Mandated Benefits, Labor Costs, and Company Fixed Capital Investments

法定員工福利支出、勞動成本與企業固定資本投資

10.3966/054696002015060097002

辛炳隆(Ping-Lung Hsin)；侯杜比(Tobias Haepp)；蔡孟伃(Meng-Yu Tsai)

法定員工福利支出 ； 勞動成本 ； 固定資本投資 ； Mandated Benefits ； Labor Costs ； Fixed Capital Investment

應用經濟論叢

97期（2015 / 06 / 01）

55 - 83

英文

近幾年來，台灣法定員工福利支出明顯增加，而這是否會透過勞動成本上升造成企業投資意願下降，已成為重要政策議題。爰此，本文特以2002至2012年國內上市櫃公司財報資料，探討國內法定員工福利支出對企業投資意願之影響。為避免個別企業不可觀測差異（unmeasurable heterogeneity）對估計結果造成偏誤，本文採長期追蹤型資料（panel data）固定效果模型進行估計。此外，本文也利用工具變數法處理法定員工福利支出與薪資之內生關連性問題。本文實證結果發現提高法定員工福利支出會使企業實際投資減少。為確保本文實證結果之穩定性，本文參考Barslund et al.（2007）所提方法進行穩定性檢測，發現不論其他解釋變數之間如何組合，法定員工福利支出對企業投資的估計係數皆為顯著負值。

In recent years, mandated benefits in Taiwan have increased significantly due to several policy reforms pertaining to social insurance and labor welfare. This has caused an increase in total labor costs, which may in turn cause a decrease in capital investments-a topic that has become an important policy issue. This research therefore uses data from Taiwanese stock market companies over the period from 2002 to 2012 in order to analyze the effect of mandated benefits on capital investments. To control for a bias possibly caused by unmeasurable heterogeneity, we employ a panel data fixed effect model. Moreover, we control for the endogeneity between mandated benefits and wages as well as for the traditional determinants of capital investments based on accelerator model, cash flow model, neoclassical model and Tobin's Q. According to our empirical research results, an increase in the mandated benefit ratio causes a reduction in company capital investments. We check the robustness of this result by employing the methodology proposed in Barslund et al. (2007) and find that the effect of mandated benefits on capital investments is negative and significant for all possible combinations of independent variables in all of our models.

1. Yang, Y. L.,Sheng, T. C.,Huang, M. H.(2010).Estimating the Cost Malmquist Productivity Index in the Taiwan Biotech and Biopharmaceutical Industry.Taiwan Journal of Applied Economics,Special Issue on Productivity and Efficiency,59-85.
   連結：
2. Eberhardt, M. and C. Helmers, 2010, “Untested Assumptions and Data Slicing: A Critical Review of Firm-level Production Function Estimators,” Economic Series Working Papers, No. 513, University of Oxford
3. Kalecki, M., 1949, “A New Approach to the Problem of Business Cycles,” The Review of Economic Studies, 16: 57-64
4. Tinbergen, J., 1938, “Statistical Evidence on the Acceleration Principle,” Economica, 5: 164-176
5. Clark, J. M., 1917, “Business Acceleration and the Law of Demand: A Technical Factor in Economic Cycles,” Journal of Political Economy, 25: 217-235
6. Ashenfelter, O. C.(ed.),Layard, R.(ed.)(1986).Handbook of Labor Economics.UK:Elsevier.
7. Baicker, K.,Chandra, A.(2005).The Consequences of the Growth of Health Insurance Premiums.American Economic Review,95,214-218.
8. Barslund, M.,Rand, J.,Tarp, F.,Chiconela, J.(2007).Understanding Victimization: The Case of Mozambique.World Development,35,1237-1258.
9. Becker, B.,Jagadeesh, S.(2010).The Effect of Financial Development on the Investment-cash Flow Relationship: Cross-country Evidence from Europe.The B.E. Journal of Economic Analysis & Policy,10,1-49.
10. Blanchard, O.,Rhee, C.,Summers, L.(1993).The Stock Market, Profit, and Investment.The Quarterly Journal of Economics,108,115-136.
11. Bond, S.,Elston, J. A.,Mairesse, J.,Mulkay, B.(2003).Financial Factors and Investment in Belgium, France, Germany, and the United Kingdom: A Comparison Using Company Panel Data.The Review of Economics and Statistics,85,153-165.
12. Carpenter, R. E.,Guariglia, A.(2008).Cash Flow, Investment, and Investment Opportunities: New Tests Using UK Panel Data.Journal of Banking and Finance,32,1894-1906.
13. Chenery, H. B.(1952).Overcapacity and the Acceleration Principle.Econometrica,20,1-28.
14. Chung, K. H.,Pruitt, S. W.(1994).A Simple Approximation of Tobin's Q.Financial Management,23,70-74.
15. Griliches, Z.(1969).Capital-skill Complementarity.The Review of Economics and Statistics,51,465-468.
16. Hall, R. E.,Jorgenson, D. W.(1967).Tax Policy and Investment Behavior.The American Economic Review,57,391-414.
17. International Study Group on Exports and Productivity(2008).Understanding Cross-country Differences in Exporter Premia: Comparable Evidence for 14 Countries.Review of World Economics,144,596-635.
18. Jorgenson, D. W.(1963).Capital Theory and Investment Behavior.The American Economic Review,53,247-259.
19. Kan, K.,Lin, Y. L.(2009).The Labor Market Effects of National Health Insurance: Evidence from Taiwan.Journal of Population Economics,22,311-350.
20. López-Bazo, E.,Moreno, R.(2008).Does Human Capital Stimulate Investment in Physical Capital? Evidence from a Cost System Framework.Economic Modelling,25,1295-1305.
21. Pischke, J. S.(2005).Labor Market Institutions, Wages, and Investment: Review and Implications.CESifo Economic Studies,51,47-75.
22. Rama, M.(2001).The Consequences of Doubling the Minimum Wage: The Case of Indonesia.Industrial and Labor Relations Review,54,864-881.
23. Riley, R.,Bondibene, C. R.(2013).Research Report for the Low Pay Commission, United KingdomResearch Report for the Low Pay Commission, United Kingdom,United Kingdom:Low Pay Commission.
24. Rosen, S.(1974).Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition.Journal of Political Economy,82,34-55.
25. Samuel, C.(1998).The Investment Decision: A Re-examination of Competing Theories Using Panel Data.Applied Economics,30,95-104.
26. Shapiro, C.,Stiglitz, J. E.(1984).Equilibrium Unemployment as a Worker Discipline Device.The American Economic Review,74,433-444.
27. Tobin, J.(1969).A General Equilibrium Approach to Monetary Theory.Journal of Money, Credit and Banking,1,15-29.
28. Tobin, J.(1982).Money and Finance in the Macroeconomic Process.Journal of Money, Credit and Banking,14,171-204.
29. Tsou, M. W.,Liu, J. T.,Hammitt, J. K.,Chang, C. F.(2013).The Impact of Foreign Direct Investment in China on Employment Adjustments in Taiwan: Evidence from Matched Employer-employee Data.Japan and the World Economy,25,68-79.