本研究使用1996至2018年臺灣經濟新報（TEJ）資料庫的縱橫資料，分別以總要素生產力和勞動生產力作為生產力指標，並運用pooled OLS模型和固定效果模型，探討臺灣製造業上市櫃公司的員工異動對公司生產力的影響。此外，本文加入公司規模大幅縮減（或擴增）的虛擬變數，以及與員工離職率的交乘項，用以分析規模大幅縮減及大幅成長的企業，員工離職率對這兩類公司的生產力是否不同。實證結果顯示，員工離職率的提高不利於公司生產力的成長。值的一提的是，員工離職率對規模大幅縮減的公司，其生產力的負向效果明顯變小，意味著此類公司適度的員工汰減有利於公司績效；相反地，員工離職率對規模大幅擴增的公司，其生產力的負向效果明顯更強，表示成長快速的公司，若員工離職率高，相當不利於其生產力的成長。

This study uses the panel data of the Taiwan Economic Journal from 1996 to 2018. In order to explore the effect of worker separation rate on Taiwan's listed manufacturing firm performance. This paper uses total factor productivity and labor productivity as the productivity indicators, and applies the pooled OLS model and fixed effects model. Furthermore, for the purpose of focusing on whether the effect of worker separation rate is different for the firms which number of workers have been greatly reduced and grown. This research adds dummy variable of firm downsizing or expansion and its interaction term with worker separation rate. The empirical results show that worker separation is negatively associated with firm productivity. However, for firms with significantly reduced workers, the worker separation rate has a smaller negative effect on firm productivity, and a high worker separation rate may also have a positive effect. On the contrary, for firms with a substantial increase in workers, worker separation rate will have a greater negative effect on firm productivity. Therefore, such firms should avoid excessive worker separation.

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