中国人力资本的全球流动与企业“走出去”微观绩效

Global Mobility of China’s Human Capital and “Going Global” Performance

本文以企业跨国并购为背景,基于人力资本流动理论,细分人力资本类型和流动路径,对中国人力资本的全球流动与企业微观绩效间的非线性关系进行理论分析与实证检验,并探讨传统的文化差异和新兴的互联网情境的调节作用。利用企业跨国并购记录和人力资本移民数据,本文采用广义倾向得分匹配方法对相关假说进行检验。研究结果表明,中国人力资本的全球流动显著提升跨国并购企业生产率,并且这种促进作用呈现先上升后下降的倒U型趋势。其中,管理类人力资本移民对企业生产率的促进作用强于技术类人力资本移民,流向发展中国家的人力资本对当地中国企业生产率的促进作用更大;文化距离具有显著的正向调节作用,即母国与东道国间文化差异越大,越能激发人力资本流动的积极作用;信息通信技术的发展与应用能够强化人力资本间的联系,加快其流动并促使其发挥积极的生产率效应。本文聚焦中国"走出去"的人力资本与物质资本间的良性互动,为客观评价企业"走出去"微观绩效提供经验证据,为进一步在开放中实现经济高质量发展提供有益的政策启示。

Based on the theory of cross-border M&A and human capital mobility,this paper conducts theoretical analysis and empirical test on the nonlinear relationship between the global mobility of China’s human capital and firm performance and discusses the moderating roles of cultural difference and internet development.Using cross-border M&A records and immigration data of human capital,this paper tests hypotheses with the generalized propensity score matching method.Depicted by the dose response function,the effect is proved to be inverted U-shaped.In detail,the promotion effect of technological human capital is weaker than that of business human capital.Migrants to developed countries have a greater contribution to productivity.Moreover,the greater the cultural difference,the more prominent the role of human capital plays.ICT positively moderates the relationship between mobility of human capital and firm productivity.This paper focuses on the positive interaction between human capital and physical capital,provides a micro-level empirical evidence for assessing firm performance,and proposes useful suggestions for achieving high-quality economic growth through further opening up.