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论文编号：	4290
作者编号：	2120102243
上传时间：	2012/6/6 17:43:37
中文题目：	人力资本投资与公司市场份额和市场价值
英文题目：	Human capital investment、Market share and Market value
指导老师：	梅丹
中文关键字：	人力资本投资, 市场份额, 市场价值, 产权性质,行业特征
英文关键字：	human capital investment, market share, market value, ownership structure, industry characteristics
中文摘要：	伴随着世界经济的快速增长和知识经济的深度发展，人力资本在国民经济、企业生产经营管理中的作用已日渐重要，人力资本的价值也得到了越来越多的重视。大量的研究发现，人力资本已经逐步取代物质资本成为制约现代企业发展的关键性因素，人们也逐步认识到财富的源泉不是物质资源，而是人类本身。本文通过回顾国内外的相关文献，发现过去文献都倾向于从宏观经济层面来探究人力资本投资的价值，多为理论分析，很少对微观企业的人力资本投资价值进行实证检验。因此本文主要研究微观企业人力资本投资的经济后果，从公司市场份额和市场价值两个角度，研究微观层面企业人力资本投资所带来的价值增值。本文选取了2007-2010年沪深两市主板上市公司面板数据为样本，以相对于竞争对手的人力资本投资为解释变量，通过构建面板数据的固定效应回归模型实证检验了人力资本投资与公司市场份额和市场价值之间的关系，以及这种关系是否会因为公司产权性质和所处行业特征而有差异。本文发现，相对于竞争对手更高的人力资本投资可以带来更大的市场份额和更高的市场价值。不同产权性质的企业人力资本投资的价值并不一样：在公司市场份额的提升上，非国有企业比国有企业有更高的人力资本投资价值，而对于市场价值的提升上，国有企业比非国有企业有更高的人力资本投资价值。进一步，行业特征也会影响到企业人力资本投资的效率和效果。在市场份额提升上，高技术行业比非高技术行业具有更高的人力资本投资价值，而对于市场价值提升上，非高技术行业比高技术行业有更高的人力资本投资价值。本文认为，企业人力资本投资是有价值的，企业可以把人力资本投资作为一项工具来应对行业竞争者的挑战，通过加大企业人力资本投资来获取更大的市场份额和更高的市场价值。
英文摘要：	With the rapid growth of world economy and deeply development of the knowledge economy, the role of human capital in national economy growth, production and operation management has become more and more important. The value of human capital also attracts more attention. A large number of studies have found that human capital has been gradually replacing physical capital as a key factor in terms of the development of modern enterprises. People are also gradually realized that the source of wealth is not material resources, but of humanity itself. Through reviewing the relevant literature at home and abroad, this thesis found most previous studies tend to explore the value of human capital investment in the macroeconomic level, and rarely have empirical test on the value of human capital in the micro-enterprise level. This paper studies the economic consequences of the human capital invested by enterprises, and explores the added value brought by human capital investment from the areas of market share and market value. This thesis selected panel data of 2007-2010 in Shanghai and Shenzhen Stock Exchange as samples, took the relative-to-rivals human capital investment as independent variable, applied fixed effects regression model to analyze the impact of human capital investment to market share and market value, and further studied the differences between enterprises with different property right or in different industry. This thesis found that more relative-to-rivals human capital investment enjoyed larger market share and higher market value. The marginal value of human capital between State-owned enterprises and Non-state-owned enterprises are different. State-owned enterprises have higher marginal value in terms of market share but lower marginal value in terms of market value compare to Non-state-owned enterprises. Further, industry characteristics also affect the efficiency and effectiveness of the human capital. In terms of market share, the high-tech industry has higher marginal value than non-high-tech industries, but for the improvement of the market value, non-high-tech industries have higher marginal value. This thesis proves that human capital is valuable and can be used as a tool to deal with the challenges from competitors. Enterprises can obtain larger market share and higher market value by increasing human capital investment.
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