“薪中有数”:企业数字化转型对人力资本产权激励的赋能效应

“Digital-driven Incentives”:The Empowering Effect of Enterprise Digital Transformation on Human Capital Property Rights Incentives

数字时代核心人力资本在价值创造中的角色愈加关键,如何激励其进行持续高质量的智力投入是一个崭新而重要的研究问题。文章以2014—2021年中国A股上市公司为样本,实证检验了企业数字化转型对人力资本产权激励的影响。研究发现:企业数字化转型能够显著促进上市公司人力资本产权激励制度建设,核心员工更可能被纳入激励范围。机制检验显示,企业数字化转型能够完善公司治理结构、抑制管理者短视倾向以及提升智力资本投入,从而推动上市公司构建人力资本产权激励制度。基于人力资本产权激励制度设计的拓展研究发现,企业数字化转型显著强化了人力资本产权激励制度的激励导向特征,主要体现在各类限制和对赌条款的引入。此外,实施人力资本产权激励制度提升了企业创新质量和企业价值,且这种促进作用主要来自核心员工激励,而非管理层激励。文章揭示了企业数字化转型对激励制度设计的赋能效应,为数字经济时代完善公司治理机制和实现企业高质量发展提供了重要启示。

With the vigorous development of the digital economy,the mode of corporate value creation has changed from“product-oriented”to“customer value-oriented”.The long-term value of intellectual capital has been greatly esteemed,and the core employees who can hear the“sound of guns”have begun to move toward the center of the stage and play a more important role as builders.Therefore,how to fully activate the core employees who face users and markets in the digital age is particularly important in the fierce and turbulent business competition.Taking China's A-share listed companies from 2014 to 2021 as the sample,this paper empirically examines the impact and mechanism of enterprise digital transformation on human capital property rights incentives.The findings indicate that enterprise digital transformation can significantly promote the construction of human capital property rights incentive system,and core employees are more likely to be included in the incentive system.Mechanism testing suggests that enterprise digital transformation mainly promotes the construction of human capital property rights incentive system by improving the governance structure,restraining managerial myopia,and increasing intellectual capital investment.Further,it is found that enterprise digital transformation significantly strengthens the incentive-oriented characteristics of human capital property right incentive system,which is mainly reflected in the introduction of various restrictions and VAM clauses.In addition,the implementation of human capital property rights incentive system improves innovation quality and corporate value,and this effect mainly comes from core employee incentives,not the management incentives.This paper reveals the empowering effect of enterprise digital transformation on the design of incentive system,providing supporting evidence for expanding the governance role of core employees,and also providing important enlightenment for improving corporate governance mechanism and realizing enterprise highquality development in the digital economy era.