二十一世紀已邁入知識經濟的時代，廠商為了建立競爭優勢，知識的運用為一大關鍵因素，因此對於知識擁有者，也就是「人」的管理更是一大課題；人力資源管理經濟學中，Becker與Schultz兩位經濟學者於1964年發表了人力資本理論（human capital theory），說明了知識與技能的主要獲取途徑，以及Lazear與Rosen於1981年所提出的競賽理論（tournament theory），提供廠商決定薪資結構的參考準則；本文將以此兩大理論為概念來源，將人力資本分為正式教育與在職訓練兩大獲取方式，薪資結構則分為薪資水準與薪酬差距兩大特徵，探討人力資本與薪資結構對廠商績效之影響。
本研究以台灣電子業的上市公司為研究對象，採用2004年至2008年的縱橫斷面資料，以隨機效果模型為研究方法，探討廠商績效的影響因子，實證結果顯示，員工的教育程度與所接受的在職訓練，以及公司採用的薪酬差距結構，皆對廠商績效達到顯著的正向效果，至於薪資水準則結果較不明確，用人費用率對廠商績效為負向顯著，但員工平均薪資對廠商績效則幾乎為不顯著之效果。根據此結果，本研究建議公司應重視人力資本的投資，且可以採用職級間薪酬差距的方式，來增加員工間的競爭程度與工作誘因，以提升廠商績效。

The 21st century has marched toward the age of knowledge economy. To build up a competitive edge, knowledge application has been a key factor. Thus, for knowledge owners, the management of “human” has been a big issue. In the field of Personnel Economics, two economists, Becker and Schultz in 1964 proposed human capital theory, exploring how to acquire knowledge and skills. In addition, Lazear and Rosen in 1981 propounded tournament theory, providing a criterion for factories to decide wage structures. The current study adopted the two theories to divide human capital into formal education and on-the-job training; wage structures, into salary standards and wage differential. The purpose of the study is to investigate the impact of human capital and wage structure on firm performance.
Listed electronic companies in Taiwan participated in this study. The random-effect model was adopted to analyze their panel data from 2004 to 2008 to explore what factors influenced firm performance. Results indicated that employees’ educational levels, on-the-job training and the structure of wage differential have a positive impact on firm performance but the result of salary standard is unclear. Employee fee percentages have a significantly negative impact on firm performance but average employees’ salary yielded almost insignificant impact. Based on the results, the current study suggests that the investment of human capital should be emphasized. In addition, employees’ levels of competitiveness and job enticement can be triggered by wage differentials according to different ranks to enhance firm performance.

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