在职培训会影响企业价值吗?——来自我国A股上市企业的经验证据  

Will On-the-job Training Affect Enterprise Value? Evidence from China’s A-share Listed Companies

作　　者：王京[1] 安毅[1] 孙菁 Wang Jing;An Yi;Sun Jing(School of Management,Ocean University of China;School of Business,Qingdao University)

机构地区：[1]中国海洋大学管理学院,山东青岛266100 [2]青岛大学商学院,山东青岛266071

出　　处：《经济科学》2020年第1期59-71,共13页Economic Science

基　　金：山东省社会科学基金项目“新旧动能转换背景下企业技术投资选择及其经济后果研究”(项目编号:18CKJJ06);中央高校基本科研业务费专项课题“混合股权与企业技术偏好:机理、路径与经济后果”(项目编号:201913014);“技术资本化视角下科技型中小企业技术创新与融资模式选择”(项目编号:201813012)的阶段性成果。

摘　　要：本文在企业资本配置研究的基础上,基于沪深两市A股上市企业2009-2016年度财务数据,采用多元回归方法实证检验了在职培训投资对企业价值的影响。研究结果表明,在职培训会显著提高企业价值,该结论在控制了内生性问题之后仍然稳健。进一步研究发现,提高技术能力是在职培训提高企业价值的重要途径,企业在职培训不仅可以提升自身技术水平,而且可以提高自身创新效率,从而促进企业价值增加。与国有企业相比,非国有企业的在职培训对企业价值的正向影响更为显著,在股权集中程度更高、规模更大的企业中,在职培训对企业价值的正向影响更为显著。本文的研究为企业人力资本投资方式选择和异质性资源配置决策提供了经验证据和决策依据。Based on the research of enterprise capital allocation, using financial data of A-share listed enterprises from 2009 to 2016, we examine the impact of on-the-job training investment on enterprise value. Our main finding is that on-the-job training can significantly improve the value of an enterprise, even after accounting for endogenous variables. We further find that technological capability is an important path for on-the-job training to improve enterprise value: on-the-job training can not only boost the technological level of an enterprise, but also facilitate innovation, thereby enhancing the value of the enterprise. Moreover, with non-state-owned enterprises, higher equity concentration and a larger scale, on-the-job training has a more significant impact on the enterprise value. Our study helps with enterprise human capital investment and its resource allocation.

关 键 词：企业价值 在职培训 技术能力 企业特征 

分 类 号：F275[经济管理—企业管理]