本研究探討審計服務市場具主導性的合夥型會計師事務所之人力資本槓桿與業務結構適對其財務績效之影響。

採用我國金管會與財政部統計處發行2002至2005年之「會計師事務所服務業調查報告」資料，以二因子變異數分析法（two-way ANOVA）進行分析。主要發現有下列數端，
首先，人力資本槓桿對會計師事務所之財務績效具負向影響，隱含人力成本是重視人力資源的會計師事務所財務績效之關鍵影響因素。

其次，在相同程度之業務結構下，較低的人力資本槓桿其財務績效較高，而較低的人力資本槓桿若搭配較高比例非審計服務的業務結構將產生相對最高之財務績效。前述之結果，在考量了規模、事務所成立年數、分事務所個數、及員工福利等共變數後，並未受到顯著影響，可見其具相當的穩健性。

本文除填補專業服務業人力資本槓桿對財務績效影響文獻的不足外，實證結果亦對會計師事務所決策者具潛在的管理意涵，即人力投入除了考量槓桿程度外，若能進一步與所提供服務之種類及結構進行最佳配適時，將創造出相對最高的財務績效。

This research is to study how the human capital leverage and the goodness of fit of the business structure will influence on the financial performance in predominant accounting firms of partnership pattern in the market of audit services.
     By adopting the data of “Survey on the Business of Accounting Firms” done by the Department of Statistics, Ministry of Finance and Financial Supervisory Commission, covering from 2002 to 2005, and analyzing through two-way ANOVA test, we have discovered several issues as follows. Firstly, the human capital leverage influences negatively on the financial performance of accounting firms. The implicit cost of human is the critical factor affecting on the financial performance of accounting firms which play importance on the human.
     Secondly, under the same level of business structure, the lower human capital leverage will result in higher financial performance. In collocation with the business structure where non-audit services take up higher percentages, the lower human leverage will produce the relatively highest financial performance. Even after considering covariances of the size, the age, the number of branches and employee benefit, the result is not significantly impacted. It is thus perceived to be quite stable.
     Through this article we try to make up the insufficiency of documents probing into influences that the human capital leverage has on the financial performance. The practical result also can provide the management implication to policymakers of accounting firms, that is the highest financial performance will be achieved by the best collocation of human input, leverage degree and further the type and structure of services provided.

目錄
誌謝	I
中文摘要	II
英文摘要	III
目錄	IV
圖目錄	V
表目錄	VI
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 論文架構	3
第二章 文獻回顧	6
第一節 資源基礎理論觀點	6
第二節 人力槓桿與績效之關係	8
第三節 會計師事務所業務結構之內涵	15
第四節 影響專業服務機構績效的其他因素	21
第五節 文獻彙述	25
第三章 研究設計	28
第一節 研究架構	28
第二節 研究假說	28
第三節 變數衡量	30
第四節 估計方法	32
第五節 樣本說明	33
第四章 敘述統計分析	34
第一節 合夥會計師事務所全期間之業務結構	34
第二節 合夥會計師事務所各年度之業務結構	38
第三節 非審計業務結構與人力槓桿組合下之淨利率	49
第四節 全部變數之敘述統計	58
第五章 人力槓桿配適非審計業務對財務	60
第一節 整體合夥型會計師事務所之實證結果	60
第二節 有公開發行財簽收入合夥會計師事務所之實證結果	61
第三節 無公開發行財簽收入合夥會計師事務所之實證結果	62
第四節 敏感度分析	64
第五節 實證結果彙述	66
第六章 結論、意涵與未來研究建議	68
第一節 研究結論與意涵	68
第二節 研究限制	69
第三節  未來研究建議	69
附  錄	71
參考文獻	74
一、中文部分	74
二、英文部份（依字母排序）	75
圖目錄
圖1-1-1研究流程圖	5
圖3-1-1研究架構圖	28
圖4-1-1不同類型每家會計師事務所之審計與非審計平均收入比較圖	37
圖4-2-1總業務收入趨勢圖（金額）－整體合夥型會計師事務所	39
圖4-2-2審計與非審計業務結構趨勢圖（金額）－整體合夥型會計師事務所	40
圖4-2-3審計與非審計業務結構趨勢圖（比率）－整體合夥型會計師事務所	40
圖4-2-4審計收入及其組成項目直條圖－整體合夥型會計師事務所	41
圖4-2-5非審計收入及其組成項目直條圖－整體合夥型會計師事務所	41
圖4-2-6總業務收入趨勢圖（金額）－高非審計業務合夥型會計師事務所	43
圖4-2-7業務結構趨勢圖（金額）－高非審計業務合夥型會計師事務所	43
圖4-2-8業務結構趨勢圖（比率）－高非審計業務合夥型會計師事務所	44
圖4-2-9審計收入及其組成項目直條圖－高非審計業務合夥型會計師事務所	44
圖4-2-10非審計收入及其組成項目直條圖－高非審計業務合夥型會計師事務所審計收入及其組成項目直條圖－高非審計業務合夥型會計師事務所	45
圖4-2-11總業務收入趨勢圖（金額）－低非審計業務合夥型會計師事務所	46
圖4-2-12業務結構趨勢圖（金額）－低非審計業務合夥型會計師事務所	47
圖4-2-13業務結構趨勢圖（比率）－低非審計業務合夥型會計師事務所	47
圖4-2-14審計收入及其組成項目直條圖－低非審計業務合夥型會計師事務所	48
圖4-2-15非審計收入及其組成項目直條圖－低非審計業務合夥型會計師事務所	48
圖4-3-1非審計業務結構及人力槓桿組合所對應之淨利率	51
圖4-3-2高低非審計業務結構及人力槓桿組合所對應之淨利率	51
圖4-3-3非審計業務結構及高低人力槓桿組合所對應淨利率 －整體合夥型會計師事務所	53
圖4-3-4非審計業務結構及人力槓桿組合所對應淨利率 －有公開發行財簽收入合夥	55
圖4-3-5非審計業務結構及人力槓桿組合所對應淨利率 －無公開發行財簽收入合夥	57

表目錄
表3-3-1控制變數定義表	32
表4-1-1不同類型會計師事務所之各類別業務金額與比例結構彙總表(2002-2005)	36
表4-3-1非審計業務結構及人力槓桿組合所對應淨利率之敘述統計量	50
表4-3-2非審計業務及人力槓桿組合所對應淨利率之敘述統計量－整體合夥型會計師事務所	53
表4-3-3非審計業務及人力槓桿組合所對應淨利率之敘述統計量－公開發行財簽收入合夥會計師事務所	55
表4-3-4非審計業務及人力槓桿組合所對應淨利率之敘述統計量－無公開發行財簽收入合夥會計師事務所	57
表4-4-1各變數敘述統計彙總表	58
表5-1-1人力槓桿與非審計業務對財務績效影響之變異數分析結果－整體合夥型會計師事務所	61
表5-2-1人力槓桿與非審計業務對財務績效影響之變異數分析結果－有公開發行財簽收入合夥會計師事務所	62
表5-3-1人力槓桿與非審計業務對財務績效影響之變異數分析結果－無公開發行財簽收入合夥會計師事務所	64
表5-4-1共變數分析結果－整體合夥型會計師事務所	64
表5-4-2共變數分析結果－有公開發行財簽收入合夥會計師事務所	65
表5-4-3共變數分析結果－無公開發行財簽收入合夥會計師事務所	66
表5-5-1所有實證結果彙述	66

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