從相關文獻中可以發現，智慧資本是企業競爭力的核心，亦是企業價值的核心來源，而構成智慧資本的要素中，是以人力資本為最根本及重要，在此波金融危機裡，許多公司均採取裁員政策，當人力資本發生變動時，企業績效的相關變化又是如何？因此本研究以Lepak and Snell(1999)所提出的四種人力資源型態的其中一種-知識基礎人力為出發點，探討這種高策略價值、高獨特性的人力資本與企業績效間之關聯性。並採1997年至2008年間台灣的上市櫃電子公司樣本為主要研究對象，先以Ohlson(1995)模型進行人力資本與企業績效之攸關性迴歸分析。再以Collins(1997)拆解法解釋Ohlson model之人力資本變數對企業績效之增額解釋能力，最後參考Riedl 迴歸係數差異檢定法在金融危機期間與非金融危機期間人力資本對企業績效之解釋能力有無差異。實證結果：(1)在非金融危機期間電子產業人力資本對企業績效有影響，影響的是人力資本會計資訊提昇企業績效整體的解釋能力。(2)在金融危機期間電子產業人力資本與企業績效有影響，影響的是人力資本會計資訊提昇企業績效整體的解釋能力。(3)在金融危機期間電子產業人力資本對股價整體解釋能力大於非金融危機期間人力資本對股價整體解釋能力。

In the relevant articles it stated that the intellectual property is not only the core of enterprise competition but also is the main source of enterprise value.  Furthermore, human capital is one of the most important elements in the intellectual property.  Many companies choose to weather the financial crisis by downsizing the company which unfortunately comes at the cost of its employees. So the most important question is how the firm’s performance will fluctuate in terms of human capital during these volatile economic times.
This research focus on knowledge-based employees positioned by Lepak and Snell (1999), discussion the correlation of the importance of having employees with high strategic value and uniqueness.  Moreover, the research use samples from listed electronic firms on the Taiwan Stock Exchange from 1997 to 2008 to study if it is feasible for firms to give out incentives based on an employee’s merit or a firm’s performance during this financial crisis. First, this study uses the Ohlson models as the basis of revision to see if there is any linearity between the valid human capital indicators and firm performance during this recent economic regression. Further, this study uses Collins (1997) models to explain the parameter incremental powers of the Ohlson model. Finally, we take Riedl’s regression coefficient difference test as a reference method to compare different periods of the human capital and firm performance explanatory power.
Summary – First the empirical results show that electronic industry of human capital accounting information has an impact on a firm performance during non-financial crisis. Human capital accounting information can enhance the explanatory power of the overall firm performance. Second, the electronic industry of human capital accounting information has an impact on firm performance during financial crisis. Finally, electronic industry of human capital on stock price overall explanatory power during financial crisis is greater than electronic industry of human capital during non financial crisis.

目 錄              頁次
第一章 緒論	1
第一節 研究背景與動機	1
第二節 研究目的	3
第三節 研究流程	4
第四節 論文結構	5
第二章 文獻探討	6
第一節 金融危機	6
第二節 智慧資本	9
第三節 人力資本	12
第四節 淨盈餘評價模式	19
第三章 研究方法	23
第一節 研究架構	23
第二節 研究假說	24
第三節 實證模型	26
第四節 變數定義與衡量	29
第五節 樣本之選取	31
第六節 統計分析方法	33
第四章 實證結果與分析	35
第一節 敘述性統計分析	35
第二節 實證結果與分析	42
第五章 結論與建議	62
第一節 結論	62
第二節 研究限制	63
第三節 建議	64
參考文獻	65

圖目錄                頁次
圖1-1研究流程圖	4
圖2-1人力資本特性與雇用模式圖	13
圖3-1研究架構	23

表目錄               頁次
表3-1 本研究選取之樣本企業資料一覽表	32
表4-1全部樣本(T)各變數之敘述性統計量	36
表4-2非金融危機期間(T1)各變數之敘述性統計量	37
表4-3金融危機期間(T2)各變數之敘述性統計量	37
表4-4全部樣本之PEARSON相關係數分析表	39
表4-5非金融危機期間變數之PEARSON相關係數分析	40
表4-6金融危機期間變數之PEARSON相關係數分析	41
表4-7非金融危機期間人力資本與股價關係之迴歸分析結果	44
表4-8非金融危機期間人力資本與資產報酬率關係之迴歸分析結果	47
表4-9非金融危機期間人力資本與股東權益報酬率關係之迴歸分析結果	50
表4-10金融危機期間人力資本與股價關係之迴歸分析結果	53
表4-11金融危機期間人力資本與資產報酬率關係之迴歸分析結果	56
表4-12金融危機期間人力資本與股東權益報酬率關係之迴歸分析結果	59
表4-13 人力資本與企業績效關係之迴歸係數差異檢定結果	61

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