離職率與財務績效的關係

The Relationship Between Employee Turnover And Financial Performance

彭郁倫(Yu-Lun Peng)

指導教授 ： 杜榮瑞

國立臺灣大學/管理學院/會計學研究所/碩士(2007年)

https://doi.org/10.6342/NTU.2007.02495

摘要

近年來，由於平衡計分卡的盛行，有許多企業已經開始導入平衡計分卡來衡量企業績效，並進一步擬定出公司未來的策略。本論文的研究方向為運用平衡計分卡的概念，探討國內上市櫃公司離職率與當期及未來公司財務績效的關聯，並以生產力與品質為中介變數。
實證結果如下：
一、 生產力的部分：由於離職率對當期及未來生產力皆無顯著影響，故雖然離職率對當期及未來的財務績效指標有顯著的影響力，生產力在本研究中並不具中介效果。
二、 品質的部分：在本論文中，以退貨率為品質的代替指標。離職率對當期及未來退貨率皆具顯著的影響力，且離職率亦對當期及未來財務績效指標有顯著影響，此外，當期退貨率亦對當期及未來財務績效指標有顯著影響，故在本研究中的大部分情形下，退貨率具有中介效果。

關鍵字

離職率 ； 生產力 ； 品質 ； 退貨率 ； 財務績效指標

並列摘要

Drawing upon the concepts of the balanced scorecard, this thesis examines the relationships among performance measures in the three dimensions: learning and growth, internal process, and financial results. This thesis also explores the possible lagging effects of performance in one aspect on the performance in other aspects. Using employee turnover a surrogate for employee morale and satisfaction (learning and growth), sales per employee as a surrogate for productivity, and sales return as a surrogate of quality (both for internal process performance measures), and return on assets, operating margin, and profitability (net income divided by net sales) as measures for financial results, this study collects data of listed companies in Taiwan via Taiwan Economic Journal data base for the period 2003-2005 and obtains the following findings.

Focusing on the contemporaneous relationships among the three dimensions of performance measures for the year 2004, the results indicate that when productivity is used to measure the performance of internal process, employee morale and satisfaction (EMS, hereafter) does not have a significant effect on productivity, but does have a significant effect on financial results. Path analysis suggests that productivity does not mediate the relationship between EMS and financial performance. When quality is used to measure the internal process performance, EMS has a significant effect on quality, which in turn has a significant association with financial performance. EMS also has a significant association with financial performance. Path analysis suggests that EMS directly affects financial performance, and that quality partially mediates the relationship between EMS and financial performance.

In exploring the possible lagging effects, this thesis first examines the effects of performance in learning and growth, and internal process both in 2004 on the financial performance in 2005, and finds no significant association between EMS and productivity. Productivity dose not have a significant lagging effect on financial performance either. The significance of the lagging association between EMS and financial performance varies with the financial measures used in the analysis. Path analysis suggests that productivity still does not have a mediating effect in the relationship between EMS and financial performance even the lagging effect is taken into consideration. Substituting productivity with quality indicates that EMS has a significant effect on quality, which generally has a significant lagging effect on financial performance. Path analysis suggests that, except for operating margin, quality mediates the lagging relationship between EMS and financial results.

Repeating the above analysis but using the 2005 productivity and quality data indicates no lagging effect of EMS on productivity. EMS generally has a significant lagging effect on financial performance. Path analysis suggests no mediating effect of productivity in the lagging association between EMS and financial performance. Substituting productivity with quality indicates a significant lagging effect of EMS on quality, which in turn significantly affects financial performance. EMS generally has a significant lagging effect on financial performance. Path analysis suggests that quality mediates the lagging relationship between EMS and financial performance. Limitations and suggestions are offered.

並列關鍵字

Balanced scorecard ； employee morale and satisfaction ； employee turnover ； productivity ； quality ； financial performance, ； lagging effect

參考文獻

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