本研究探討企業裁員動機與重組成本（Restructuring Costs Pretax, RCP）對資本市場評價與營運績效之影響，並在生成式人工智慧（AI）驅動產業轉型背景下，引入「科技轉型裁員」作為新型裁員動機。研究以2010年至2024年美國上市公司為樣本，運用自然語言處理（NLP）辨識裁員動機，建立726筆裁員事件，並結合事件研究法與橫斷面迴歸，採用市場模型與Fama-French五因子模型衡量累積異常報酬（CAR）與買入持有異常報酬（BHAR），同時以資產報酬率（ROA）之變動評估營運績效。
實證結果顯示，多數企業於裁員宣告前已出現顯著負向報酬，惟科技轉型裁員未呈現此現象。短期市場反應普遍不顯著，但中長期整體呈現負向財富效果。進一步發現，RCP 對不同裁員動機具有差異化影響：於防禦性裁員中，高額重組支出被視為負面訊號，導致長期報酬顯著下修；於策略性裁員中，RCP 則具正向調節效果。另就科技轉型裁員而言，其 RCP 投入與後續 ROA 改善呈顯著正相關，顯示重組支出可轉化為基本面提升。
本研究指出，裁員訊號之市場解讀取決於其動機與資源配置邏輯，並強調在技術轉型情境下，適當之重組投入有助於提升長期企業價值。

This study examines the impact of layoff motivations and restructuring costs (Restructuring Costs Pretax, RCP) on capital market valuation and operating performance. In the context of rapid advances in generative artificial intelligence (AI), we introduce technology-driven layoffs as a distinct category alongside traditional defensive and strategic layoffs.
Using U.S. listed firms from 2010 to 2024, we apply natural language processing (NLP) to identify layoff motivations from news data, yielding 726 events. We employ event study and cross-sectional regressions, using the market model and Fama–French five-factor model to estimate cumulative abnormal returns (CAR) and buy-and-hold abnormal returns (BHAR), and assess operating performance via return on assets (ROA).
Results show that most firms experience negative pre-announcement returns, except for technology-driven layoffs. While short-term reactions are insignificant, long-term returns are generally negative. RCP exhibits heterogeneous effects: it amplifies negative outcomes in defensive layoffs but enhances long-term performance in strategic layoffs. For technology-driven layoffs, RCP is positively associated with post-announcement ROA improvements.
Overall, market reactions depend on layoff motivations and resource allocation, with restructuring investments playing a key role in technological transformation.

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