本研究探討企業之自然依賴性對勞動投資效率之影響。實證結果顯示，企業的自然依賴性愈高，其勞動投資效率愈高；此一關係在低度投資類型（例如人力不足聘僱與過度裁員）中尤為明顯，而非在過度投資情形下顯著。進一步機制分析指出，兩項互為補充之通道可解釋此一現象：其一，較高的自然暴露程度提高了管理協調之需求，反映於較高的銷售、一般及管理費用 (SG&A) 強度；其二，對自然高度依賴之企業通常伴隨較低之有形資本效率，因而促使其在人力配置上採取更為紀律化的調整。為處理內生性疑慮，本研究採用兩階段最小平方法 (two-stage least squares， 2SLS) 估計、熵平衡 (entropy balancing) 權重法，以及基於外生性碳定價政策之雙重差分 (difference-in-differences， DID) 設計。多項穩健性檢驗結果均支持主要結論；此外，本效應在所處治理環境較脆弱之企業、資源利用率較低之情況，以及經濟下行期間尤為顯著。整體而言，本研究凸顯企業對環境依賴性如何形塑其人力資本管理策略與調適行為，並對相關政策設計與企業管理實務具啟示意義。;We examine the impact of firms’ nature dependence on labor investment efficiency. We find that greater nature dependence is positively associated with labor investment efficiency. This association is particularly pronounced in under-investment， such as under-hiring and over-firing， rather than over-investment. We identify two mechanisms underlying this relationship. Greater natural exposure increases managerial coordination needs， reflected in higher SG&A intensity， while lower tangibility efficiency among highly nature-dependent firms promotes more disciplined labor allocation. To address endogeneity concerns， we employ instrumental-variable estimation， entropy balancing， and a difference-in-differences design based on exogenous carbon pricing policies. The results are robust across multiple tests and particularly pronounced among firms with weaker worldwide governance， lower resource utilization， and during economic downturns. Overall， the findings highlight how environmental dependency shapes corporate human-capital management and adaptive behavior.
