本研究以次級資料分析法，探究台灣上市櫃企業二零一九年至二零二一年間裁員對績效的影響，並以組織公平觀點為主要理論架構。研究設定三個假說：在財務績效不佳的企業中，進行裁員的企業相較於未進行裁員的企業對公司績效的影響為何；在財務績效不佳的企業中，進行員工調薪且調薪率高於同業平均水準的企業，相較於其他財務績效不佳的企業對公司績效的影響為何；在財務績效不佳的企業，員工調薪在裁員與公司績效之間是否存在調節效果。
透過羅吉斯迴歸分析，研究發現財務績效不佳的企業進行裁員可以顯著提升公司績效；其次，財務績效不佳的企業，進行員工調薪且調薪率高於同業平均水準的企業，公司績效提升程度更大，最後，對於財務績效不佳的企業而言，員工調薪可以調節裁員對公司績效的影響，強化了組織公平對於裁員和績效的正向調節效果，並可減緩員工工作壓力及心理契約破壞的影響。
總體而言，本研究為企業在財務困境時提出了管理啟示，並提供裁員、調薪等人力資源管理策略對企業績效的初步證據。

This study utilizes secondary data analysis to explore the impact of downsizing on performance in Taiwanese listed and Over-The-Counter (OTC) companies from 2019 to 2021, using organizational justice as the primary theoretical framework. Three hypotheses were formulated: first, in financially distressed companies, the impact of downsizing on company performance compared to those that did not downsize; second, in financially distressed companies, the impact of salary adjustment with rates higher than the industry average on company performance compared to other financially distressed companies; third, whether salary adjustment moderate the relationship between downsizing and company performance in financially distressed companies.
Through logistic regression analysis, the study finds that downsizing in financially distressed companies significantly enhances performance. Moreover, in financially distressed companies, those implementing salary adjustment with rates higher than the industry average experience even greater performance improvements. Lastly, for financially distressed companies, salary adjustment moderates the impact of downsizing on performance, reinforcing the positive moderating impact of organizational justice on downsizing and performance, thereby alleviating the effects of employee job stress and psychological contract breach.
Overall, this study provides managerial insights for companies facing financial difficulties and offers preliminary evidence on the effects of downsizing, salary adjustment, and other human resource management strategies on company performance.

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