地方人才引进政策与公司人力资本  

Local Talent Introduction Policies and Corporate Human Capital

作　　者：金智[1] 彭辽 JIN Zhi;PENG Liao(School of Accounting,Southwestern University of Finance and Economics)

机构地区：[1]西南财经大学会计学院,四川成都611130

出　　处：《金融研究》2022年第10期117-134,共18页Journal of Financial Research

基　　金：教育部人文社会科学研究规划基金(项目批准号:22YJA790028)的资助。

摘　　要：本文以地方人才引进政策的颁布为准自然实验,考察人才引进政策对当地公司人力资本的影响,以检验人才引进政策在微观层面的经济后果。结果发现,地方人才引进政策显著改善了当地公司的人力资本水平;在小城市、竞争性行业、大规模和声誉好的公司中,地方人才引进政策对提高公司人力资本水平的作用更强。效率检验表明,地方人才引进政策显著提高了公司的全要素生产率。但同时也发现,地方人才引进政策降低了公司的薪酬激励和高管流动率,揭示了公司为顺利执行人才引进政策,可能通过弱化激励机制来安抚老员工,导致公司在薪酬治理方面存在局部的效率损失。本文验证了地方人才引进政策的实施效果,揭示了该政策影响公司行为的作用机制,为政策后续执行提供了一定参考。In 2010,China promulgated the Outline of the National Medium-and Long-term Talent Development Plan(2010-2020).In response to the call of the plan,local governments have issued policies to introduce local talent according to the talent development plan.Against this background,this paper investigates how local talent introduction policies affect the human capital level and talent incentive methods of local companies from the perspective of micro companies.The theoretical basis of this paper is that local talent introduction policies provide material incentives such as talent introduction bonuses,housing subsidies,and housing allocation,as well as spiritual incentives such as preferential medical treatment,preferential treatment of children's education,and high-ranking positions.Thus,it reduces the cost of introducing talent for local companies,guarantees the legitimacy of introducing talent,and sends a signal to the market that the government attaches importance to the development of companies.Therefore,in theory,local talent introduction policies should improve the human capital level of local companies.At the same time,these policies promote competition in the talent market,and competitive pressure may lead a company's older employees to resist the promotion of these policies.To appease these employees,the company has an incentive to relax their performance appraisal in exchange for promoting talent introduction policies.Therefore,local talent introduction policies may weaken companies'incentive mechanisms.We collect the specific time of promulgation and content of the talent introduction policies in each city from city government official websites,Human Resources and Social Security Bureau official websites,and relevant talent policy news.We take the promulgation of talent policies in each city as the quasi-natural experiment and Chinese A-share companies from 2011 to 2018 as the research object.We used the staggered difference-in-differences model to investigate the impact of local talent introduction policies

关 键 词：人才引进政策 公司人力资本 薪酬激励 双重差分法 

分 类 号：F272.92[经济管理—企业管理] F832.51[经济管理—国民经济] C964.2[经济管理—人力资源管理]