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论文编号：	15310
作者编号：	1120211198
上传时间：	2025/6/4 21:34:02
中文题目：	企业数字化转型对人力资本产权激励的影响研究
英文题目：	Research on the Effect of Enterprise Digital Transformation on Human Capital Property Rights Incentives
指导老师：	马连福
中文关键字：	数字化转型；人力资本；产权激励；价值创造；公司治理
英文关键字：	Digital transformation; Human capital; Property rights incentives; Value creation; Corporate governance
中文摘要：	数字经济的纵深发展深刻变革着公司治理秩序设定和模式创新，传统以货币资本为核心的治理架构在权利配置、契约结构与组织形态等方面受到多重冲击。在数字化转型情境下，企业逐步弱化了对于货币资本提供者的依赖，掌握核心技术及关键资源的管理层与核心业务团队逐渐成为企业价值创造的关键载体，人力资本的长期价值受到高度重视。然而，随着数字技术对生产函数与价值分配机制的深度渗透，传统人力资本激励所面临的激励效用递减和激励结构失衡等“激励失灵”难题日益凸显，如激励主体多集中于管理层而忽视核心员工、激励方式存在“免费赠予”剩余索取权的契约缺陷以及激励设计多有不完备特征，进而容易导致激励对象片面追求股价提升的短视行为和“搭便车”的卸责行为。因此，如何从制度上保证人力资本的智力投入从而实现企业高质量发展十分关键。 数字化转型作为新时代下企业生存发展的必然选择，在设计人力资本产权激励制度中发挥着重要的赋能作用。首先，数字技术渗透能够显著强化各方智力资本参与公司治理的有效性，提升治理结构的动态效率以优化剩余分配；其次，受益于数字技术升级，经营业务结构呈现用户价值导向的适应性变革，嵌入产权激励机制成为塑造企业核心竞争力的关键；再次，数字技术运用能够极大消除信息不对称并抑制机会主义行为，拓宽管理者的决策视域，基于长期主义导向搭建“价值共生”的激励制度；最后，数字技术应用催生大量新业态并且显著优化了人力资本结构，基于能够精准界定人力资本产出边界和贡献强度的数据量化体系建立的产权激励制度成为企业吸引和保留人才的关键。基于此，本研究关注的核心问题在于企业数字化转型如何影响企业的人力资本产权激励从而促进企业实现高质量发展。 本研究基于委托代理理论、人力资本产权理论、资源基础理论、价值创造理论以及利益相关者理论，以2014至2023年中国A股上市公司作为研究样本，在界定人力资本产权激励概念的基础上，探索企业数字化转型对于人力资本产权激励制度建设的影响。具体而言，本研究主要从五方面内容展开：第一，从激励主体异质性视角切入，分析企业数字化转型对人力资本产权激励制度建设的影响。第二，进一步探究企业数字化转型如何通过“结构赋能效应”和“资源赋能效应”进而对人力资本产权激励产生影响的作用路径。第三，基于企业内外部多种情境，引入不同维度的调节变量探究企业数字化转型影响人力资本产权激励的边界条件。第四，基于人力资本产权激励制度设计，分析企业数字化转型情境下四类人力资本产权激励制度的适应性变革特征。第五，探索企业数字化转型情境下人力资本产权激励可能带来的潜在经济后果。 经过理论分析和实证检验，本研究得出主要结论如下：第一，企业数字化转型能够显著促进企业人力资本产权激励制度建设，体现为上市公司更倾向于构建股权激励计划、员工持股计划、事业合伙人计划以及项目跟投计划等激励制度，核心员工也更可能被纳入激励范围。第二，机制检验表明，企业数字化转型通过“结构赋能效应”（完善公司治理结构和重塑经营业务结构）以及“资源赋能效应”（抑制管理者短视倾向和提升智力资本投入）进而推动上市公司构建人力资本产权激励制度。第三，异质性分析显示，在企业具备较强创新注意力、媒体关注度较高、环境不确定性较大的情境下，企业数字化转型对人力资本产权激励的促进作用更为强烈。第四，基于激励制度设计分析，企业数字化转型显著强化了人力资本产权激励制度的剩余索取权下沉趋势、利益绑定特征和激励导向特征，主要体现在各类限制和对赌条款的引入。第五，从经济后果分析，企业数字化转型通过推动人力资本产权激励显著提升了企业创新质量，增加了企业价值。同时，这种促进作用主要来自于核心员工激励，而非管理层激励。 本研究的主要贡献包括以下三点：第一，深化了对于人力资本产权激励的理解。既有文献多从理论层面探讨人力资本产权激励的实现机理和效率改进，在实证检验层面上对于如何有效度量企业人力资本产权激励仍未形成共识，更多基于股权激励计划等单一激励形式展开研究。本研究以企业核心人力资本能否“出资购买”剩余索取权作为标准，基于手工整理的相关激励方案数据度量人力资本产权激励，更加契合现阶段我国上市公司的治理实践需求，并为数字化时代下的企业产权激励制度建设提供了新的思路。第二，拓展了企业数字化转型治理后果的相关研究。既有文献关注到了企业数字化转型情境下公司治理的新路径和新机制，如优化董事会决策程序、重塑管理者角色定位以及抑制管理层自利动机等。较少关注激励机制的研究也聚焦于高管薪酬与股权激励。本研究以涵盖核心员工的激励设计作为切入点，检验了企业数字化转型对人力资本产权激励的赋能效应，并厘清了具体的作用机制，丰富了数字化转型情境下公司治理的机制理论。第三，为数字经济时代企业内部激励制度设计提供了参考依据。传统治理模式中人力资本所有者屡受质疑和批评的根源便在于其承担风险能力不可置信引发了监控难题，而权衡剩余索取权配置的比例、定价和时机就是破题的关键。本研究发现随着企业数字化转型逐步深入，人力资本产权激励制度设计呈现出更明显的剩余索取权下沉趋势和激励导向特征，同时实施人力资本产权激励也能够有效提升企业创新质量和企业价值。这为拓展企业核心员工的治理角色提供了证据支持，也为在当前数字经济背景下充分激活“智力资本”进而实现企业高质量发展提供了重要的现实启示。
英文摘要：	With the in-depth development of digital economy, the setting of corporate governance order and model innovation have been profoundly changed. The traditional governance structure with monetary capital as the core has suffered multiple impacts in rights allocation, contract structure and organizational form. In the context of digital transformation, enterprises have gradually weakened their dependence on monetary capital providers, and the management and core business teams who have mastered core technologies and key resources have gradually become the key carriers of enterprise value creation, and the long-term value of human capital has been highly valued. However, with the deep penetration of digital technology into the production function and value distribution mechanism, the problems of "incentive failure" such as diminishing incentive utility and unbalanced incentive structure faced by traditional human capital incentives are increasingly prominent. How to ensure the intellectual input of human capital from the system so as to realize the high-quality development of enterprises is very critical. Digital transformation, as an inevitable choice for the survival and development of enterprises in the new era, plays an important enabling role in designing the incentive system of human capital property rights. Firstly, the penetration of digital technology can significantly strengthen the effectiveness of intellectual capital participation in corporate governance, improve the dynamic efficiency of governance structure and optimize the surplus distribution; Secondly, the business structure presents the adaptive change of user value orientation, forming an organizational design that follows the agile and borderless principles and embeds the property right incentive mechanism; Thirdly, the application of digital technology can greatly eliminate information asymmetry and help enterprises to obtain rich material and human resources base to support property rights incentive decision-making; Finally, based on the data quantification system, enterprises can accurately define the output boundary and contribution intensity of human capital, and provide objective basis for the allocation of residual claims. Therefore, the core issue of this study is how the digital transformation of enterprises affects the incentive of human capital property rights of enterprises and thus promotes the high-quality development of enterprises. Based on the principal-agent theory, human capital property rights theory, resource-based theory, value creation theory and stakeholder theory, this study takes China A-share listed companies from 2014 to 2023 as research samples, and explores the influence of enterprise digital transformation on the construction of human capital property rights incentive system on the basis of defining the concept of human capital property rights incentive. Specifically, this study is mainly carried out from five aspects: Firstly, from the perspective of heterogeneity of incentive subjects, this paper analyzes the differential influence of digital transformation of enterprises on the construction of human capital property right incentive system. Second, further explore how the digital transformation of enterprises affects the property rights incentive of human capital through different empowerment mechanisms from the perspective of structure and resources. Thirdly, based on a variety of internal and external situations of enterprises, different dimensions of adjustment variables are introduced to explore the boundary conditions of enterprise digital transformation affecting human capital property rights incentives. Fourthly, based on the design of human capital property right incentive system, this paper analyzes the adaptive change characteristics of four kinds of human capital property right incentive schemes under the situation of enterprise digital transformation. Finally, explore the potential economic consequences of human capital property rights incentives in the context of enterprise digital transformation. Through theoretical analysis and empirical testing, this study arrives at the following primary conclusions: Firstly, the digital transformation of enterprises can significantly enhance the incentive intensity of enterprise human capital property rights, which shows that listed companies are more inclined to build incentive systems such as stock incentive scheme, employee stock ownership plan, business partner plan and project co-investment plan, and core employees are more likely to be included in the incentive system. Secondly, the mechanism test shows that the digital transformation of enterprises promotes the listed companies to build an incentive system for human capital property rights through "structural empowerment effect" (improving corporate governance structure and reshaping business structure) and "resource empowerment effect" (restraining managers' short-sighted tendency and improving intellectual capital investment). Thirdly, the heterogeneity analysis shows that the digital transformation of enterprises has a stronger role in promoting the incentive of human capital property rights in the context of strong innovation attention, high media attention and great environmental uncertainty. Fourthly, based on the analysis of incentive system design, the digital transformation of enterprises has significantly strengthened the sinking trend of residual claims and incentive-oriented characteristics of human capital property rights incentive system, which is mainly reflected in the introduction of various restrictions and gambling clauses. Finally, from the analysis of economic consequences, the digital transformation of enterprises has significantly promoted the innovation investment of enterprises and improved the value of enterprises by promoting the incentive of human capital property rights. The main contributions of this study include the following three points: First, deepen the understanding of human capital property rights incentives. The existing literature mostly discusses the realization mechanism and efficiency improvement of human capital property right incentive from the theoretical level, but there is still no consensus on how to effectively measure enterprise human capital property right incentive from the empirical test level, and more studies are based on single incentive forms such as equity incentive plan. This study takes whether the core human capital can "buy" the residual claim as the standard, and measures the human capital property right incentive based on the data of relevant incentive schemes compiled by hand, which is more in line with the governance practice needs of listed companies in China at this stage, and provides a new idea for the construction of enterprise property right incentive system in the digital age. Secondly, it expands the related research on the consequences of corporate digital transformation governance. The existing literature focuses on the new path and mechanism of corporate governance in the context of digital transformation of enterprises, such as optimizing the decision-making process of the board of directors, reshaping the role of managers and restraining the self-interest motivation of management. The research that pays less attention to incentive mechanism also focuses on executive compensation and equity incentive. Taking the incentive design covering core employees as the starting point, this study examines the empowerment effect of digital transformation on human capital property rights incentives, and clarifies the specific mechanism, enriching the mechanism theory of corporate governance under the situation of digital transformation. Thirdly, it provides a reference for the design of enterprise internal incentive system in the digital economy era. The root of the repeated questioning and criticism of human capital owners in the traditional governance model is that their unbelievable risk-taking ability has caused monitoring problems, and weighing the proportion, pricing and timing of residual claim allocation is the key to solving the problem. This study found that with the gradual deepening of digital transformation, the design of human capital property rights incentive system showed a more obvious trend of residual claims sinking and incentive-oriented characteristics, and the implementation of human capital property rights incentive can also effectively improve the innovation quality and enterprise value of enterprises. This provides evidence support for expanding the governance role of core employees in enterprises, and also provides important practical enlightenment for fully activating "intellectual capital" in the current digital economy background to achieve high-quality development of enterprises.
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