人力资本部分替代了货币资本吗——基于资本结构视角的实证研究

Has Human Capital partly replaced Monetary Capital?an Empirical Test Based on the Perspective of Capital Structure

现代公司金融理论指出,在一个和谐可持续发展的公司治理环境中,人力资本应当与货币资本共同拥有剩余索取权(Myers,2001)。为检验中国公司的治理结构是否存在人力资本替代货币资本的趋势,文章利用中国信息技术行业上市公司的数据,基于资本结构理论提出了新的研究假设并进行了实证检验。检验结果表明,中国上市公司不存在人力资本部分替代货币资本的趋势;在我国,建设和谐的、可持续发展的公司治理结构仍然任重而道远。

Modern corporate finance theory points out that human capital should share residual claim with money capital in a harmonious and sustainable development environment of corporate governance. In order to test if human capital has partly replaced money capital in the governance structure of Chinese companies, this paper puts forward a new assumption based on the theory of capital structure, and tests it. The result shows that there is no trend of replacement on money capital by human capital. So in China, to set up a corporate governance structure for harmonious and sustainable development is an odyssey far from finished.