ohlson’s (1995) and Bernard’s (1995) valuation models, this study examined whether the prediction accuracy of valuation model with human capital capitalized was greater than that with human capital expended.
    The major findings of this study are as follows:
(1) Human capital investment on the listed firms’ general employees does not affect future earnings substantially.
(2) The benefits of human capital investment on the listed orporations’ directors and officers are realized after one year but no later than two years. On average, additional NT$1 investment on the humnan capital can increase earnings over NT$2.
(3) Capitalizing human capital does not provide a greater amount of value-relevant information to investors than expensing human capital. 
    The research can provide insights to corporations in making decisions on human capital investment, and to accounting professional organizations in setting accounting standards.

目錄
表目錄................................................	II
圖目錄................................................	III
第一章 緒論...........................................	1
第一節 研究背景和動機.................................	1
第二節 研究目的.......................................	4
第三節 研究貢獻.......................................	5
第四節 研究流程.......................................	7
第五節 論文架構.......................................	8
第二章 文獻探討.......................................	9
第一節 人力資本文獻...................................	9
第二節 資本遞延效益文獻...............................	26
第三節 企業價值評價模式文獻...........................	31
第三章 理論架構.......................................	37
第一節 人力資本支出效益...............................	37
第二節 人力資本支出的股票評價.........................	38
第三節 實證變數的探討.................................	40
第四章 實證結果.......................................	41
第一節 資料與樣本.....................................	41
第二節 樣本公司各變數敘述性統計與相關係數.............	42
第三節 遞延測試.......................................	43
第四節 人力資本支出資本化的評價模式測試...............	51
第五節 敏感度分析.....................................	56
第五章 結論與建議.....................................	60
第一節 結論...........................................	60
第二節 研究限制.......................................	61
第三節 未來研究方向...................................	62
參考文獻..............................................	64

表目錄
表 2-1人力資本定義彙總表..............................	11
表 2-2人力資本衡量指標彙總表..........................	22
表 2-3資本遞延效益研究結果彙總........................	28
表 2-4企業價值研究彙總表..............................	35
表 5-1本文人力資本樣本產業家數........................	42
表 5-2人力資本盈餘迴歸式各變數敘述統計-2001年為例.....	43
表 5-3人力資本盈餘迴歸式各變數相關係數-2001年為例.....	45
表 5-4研發公司之研發支出內生化迴歸係數平均值..........	49
表 5-5 人力資支出-盈餘迴歸式遞延效益分析 — Almon lag procedure	..............................................50
表 5-6人力資本支出資本化與費用化的股票評價模式........	52
表 5-7人力資本支出資本化與費用化的股票評價模式對股價預測性之差異................................................	55
表 5-8 人力資支出-盈餘迴歸式遞延效益分析 — Almon lag procedure.............................................	58

圖目錄
圖1-1研究流程圖........................................7
圖2-1人力資本架構與會計屬性	...........................14
圖2-2人力資本揭露架構.................................	15

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