企業資源對經營績效之影響–以公司治理為調節變數

本研究以公司治理對於企業資源(人力資源、實體資源、財務資源以及研發資源)與經營績效之影響進行探討，以迴歸模型進行實證分析。研究對象以台灣交易所上市(櫃)公司扣除金融與保險產業以及資料不足之樣本後，研究公司樣本數共884家，研究期間為2008年至2017年。實證結果發現，在人力資源方面對於經營績效呈現負向顯著性；在實體資源、財務資源、研發資源及公司治理等對於經營績效皆呈現正向顯著性。在調節效果部分，公司治理對於人力資源與Tobin’s Q呈現正向顯著的調節效果；公司治理對於實體資源與ROA、EPS、Tobin’s Q皆呈現正向顯著的調節效果；公司治理對於財務資源與EPS及Tobin’s Q呈現正向顯著的調節效果；公司治理對於研發資源與ROA及EPS呈現正向顯著的調節效果。本文主要貢獻為透過公司治理是否會改善企業資源與經營績效之影響，透過實證分析結果，可供企業單位及政府立法單位作為參考依據，使企業更重視強化公司治理的建立與政府單位制訂更加完善的公司治理制度。

關鍵字

資源基礎論；經營績效；公司治理；調節效果

並列摘要

This study uses Corporate Governance to examine the relevance moderating effect on the relationship between Enterprise Resources (Human resources, capital resources, financial resources, R & D resources) and Firm Performance, and utilizes Regression Analysis to analyze the data. In this study, the samples are drawn from Taiwan Stock Exchange (TWSE). The sample of consists 884 companies period for the of 2008 to 2017. The finding shows that firms with higher Human resources have lower Firm Performance. There is significant positive relationship between capital resources, financial resources, R & D resources and Firm Performance. Furthermore, this study discovers that there is a significant moderate effect of Corporate Governance on the relationship between Human resources and Tobin’s Q is significant；The moderate effect of Corporate Governance on the relationship between capital resources and ROA, EPS, and Tobin’ s Q are significant. The moderate effect of Corporate Governance on the relation between financial resources and EPS, and Tobin’ s Q are significant；The moderate effect of Corporate Governance on the relationship between R & D resources and ROA, and EPS are significant. The main contribution of this study is whether Corporate Governance can moderate the relationship between Enterprise Resources and Firm Performance. According to the results the government can reinforce the corporate governance mechanism to develop a more complete corporate government system.