本文旨在從台灣蘋果代工企業之微觀構面，探討勞資所得分配不均現象。以2013－2019年間台灣蘋果供應鏈每年約40家廠商之追蹤資料，在考量Tobin's Q中介效果下，利用遞迴聯立迴歸模型，剖析價值創造與勞資權益之攸關性。主要發現包括：（1）台灣蘋果供應鏈，在面對Apple獨買眾賣採購零組件下，附加價值占營收淨額百分比（附加價值貢獻率）僅約24.362%，中間財佔營收淨額高達約76%；顯示大多廠商屬低附加價值代工製造（OEM），在偏低價值創造只能著重資方利益而不利於勞方所得分配。（2）附加價值貢獻率，可顯著提高企業長期成長動能（Tobin's Q），而透過Tobin's Q之中介效果，可顯著提昇資方權益，但不利於勞動所得份額。（3）價值創造之總效果，可同時顯著提昇資方權益及勞動僱用量，但顯著惡化勞動所得分配；其中對資方份額顯著提昇0.126%，但勞動份額則下降0.064%，突顯勞資所得不均度逐年惡化之困境。（4）台灣蘋果供應鏈須改善代工生產及不對稱議價能力，朝向ODM製造才能提高價值創造；且應在兼顧股東與勞工權益下，重新調整附加價值之分配比重，方能改善功能性並連動家戶所得分配，進而調和利害關係人權益。

The purpose of this research is to explore income distribution between labor and capital of Apple supply chain in Taiwan. Tobin's Q is utilized in an iterated seemingly unrelated regression model to examine the mediating effect between value creation and income distribution. Empirical data includes 40 companies from Apple's top 200 key component suppliers listed in Taiwan between year 2013 and 2019. Our findings suggest the followings. (1) The value-added ratio of Taiwan's supply chain accounted for only 24.362% in the net sales of Apple's products indicating that most suppliers in Taiwan are original equipment manufacturers (OEM) who added little value to the value chain, and therefore, is unfavorable for income allocation. (2) Value-added ratio proves to increase Tobin's Q for the long run. The mediating effect of Tobin's Q, however, shows a positive relationship with capital income but a negative relationship with labor income distribution. In fact, every 1% increase in value-added ratio contributes a 0.126% increase in the capital income but a 0.064% decrease in the labor income confirming the worsened income inequality situation in the supply chain. (3) Our results also show that value creation contributes to capital income distribution and employment at the same time. In conclusion, while suppliers in Taiwan are in search for a lucrative transformation to ODM to create more value in the supply chain, the unequal bargaining power between capital and labor remains an unsolved issue. Therefore, every company is advised to pay additional attention to value allocation between labor and capital in a way that can truly improve household income and reconcile conflicts among stakeholders.