技术资本与企业价值——基于人力资本与行业特征的双重调节

Technology Capital and Enterprise Value: Dual Regulation Based on Human Capital and Industry Characteristics

以2008—2013年上市公司为样本,构建动态面板模型,利用GMM系统广义距估计,从人力资本、行业特征双重调节的视角,实证分析了技术资本对企业价值的影响机理。结果显示,技术资本和人力资本是价值的主要推动力,且人力资本的调节效应较显著。行业技术质量能够促进企业价值的提高,且对技术资本有显著的调节能力,但行业技术投入力度的调节能力不显著。最后,针对以上分析结论,提出相关建议。

Based on 2008-2013 listing corporation as samples, this paper designs a dynamic panel model, using system GMM generalized method of moments, empirically analyzes influencing mechanism of technology capital on firm value from dual regulation perspective of human capital and industry characteristics. The results show that technology capital and human capital are the main driving force to firm value and its regulating ability is signifi- cant. Industry technology quality has significant regulating ability, but industry technology investment regulating ability is not significant. Finally, according to above conclusions, the author puts forward some relevant suggestions