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| 題名: | 組織資本與公司價值之探討：台灣市場之實證
Exploring the Relationship Between Organizational Capital and Firm Value: An Empirical Study of the Taiwan Market |
| 作者: | 羅瑋翔
Lo, Wei-Hsiang |
| 貢獻者: | 楊曉文
Yang, Sharon S.
羅瑋翔
Lo, Wei-Hsiang |
| 關鍵詞: | 公司價值
組織資本
ESG
企業創新
產品品質
利害關係人
TOBINSQ
Organizational Capital
ESG
Corporate Innovation
Product Quality
Stakeholders |
| 日期: | 2024 |
| 上傳時間: | 2025-04-01 11:43:47 (UTC+8) |
| 摘要: | 本文採用2016年至2022年台灣上市櫃公司作為樣本，利用台灣經濟新報（TEJ）的財務會計、ESG資料及SASB準則所提及之行業屬性分類，參考先前文獻進行組織資本及人力資本之計算。本研究利用縱橫資料迴歸及固定效果模型探討組織資本因子與TOBINSQ之解釋能力。實證證據支持本研究的假設，即組織資本與企業價值存在正相關。本研究通過將樣本分為（a）高組織資本和低組織資本公司以及（b）市值型公司和（c）成長型公司進行了進一步的分析。研究發現組織資本在不同的樣本群當中透過與員工平均專利數、產品品質與安全性及公平對待利害關係人產生之交互作用影響企業價值。本研究採用前一期解釋變數來替換當期解釋變數進行模型估計，同時採用兩階段最小平方法迴歸以應對內生性問題。研究結果在不同子樣本分析、額外控制變量和內生性問題方面尚屬穩健。組織資本作為企業追求永續發展之儲備庫，可促使企業改善企業價值、亦可透過ESG因子途徑完善投資人的資訊需求，也利於企業向投資者展現公司長期價值、達成永續經營目標。
This study utilizes data from publicly listed companies in Taiwan from 2016 to 2022, drawing from the Taiwan Economic Journal (TEJ) for financial accounting and ESG data, alongside industry classifications mentioned in the SASB standards. The calculations for organizational and human capital, based on prior literature, are conducted to examine the explanatory power of organizational capital factors on Tobin’s Q using panel data regression and fixed effects models. Empirical evidence supports the hypothesis that there is a positive correlation between organizational capital and corporate value. The study further categorizes the sample into companies with high and low organizational capital, market-oriented, and growth-oriented companies. It finds that organizational capital impacts corporate value through interactions with average employee patent numbers, product quality and safety, and fair treatment of stakeholders. To address endogeneity issues, the model estimates replace current explanatory variables with lagged ones and employ two-stage least squares regression. The results are robust across different sub-samples, additional control variables, and tests for endogeneity. Organizational capital serves as a reservoir for sustainable development, enhancing corporate value and fulfilling investor information needs through ESG factors. It also aids companies in demonstrating long-term value to investors, achieving sustainable business objectives. |
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| 描述: | 碩士
國立政治大學
金融學系
111352038 |
| 資料來源: | http://thesis.lib.nccu.edu.tw/record/#G0111352038 |
| 資料類型: | thesis |
| 顯示於類別: | [金融學系] 學位論文
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