因應金融海嘯所引發不同企業對於勞動力政策的調整，本研究欲從企業執行此政策之意願及能力，即為公司治理結構以及融資限制程度兩方面進行研究，並於勞動力窖藏的意涵中體現人力資本價值之概念。藉由外部董事比例、CEO雙元性、及現金流量權的偏離幅度作為公司治理結構的代理變數，衡量對於人力資本流失的影響，並建立KZ指數作為融資限制程度之指標，探討其作為公司治理結構與人力資本流失間關係的中介效果。樣本期間為危機爆發後的重建期（2010年至2016年），總共1,179家台灣上市及上櫃公司。經由實證結果證實，融資限制程度對其人力資本流失具有正向影響，受到融資限制程度較高的企業在人力資本流失上的速度是較為快速的。而外部董事比例與現金流量權的偏離幅度也確實分別與融資限制程度及人力資本流失有顯著的影響。最後，藉由中介效果的檢驗顯示，公司治理結構對於人力資本流失有直接層面的影響，亦能間接透過資金配置使人力資本流失產生影響。;To response to the impact of financial crisis, many companies have adjusted their labor policy. The purpose of this study is to explore the willingness and capability of enterprises to implement labor policies. We employ corporate governance structure and the degree of financial constraint as our base of this research which reflect the concept of human resources in the turn of labor hoarding. We establish three proxy variables (ratio of outside director, CEO duality, and the deviation of cash flow) to measure the effect of corporate governance structure on the loss of human capital. We also use Kaplan- Zingales index as the measurement of financial constraint to investigate how enterprises mediate the relationship between corporate structure and the loss of human capital. We collect 1,179 Taiwanese listed and over-the-counter (OTC) companies during the reconstruction period after the financial crisis (from 2010 to 2016). The empirical result shows that the degree of financial constraint has a positive impact on the loss of human capital. It reflects that the higher the degree of financial constraint is, the faster the loss of human capital is. In addition, the ratio of outside director and the deviation of cash flow have a significant influence on the degree of financial constraint and the loss of human capital. At last, the analysis of mediation effect indicates that the corporate governance structure has a direct impact on the loss of human capital, and can also indirectly affect the loss of human capital by the allocation of funds.
