Investments in human capital （employees） include investments in the direct assurance of working abilities, investments in health and well-being, and investments in loyalty to the company. These investments are cruci...Investments in human capital （employees） include investments in the direct assurance of working abilities, investments in health and well-being, and investments in loyalty to the company. These investments are crucial for the long-term existence and development of a company, but their value is not disclosed on the assets side of the classical balance sheet. The most important argument of the mentioned approach＇s promoters is that the economic benefits stemming from such investments are uncertain. However, investments in human capital are those with the highest long-term benefits for the company. Therefore, human capital is the only element of the business process that can add value. Other elements （equipment, materials, and services） just transfer their value to products and services. In this paper, the elements of investments in human capital and the methods used to evaluate these investments are addressed. In addition, uniquely shaped financial performance ratios related to investments in human capital are presented along with the system of integrated ratios.展开更多
A company is usually founded by individuals striving to achieve their own or broader goals. Goal achievement related to a company＇s operations is called business or the business process. Human capital （man＇s work, ...A company is usually founded by individuals striving to achieve their own or broader goals. Goal achievement related to a company＇s operations is called business or the business process. Human capital （man＇s work, employees） is an important element of the business process, however its value is not disclosed on the assets side of the classical balance sheet. In order to shown assets, human capital has to be evaluated. Evaluation can be made in monetary or non-monetary terms. Non-monetary models for evaluating human capital include organisational and behavioural variables. These variables are not expressed in monetary terms, however, based on changes in their quality, one can assume the increased or decreased value of human capital within the company. The value of non-monetary models should not be underestimated, however monetary models are of greater importance. In this article, the most significant non-monetary and monetary models of human capital evaluation are discussed. Among non-monetary models the Michigan, Flamholz, and Ogan models are discussed. Among monetary models the replacement costs model, the opportunity costs model, the discounted wages and salaries model, and originally created dynamic model are discussed. A descriptive approach is used to identify the basic characteristics of existing models for evaluating human capital. According to these findings a different approach is taken in developing an original model. Dynamic model can efficiently overcome most of the practical problems and can be used as an appropriate estimator of human capital value expressed in monetary terms. The research limitations are that the dynamic model has not been sufficiently verified in practice. The model could prove to be directly applicable in those enterprises that would like to define the value of their human capital.展开更多
The aim of this paper is to assess the impact of intellectual capital （IC） on firms＇ financial performance with reference to a sample of companies operating in the European Union （EU） area during the period from ...The aim of this paper is to assess the impact of intellectual capital （IC） on firms＇ financial performance with reference to a sample of companies operating in the European Union （EU） area during the period from 2006 to 2013. The analyses are further differentiated by country of domicile, industry sector, and historical period （pre-crisis and crisis）. We investigate whether the value of the components of IC is a relevant factor that influences firms＇ performance, proposing and testing a modified version of the value added intellectual capital （VAICTM） model which also considers country-specific differences in terms of default risk. The empirical results evidence the relevance of the information on IC disclosed by companies. Differences arise depending on the reference country, industry, and historical period examined. The main limitations of the research are the unbalanced structure of the sample among countries and industries and the specificity of the examined sample （listed firms applying IAS/IFRS system）. The main implication of the study is that, since we demonstrate the value relevance of IC, our findings could be of interest for standard setters for defining a standard （qualitative and quantitative） level of information on human resources to be disclosed by companies in their financial statements. Our contribution to the literature is the proposal of some relevant modifications to the original VAICTM model and providing new evidence on the influence that IC had in recent years on business performance in the EU.展开更多
This paper provides transaction-level evidence about the impact of capital account liberalization on firms'bond issuance in the international financial market.Using bond issuance data for firms headquartered in Ch...This paper provides transaction-level evidence about the impact of capital account liberalization on firms'bond issuance in the international financial market.Using bond issuance data for firms headquartered in China between 2014 and 2018,we showed that domestic private firms issued more bonds abroad than foreign-invested enterprises afier restrictions were largely relaxed,controlling for possible confounding shocks such as monetary policy,local credit market shocks,US interest rate,carry trade,and global uncertainty shocks measured by the Chicago Board Option Exchange's Volatility Index.We found that domestic firms did not increase the overall volume of bond issuance but just had a higher portion of international bond issuance.We also found that domestic firms with higher tangible asset ratios tended to issue more bonds abroad.Our results suggest that targeted liberalization policy could effectively stimulate firms to issue bonds abroad.Policymakers need to monitor closely firms that issue more bonds abroad and thus have greater exposure to global shocks,incorporate these financial risks into policy design,and safeguard financial stability more effectively.展开更多
文摘Investments in human capital （employees） include investments in the direct assurance of working abilities, investments in health and well-being, and investments in loyalty to the company. These investments are crucial for the long-term existence and development of a company, but their value is not disclosed on the assets side of the classical balance sheet. The most important argument of the mentioned approach＇s promoters is that the economic benefits stemming from such investments are uncertain. However, investments in human capital are those with the highest long-term benefits for the company. Therefore, human capital is the only element of the business process that can add value. Other elements （equipment, materials, and services） just transfer their value to products and services. In this paper, the elements of investments in human capital and the methods used to evaluate these investments are addressed. In addition, uniquely shaped financial performance ratios related to investments in human capital are presented along with the system of integrated ratios.
文摘A company is usually founded by individuals striving to achieve their own or broader goals. Goal achievement related to a company＇s operations is called business or the business process. Human capital （man＇s work, employees） is an important element of the business process, however its value is not disclosed on the assets side of the classical balance sheet. In order to shown assets, human capital has to be evaluated. Evaluation can be made in monetary or non-monetary terms. Non-monetary models for evaluating human capital include organisational and behavioural variables. These variables are not expressed in monetary terms, however, based on changes in their quality, one can assume the increased or decreased value of human capital within the company. The value of non-monetary models should not be underestimated, however monetary models are of greater importance. In this article, the most significant non-monetary and monetary models of human capital evaluation are discussed. Among non-monetary models the Michigan, Flamholz, and Ogan models are discussed. Among monetary models the replacement costs model, the opportunity costs model, the discounted wages and salaries model, and originally created dynamic model are discussed. A descriptive approach is used to identify the basic characteristics of existing models for evaluating human capital. According to these findings a different approach is taken in developing an original model. Dynamic model can efficiently overcome most of the practical problems and can be used as an appropriate estimator of human capital value expressed in monetary terms. The research limitations are that the dynamic model has not been sufficiently verified in practice. The model could prove to be directly applicable in those enterprises that would like to define the value of their human capital.
文摘The aim of this paper is to assess the impact of intellectual capital （IC） on firms＇ financial performance with reference to a sample of companies operating in the European Union （EU） area during the period from 2006 to 2013. The analyses are further differentiated by country of domicile, industry sector, and historical period （pre-crisis and crisis）. We investigate whether the value of the components of IC is a relevant factor that influences firms＇ performance, proposing and testing a modified version of the value added intellectual capital （VAICTM） model which also considers country-specific differences in terms of default risk. The empirical results evidence the relevance of the information on IC disclosed by companies. Differences arise depending on the reference country, industry, and historical period examined. The main limitations of the research are the unbalanced structure of the sample among countries and industries and the specificity of the examined sample （listed firms applying IAS/IFRS system）. The main implication of the study is that, since we demonstrate the value relevance of IC, our findings could be of interest for standard setters for defining a standard （qualitative and quantitative） level of information on human resources to be disclosed by companies in their financial statements. Our contribution to the literature is the proposal of some relevant modifications to the original VAICTM model and providing new evidence on the influence that IC had in recent years on business performance in the EU.
基金the National Natural Science Foundation of China(No.72003181)。
文摘This paper provides transaction-level evidence about the impact of capital account liberalization on firms'bond issuance in the international financial market.Using bond issuance data for firms headquartered in China between 2014 and 2018,we showed that domestic private firms issued more bonds abroad than foreign-invested enterprises afier restrictions were largely relaxed,controlling for possible confounding shocks such as monetary policy,local credit market shocks,US interest rate,carry trade,and global uncertainty shocks measured by the Chicago Board Option Exchange's Volatility Index.We found that domestic firms did not increase the overall volume of bond issuance but just had a higher portion of international bond issuance.We also found that domestic firms with higher tangible asset ratios tended to issue more bonds abroad.Our results suggest that targeted liberalization policy could effectively stimulate firms to issue bonds abroad.Policymakers need to monitor closely firms that issue more bonds abroad and thus have greater exposure to global shocks,incorporate these financial risks into policy design,and safeguard financial stability more effectively.
