相对人力资本投资与其产品市场和资本市场表现——基于产权和行业的分析

Relative Human Capital Investment and Its Performance of Product and Capital Market——Based on the Analysis on Property Right and Industry

知识经济深度发展背景下,人力资本已逐步取代物质资本成为制约现代企业发展的关键性因素,研究微观企业人力资本投资的经济后果具有重大意义。选取2007-2010年沪深上市公司作为研究样本,以相对于竞争对手的人力资本投资作为解释变量,通过构建面板数据的固定效应回归模型实证检验人力资本投资与公司市场份额和市场价值之间的关系,以及这种关系是否会因公司产权性质和所处行业特征而有差异。实证检验发现,相对于竞争对手更高的人力资本投资可以带来更大的市场份额和更高的市场价值,不同产权性质和不同行业特征企业的人力资本投资价值具有较大差异。

With the deeply development of the knowledge economy,human capital gradually has replaced physical capital as a key factor in terms of the development of modern enterprises,and research on the economic consequence of the enterprise human capital investment is meaningful.This paper selects panel data of year 2007-2010 of listed companies in Shanghai and Shenzhen Stock Exchange,and uses the relative-to-rivals human capital investment as independent variable,fixed effects regression model is applied to analyze the impact of human capital investment on market share and market value,and if the impact differentiating among enterprises with different property rights or in different industries.The empirical results show that the more relative-to-rivals human capital investment causes larger the market share and higher the market value.And the value of human capital differentiates among enterprises with different property right or different industry.