杠杆偏离与实体经济人力资本结构优化——来自中国企业财务风险创新指标“资本负债率”的经验证据

Leverage Deviation and the Optimization of Human Capital Structure in Real Economy——Empirical Evidence from Chinese Enterprises’Financial Risk Innovation Index“Debt-Capital Ratio”

高层次人才是微观企业和国民经济实现高质量发展的重要支撑,如何有效促进我国实体企业的人力资本结构优化成为新时代全面构建新发展格局的关键。本文从中国企业财务风险创新指标“资本负债率”出发,以传统口径下整体杠杆水平“资产负债率”与其之间的差额测量杠杆偏离程度,研究后者对企业人力资本结构的影响。本文发现:杠杆偏离不仅能产生“实体效应”,提升企业为高层次人才提供良好工作保障的动机和能力,而且可以发挥“感知效应”,促使高层次人才更好地感知和响应企业发出的积极信号,由此从企业端和人才端对人力资本结构产生优化作用,具体表现为高层次人才占比的上升。进一步研究表明,前述影响能够促进国有企业更好发展、中小企业成长壮大、竞争性行业与传统行业转型升级,以及弥补人才居住环境较差的不足,但这需要较高的人才供需匹配效率来支撑。研究还发现,杠杆偏离的人力资本结构优化效应能够提升企业的经营绩效和市场价值。本文表明,杠杆偏离对不同类型企业的人力资本结构优化和高质量发展具有积极影响,这不仅为党和国家更好地擘画金融服务实体经济发展的政策体系提供重要参考,而且对全面认识和深入理解微观企业杠杆偏离的社会经济后果做出理论贡献。

High-level talent is important for supporting enterprises and the country to achieve high-quality development.Thus,effective optimization of the human capital structure of enterprises has become the key to building the new development pattern in all respects in the new era.How the capital structure of enterprises-the main micro-place of capital operation and factor integration-can affect the human capital structure has rarely been studied.Starting from the financial risk innovation index“debt-capital ratio”of Chinese enterprises,this paper measures the degree of leverage deviation with the difference between the“asset-liability ratio”and the“debt-capital ratio”of enterprises,and studies the influence of the leverage deviation on their human capital structure,so as to provide a new perspective for exploring the synergistic effect of capital factors and labor factors allocation at the micro level.This paper finds that the leverage deviation can produce not only“real effects,”improving the motivation and ability of enterprises to provide good job security to high-level talent,but also“perception effects,”prompting the latter to better perceive and respond to the positive signals sent by enterprises,thus optimizing the human capital structure on both the enterprise side and the talent side,as manifested in the increased proportion of high-level talent.Further research shows that the above-mentioned influence can promote the better development of state-owned enterprises,the growth and expansion of small and mediumsized enterprises,the transformation and upgrading of enterprises in competitive and traditional industries,and make up for the shortage of poor living environment for talent,but it requires more efficient matching of talent supply and demand.Finally,the optimization effect of leverage deviation on the human capital structure can improve the operating efficiency and market value of enterprises.This paper makes the following three main contributions.Firstly,it is an important theoretical expansion of the financial risk innovation index“debt-to-capital ratio”of Chinese enterprises,and can help us comprehensively understand the“sunny side”and“dark side”of leverage deviation.Most of the relevant literature regards leverage deviation as“derogatory”leverage misestimation,revealing the negative impact of misusing leverage indicators in the capital market.This paper focuses on the incremental information released by leverage deviation and the economic consequences,and is the first to study the positive economic outcomes of leverage deviation,providing theoretical guidance and practical reference to comprehensively and dialectically understand and apply the financial risk innovation indicator system,especially the characteristic“debt-to-capital ratio.”Secondly,it expands the academic research on the factors influencing talent employment in individual enterprises.Most of the studies discuss the influencing factors of the human capital structure from the aspects of external institutional factors,corporate governance and management characteristics,but ignore the prominent role of corporate financial conditions such as the capital structure and the leverage level.Starting from the leverage deviation,this paper discusses its impact on the human capital structure,and makes a useful supplement to the existing literature on the influencing factors of human capital.Thirdly,it reveals that the leverage deviation can optimize enterprises’human capital structure,which reflects the spillover effect of capital allocation on the labor factor at the micro level,and the marketoriented allocation synergy effect among factors.It is thus of reference value for policymakers to better draw up the policy system of financial services for the development of the real economy.