國際化與人才培育是當前台灣企業必須面對的重要課題，然而文獻上對國際化程度與企業經營績效之關聯性卻缺乏一致性結論，而且鮮少同時考量國際化與人才投資對經營績效之影響。本研究以台灣的上市櫃公司為例，分別以外銷比例及海外子公司數衡量國際化程度，並以客觀的教育訓練費用衡量人才投資水準，在控制相關變數下，運用迴歸分析分別探討台灣上市櫃資訊電子業全樣本、極端值樣本及非極端值樣本德國際化或人才投資與經營績效之關聯性，並探討人才投資對國際化程度與企業經營績效之關聯性的強化效果。本研究發現，全樣本與極端值樣本的國際化程度與經營績效具有顯著正向關係，人才投資水準與經營績效不具顯著關係，而人才投資水準不具備對國際化程度與經營績效之關係的強化式調節效果。非極端值樣本中，國際化程度與經營績效不具顯著正向關係，人才投資與經營績效具有顯著關係；人才投資水準亦不具備對國際化程度與經營績效之關係的強化式調節效果。本研究發現的主要經濟意涵在於企業除了必須積極人才投資，也要透過國際化增加人才的舞台。 Internationalization and human resource investment are the important issues for Taiwan enterprises. However, the association between the degree of internationalization and business performance was lack of consistency in the literatures, and there are not considering the impacts of internationalization and investment in human resources on the operating performance simultaneously. In this study, we use all of listed companies of Taiwan, and to measure internationalization by export sales as a percentage of total sales and number of overseas subsidiaries respectively. We also use the objective education and training expense data to measure human resources investment. After controlling the relevant variables, distinguishing outliers and non-outliers, we use the regression model to analyze the associations between operating performance and internationalization or human resources investment respectively. Moreover, we also explore the enhancing effect of human resources investment on the association between internationalization and operating performance. This study finds that, first, there is significant positive association between internationalization and operating performance with no significant positive association between human resource investment and operating performance in all sample and outliers. In addition, human resource investment will not enhance the positive relationship between internationalization and operating performance. Second, there is no significant positive association between internationalization and operating performance with significant positive association between human resource investment and operating performance in non-outliers. In addition, human resource investment will not enhance the positive relationship between internationalization and operating performance. The main economic implications from the findings is that companies must actively add investment in human resources, but also to increase the platform for the talent by increase internationalization.
