摘要
基于2007-2018年中国A股上市公司的研究样本,文章系统考察了人力资本结构高级化对企业投资效率的影响。研究发现,人力资本结构高级化与企业投资效率显著正相关,且当员工监督能力强、企业-员工关系好、受劳动力市场制约程度小时,人力资本结构高级化对企业投资效率的提升作用更明显。进一步研究发现,人力资本结构高级化主要通过降低代理成本和提高员工执行效率两条路径对企业投资效率产生影响。研究结论有利于揭示企业人力资本与财务行为之间关系的内在逻辑,为企业合理优化资源配置、提高人才利用率提供了经验证据。
Based on the research samples of Chinese A-share listed companies from2007 to 2018,we systematically investigate the impact of human capital structure upgrading on corporate investment efficiency,and find that there is a positive relationship between human capital structure upgrading and corporate investment efficiency and the positive relationship is more significant in firms with stronger employee supervision power,better employee-organization relationship,or less constraints by labor market.Further study finds that the positive relationship works through reducing agency cost and improving employee execution efficiency.Our findings not only reveal the internal logic of the relationship between human capital and financial behavior,but also provide empirical evidence for firms to rationally optimize resource allocation and improve talent utilization rate.
作者
侯粲然
刘欢
王化成
Canran Hou;Huan Liu;Huacheng Wang(School of Economics and Management,Beijing University of Posts and Telecommunications,Beijing 100876,China;Business School,Beijing Technology and Business University,Beijing 100048,China;School of Business,Renmin University of China,Beijing 100872,China)
出处
《会计与经济研究》
CSSCI
北大核心
2022年第1期46-67,共22页
Accounting and Economics Research
基金
国家社会科学基金重大项目(18ZDA073)
国家自然科学基金项目(71802009)
北京市社会科学基金项目(19YJC039)
教育部人文社会科学基金项目(19YJA630025)
中国博士后科学基金面上项目(2020M680461)
关键词
人力资本结构高级化
企业投资效率
代理成本
员工执行效率
human capital structure upgrading
corporate investment efficiency
agency cost
employee execution efficiency