人力资本投资与企业绩效的关系研究——基于我国饲料行业的经验证据

A Study on the Relationship between the Human Capital Investment and Firm Performance——Empirical Evidence from China's Feed Industry

利用1999-2013年我国上市饲料企业的非平衡面板数据,本文对我国饲料企业的人力资本投资的企业绩效效应进行了实证研究。研究发现,对于饲料企业而言,人力资本是构成企业竞争优势的重要源泉,对多维度的企业绩效具有正向的推动作用;但对于企业绩效而言,人力资本投资对不同纬度的企业绩效不同。因此,对于上市饲料企业而言,为了加强其自身竞争优势,提高企业绩效,可以依据人力资本投资最大的绩效产出,制定合理有效的人力资本投资政策。

With use of 1999-2013 using the unbalanced panel data of China's listed companies feed enterprise in our country, this article tested the performance effect of human capital investment of China's feed industry. The study found that, in the case of feed enterprises, human capital was an important source of enterprise competitive advantage, and played a positive role in the firm multidimensional performance. But for firm performance, human capital investment played a different role in firm performance for different firm. For listing feed enterprise, therefore, in order to strengthen its own competitive advantage and improve firm performance, a reasonable and effective human capital investment policy should be carried out based on the optimal performance output of human capital investment.