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研究生：	劉育維 Liu, Edward Yu-Wei
論文名稱：	中國勞動合同法對台灣上市公司財務結構之影響 The Impact of China's Labor Contract Law on the Financial Structure of Listed Companies in Taiwan
指導教授：	蔡群立 Tsai, Chun-Li
學位類別：	碩士 Master
系所名稱：	社會科學院 - 經濟學系 Department of Economics
論文出版年：	2013
畢業學年度：	101
語文別：	英文
論文頁數：	83
中文關鍵詞：	中國、勞動合同法、一般動差估計法
外文關鍵詞：	China, Labor Contract Law, GMM
相關次數：	點閱：90 下載：3
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隨著近年來勞工意識的抬頭，越來越多在中國工作的人了解並堅持需要一份更完善的勞工合同來保護自己，因此，中國政府於2008年1月1日實施中國勞動合同法，其用意不僅僅在於改善勞工的福利及保障勞工的權益，更重要的是弭平近年來勞資雙方對立所造成的社會緊張之關係。然而，勞動合同法的實施，畢竟會對外商投資的產業及公司帶來不可避免的衝擊，特別是挾帶的相似文化背景及相近地理位置而大舉投資中國的台灣。
本篇論文研究中國勞動合同法對於台灣上市公司財務結構所造成之影響，並從公司的成本、投資及獲利能力三個層面來做探討，其中成本方面係以自行計算之每人用人費用作為測量單位，也是第一個使用此單位作為研究之論文。實證方法上，藉由動態GMM模型及加入虛擬變數所進行之參數估計，發現中國勞動合同法對於台灣上市公司每人用人費用有著正效果，對於台灣上市公司在中國大陸投資金額並無效果，以及對於台灣上市公司獲利能力有著負效果。最後並發現，相較於其他產業，中國勞動合同法對於勞力密集等電子代工產業所產生的效果更加顯著。

More and more people working in China realize and insist that they should be protected by a well-established contract law as employed in recent years. China government finally implemented a Labor Contract Law on January 1st, 2008, which attempt not only to improve employees’ benefits and securities by original labor law, but also to ease off the social instability resulted from the conflict between employers and employees. The implementation of Labor Contract Law must bring some inevitable impact on the companies or industries invested by Taiwan through the advantage of similar cultural and closed geographic location.
In the use of system GMM model and panel data from annual consolidated financial reports of all listed companies in Taiwan across 2005 to 2011, this paper mainly examines the impact of China’s Labor Contract Law on financial structure of listed companies in Taiwan through three specifications: cost, investment, and profitability. The measurement for cost is calculated as personnel expense divided by total employees number, which is also the first research paper using this unit as measurement. The empirical results show that the impact is strongly positive to cost, unknown impact on investment, and strongly negative to profitability. Finally, the empirical results also reveal that the impact of China’s Labor Contract Law would be much stronger in labor intensive industries.

Contents
1.Introduction	1
1.1 Research Incentive and Purpose	1
1.2 Research Structure	6
2. Literatures Review	8
2.1 Development of Investment in China from Taiwan’s Companies	9
2.2 Development of Labor Contract Law in China	11
2.3 Impact of Labor Contract Law on Firms’ Labor Cost	13
2.4 Impact of Labor Contract Law on Firm’s Investment in China	15
2.5 Impact of Labor Contract Law on Firms’ Performance	16
3. Methodology and Econometric Model	18
3.1 Data	18
3.2 General methods and moments model (GMM model)	20
4. Empirical Results	37
4.1 The impact of Labor Contract Law on Labor Cost Per Capita	37
4.11 General analysis of statistics descriptive	37
4.12 Results of GMM model	39
4.2 The impact of Labor Contract Law on Investment in China	42
4.21 General analysis of statistics descriptive	42
4.22 Results of GMM model	43
4.3 The impact of Labor Contract Law on ROA before Tax and Interest	46
4.31 General analysis of statistics descriptive	46
4.32 Results of GMM model	48
5.	Conclusion	55
6.	Reference	58

Appendix	62
Appendix I	62
Appendix II	70

List of Figures
Figure 2.1 FDI in China from 1983 to 2010	10
Figure 2.2 Investment of Taiwan’s companies in China from 1992 to 2012	11
Figure 2.3 Average labor cost per capita in all industries	15
Figure 3.1 Annual exchange rate between RMB/NTD from 1998-2012	27
Figure 4.1 The average of investment in China from 2005 to 2011	46
Figure 4.2 The average of ROA before tax and interest from 2005 to 2011	51

List of Tables
Table 1.1  Taiwan’s Investment Distribution (thousand USD)	3
Table 3.1  Sample Distribution of Companies by Industries (2005 – 2011 year)	19
Table 4.11 The descriptive statistics before the impact of law -2005 to 2007	38
Table 4.12 The impact of Labor contract Law on labor cost per capita	41
Table 4.21 The descriptive statistics before the impact of law-2005 to 2007	43
Table 4.22 The effect of Labor contract Law on investment in China	45
Table 4.31 The descriptive statistics before the impact of law-2005 to 2007	47
Table 4.32 The effect of Labor contract Law on ROA before tax and interest	50
Table 4.33 The comparison of labor cost and ROA before tax and interest from
 2005 to 2011	53
                                    

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校內：2015-06-24公開
校外：2015-06-24公開

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