资本市场对人力资本投资效率和风险的识别与定价  

Identification and Pricing of Human Capital Investment Efficiency and Risk in Capital Market

作　　者：于引 尹庆双[2] 

机构地区：[1]南京农业大学金融学院,江苏南京210095 [2]西南财经大学公共管理学院,四川成都611130

出　　处：《财经问题研究》2018年第11期114-121,共8页Research On Financial and Economic Issues

基　　金：南京农业大学人文社会科学基金项目"江苏省小微企业人力资本投资效率分析"(SK2016022);江苏省博士后科研资助计划项目"江苏省小微企业农民工人力资本管理问题研究"(2018K212C)

摘　　要：人力资本投资是一种当前支付成本未来获得收益的投资行为,人力资本投资产生收益的高低就是人力资本投资效率。由于信息不对称、市场变化以及人为等因素,公司的人力资本投资收益存在不确定性和风险。本文使用2009—2016年沪深上市公司数据,实证研究资本市场对公司人力资本投资效率与风险的识别与定价问题。研究发现:资本市场可以对人力资本投资风险进行定价,即高人力资本投资风险公司的资本市场回报率显著高于低风险公司;与传统风险指标不同,这一风险因子对低杠杆和价值型公司的影响更为显著,且与公司高管层变动、内部员工知识结构和股权集中水平显著相关。笔者还发现,资本市场对公司人力资本投资效率高低的反应并不显著。Firms invest in human capital in the hope of future returns,so human capital investment,like any other kinds of investments firms make,is crucial to firms' market value. The profit generated by human capital investment is human capital investment efficiency,and the uncertainty associated with this profit,which is usually caused by information asymmetry,market changes and human factors,is human capital investment risk. Could capital market recognize and price human capital investment efficiency and risk? Using Shanghai and Shenzhen market data from 2009 to 2016,this paper finds that the capital market can significantly price humcan capital investment risk,as firms with higher risks are rewarded with higher returns. This risk factor has a more significant impact on low leverage and value companies. Further tests show that: human capital investment risk is significantly related with changes in firms' senior management,internal staff knowledge structure and equity concentration level.We also find that capital market is not sensitive to human capital investment efficiency.

关 键 词：资本市场 人力资本 投资效率 投资风险 资本市场定价 

分 类 号：F240[经济管理—劳动经济]