房价上涨会影响企业人力资本投资决策吗

Will the Rise of Housing Price Affect Firms' Human Capital Investment Decisions?

目前涉及人力资本与房价的研究大部分集中在宏观领域,主要集中于城市人力资本的聚集及提升推动城市房价以及房价对人力资本的反作用,较少有研究关注微观层面,讨论房价上涨对企业人力资本投资决策的影响。对相关文献进行研究后,梳理并提出多种房价影响人力资本投资的路径,以多种模型处理2010—2014年中国上市制造业企业的数据,从相对强度、绝对强度和人均投资强度三个维度对房价如何影响企业人力资本投资决策进行实证分析。结果发现,企业人力资本投资与房价之间存在着复杂的关系,房价负向影响人力资本投资,房价增速则对其有正向影响,综合结果为负。同时,研发投资在两者的关系中起部分中介效应。

Currently, the researches related to h uman capital and housing price are centered around the macro field, mainly focusing on how the accumulation and promotion of urban human capital driving up urban housing prices and what reaction to the human capital brought by the housing prices. However, little research efforts have been made on the micro level, such as the impact of the rising housing price on the enterprise investment decisions on human capital. Based on the researches of the related literatures, this article sorts out several paths of the impact of housing prices on human capital investment, deals with the data of Chinese listed manufacturing enterprises from 2010 to 2014 with various models, and conducts an empirical analysis of the impact of housing price on the enterprise investment decisions on human capital from the three dimensions, i.e., the relative intensity, the absolute intensity and per capita investment intensity. The results show that there is a complicated relationship between enterprise human capital investment and housing price： the housing price is negatively affecting the human capital investment, the increase of housing price has a positive effect on it, but the comprehensive result is still negative. At the same time, the RD investment can have a partial mediating effect in the relationship between the housing prices and the firms＇ human capital investment.