在本研究中，我調查股票流動性是否影響台灣的勞動力投資效率，使用2018年至2021年807家台灣上市櫃公司的樣本來進行這項研究，我發現較高的股票流動性可以提高勞動力投資效率，在添加會計品質與變化回歸以解決潛在的遺漏變數偏差後，結果仍然一致，在穩健性測試中改變股票流動性的衡量方式後，結果仍然相同，此外，也探討股票流動性對勞動力過度投資和投資不足的影響，結果顯示股票流動性對於過度招聘的公司最為顯著，總體而言，上市櫃公司可能會有員工股票分紅，股票流動性較高，更能吸引員工，留下員工，較不易出現勞動力投資不效率的問題，公司可以受益於更高的股票流動性所帶來的更高勞動力投資效率。

In this study, I investigate whether stock liquidity affects labor investment efficiency in Taiwan. I use a sample of 807 Taiwanese listed companies from 2018 to 2021 to conduct this research. I find that higher stock liquidity can enhance labor investment efficiency. After adding control variables such as reporting quality and change regression model to address potential omitted variables bias, the result is the same. In the robustness tests, I change the measures of stock liquidity, the result is still the same. I also examine the impact of stock liquidity on both overinvestment and underinvestment in labor. This effect is particularly notable in firms who are overhiring. Overall, listed companies may have employee stock dividends. Besides, their stock has higher liquidity which can attract employees and retain employees, making it less likely to have inefficient labor investment. Firms may benefit from improved labor investment efficiency through higher stock liquidity.

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