依照恆常所得假說，暫時性衝擊對人力資本影響有限，較不會影響投資人的資產配置。國外過去研究雖然證實人力資本能有效改善CAPM模型解釋力，然而在薪資資料的選用方面，並未將所得的恆常性與暫時性衝擊加以區分。本研究使用台灣1982年7月至2015年6月之資料，並利用台灣僅有之較能描繪恆常性所得衝擊的經常薪資資料進行實證，發現比起一般所得資料，使用經常性薪資估計的五種不同人力資本模型在解釋市值-淨值市價比、市值-Pre Beta、市值-成交量與市值-特有風險四種特徵投資組合的橫斷面報酬方面，明顯優於一般所得人力資本模型。除此之外，更驗證了人力資本模型在台灣股市之有效性，並以產業人力資本模型表現最佳。

According to permanent income theory, because of a limited effect by transitory earning shock to human capital, it can’t effect relatively to investor’s portfolio choice decision. Various foreign empirical studies document the relationship between human capital or labor income and equity returns, but their way of wage data choice haven’t distinguished transitory earning shock from wage data series. The sample runs from July 1982 to June 2015 and uses Taiwanese unique regular earning data which can catch the change of permanent earning shock. We find the model explanatory power of regular earning data be used in five different human capital models which use cross-section expected stock returns being estimated from 25 sizes and book-to-market sorted, pre-beta sorted, volume sorted and idiosyncratic risk sorted are better than general wage data. In addition to, we get a result of the effectiveness of the human capital model in Taiwanese stock market, and the industry-specific human capital model is the best.

論文審定書 i
摘　要 ii
Abstract iii
圖次 v
表次 vi
第一章 緒論 1
第二章 文獻回顧 3
第三章 理論模型 7
第四章 研究方法 10
第一節 投資組合建構 11
第二節 實證模型 12
第五章 樣本與變數說明 17
第一節 人力資本估計 20
第二節 資料序列季節性調整 22
第六章 敘述性統計 25
第七章 實證結果 29
第一節 經常性人力資本模型二階段迴歸結果 29
第二節 經常性與一般人力資本模型比較 38
第八章 結論 45
第九章 參考文獻 47
第十章 附錄 54

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