基于实物期权的人力资本投资模型研究

Study on the human capital investment model based on real options

人力资本投资具有投资不可撤销的特征,并且投资主体能够决定投资的时机,因此,标准人力资本投资模型中需要引入实物期权理论。标准人力资本投资模型中假设投资主体参加工作是不可撤销的,同时认为相关非货币收益是免税的。但是本研究认为研究对象应当是投资主体进行的教育投资,而不是参加工作;同时,投资的沉没成本,包括增加的教育费用和放弃的劳动收入均受税率变化影响。研究表明:实物期权价值的存在使得个人在进行高等教育投资时变得更加犹豫,结果会导致需要的投资回报会增加。同时,实物期权价值的存在会降低投资回报对人力资本投资的影响,另外,税率会影响投资成本,从而会影响投资决策。

The investment in human capital is irrevocable, and the principal investor is able to decide the timing of investment, therefore, it is necessary to introduce a model of real option theory into the human capital investment. The existing research is participating of the assumption that work is irrevocable, while its conclusions are based on the fact that non - monetary income is tax- free. However, it is considered that the research object should be the investment in education by the investor rather than participation in the work; the sinking costs of education investment include increasing education fee and abandoned labor income that are both subject to the tax rate change. The results show that the existence of the real option value makes individuals invest in higher education even more hesitant, as a result that they need to increase the required return on investment. In addition, the existence of the real option value would reduce the influence of investment return on human capital. Furthermore, the tax rate will affect the investment costs, thereby will affect investment decisions.