资本结构、员工收入与企业绩效--基于企业专用性人力资本投资的分析

Capital Structure,Employee Income and Firm Performance:Analysis Based on the Firm-specific Human Capital Investment

长期以来,人力资本和资本结构问题一直是经济学者研究的一个焦点问题。然而,学者们对人力资本和资本结构之间的关系却研究较少。负债比率越高,企业的破产风险越大,在员工具有风险规避倾向的情况下,员工对企业专用性人力资本投资就会不足。企业专用性人力资本投资不足,一方面会降低员工收入,另一方面还会降低企业绩效。基于信息技术业2014-2015年数据的实证研究发现,负债比率对高管收入和员工收入都具有显著的负面影响,同时也对企业绩效具有显著的负向作用。

For a long time, the problem of human capital and capital structure has been the focus of economic scholars. However, the relationship between human capital and capital structure is less studied by scholars. The higher the debt ratio, the greater the risk of bankruptcy of the enterprise, in the case of employee with risk aversion, the firm - specific human capital investment will be insufficient. The reduction of firm - specific human capital investment, on the one hand will reduce the employee＇ s income ; on the other hand, it will also reduce the firm performance. Based on the data of 2014 -2015 years of information technology industry,the empirical study found that debt ratio has a significant negative impact on executive pay and employee income, and also has a significant nega- tive impact on firm performance.