在台灣產業轉型之後，人力資源的管理對於企業的成功，已經佔有了舉足輕重的地位，尤其在某些以人力資本為經營重心的企業(人本企業)中，其重要性甚至遠遠超過了資金成本。雖然人力資本的重要性是不斷地被學者所強調，但至今卻無法有能明確衡量人力資本價值之指標。
本文將運用Felix Barber與Rainer Strack (2005)所提出的人本經濟附加價值(People Based Economic Value Added)，來計算台灣之人本企業所擁有的人力資本價值，並利用二階段最小平方法(Two Stage Least Square Regression)，探討在這些人本企業中，股權結構與人本經濟附加價值之間的關係。根據本文對於股權結構與人本經濟附加價值的分析，我們發現在人本企業中，管理階層持股比例與人本經濟附加價值之間，將會呈現非線性之先負後正的U型關係，而外部法人的持股比例對於人本經濟附加價值，呈現非線性之先正後負的倒U型關係。另外，我們亦探討人本企業中，不同的價值衡量指標(資本經濟附加價值與資產報酬率)與股權結構的關係，卻發現其結果與人本經濟附加價值和股權結構的關係卻是截然不同的。
這樣的結果代表著運用不同的價值衡量指標來探討企業的股權結構，會有顯著不同的結果，若是企業在決策時運用不適當的價值指標，不但會產生了錯誤的決策，使企業誤入歧途，更會傷害了企業的真正價值。

After the industrial transformation in Taiwan, “Human Resources Management” had played a crucial role for business successes. In some human capital intensive enterprises (we called them “People Based Business”.), its personnel cost is even much greater than its capital cost. But till now, there isn’t any appropriate measurement which can really catch the value of human capital.
In this paper, we used “People Based Economic Value Added” (People Based EVA), proposed by Felix Barber and Rainer Strack, to evaluate the value of human capital in those people based businesses in Taiwan. And we also examined the relationship between People Based EVA and ownership structure in those businesses.
In our empirical analysis result, we found the relationship between managerial ownership and People Based EVA will be a U-shape function, however, the relationship between outside institutional ownership and People Based EVA will be an inversed U-shape function. Besides, we also examined the relationship between ownership structure and other performance measurement, such as Capital Based Economic Value Added and ROA, and found the outcome is much different from People Based EVA.
This consequence suggested management or investors should use the correct performance measurement to evaluate companies’ value for strategy planning, if choosing wrong measurement for valuation or strategy making, it’ll not only mislead companies’ strategy, but also harm the true value for those companies.

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