组织资本:研究综述和中国企业实践  

Organizational Capital:Research Review and Practice of Chinese Enterprises

作　　者：吉利[1] 程冕 许自坚[2] Ji Li;Cheng Mian;Xu Zijian

机构地区：[1]西南财经大学会计学院 [2]西南交通大学经济管理学院

出　　处：《管理会计研究》2022年第6期56-67,共12页MANAGEMENT ACCOUNTING STUDIES

摘　　要：在我国经济增长放缓和日益关注企业“软实力”背景下,组织资本作为企业重要的无形资产,得到了业界和学术界越来越多的重视。本文基于文献,对组织资本概念、功能和计量的相关研究进行综述和辨析;基于2001—2020年A股上市公司年报数据,对中国企业组织资本投资规模、年度分布和发展趋势、行业分布和公司特征异质性进行统计和分析。研究发现,近十年以来,我国企业对组织资本的投资趋于稳定,约占总资产账面价值的27%;组织资本的分布存在明显的行业差异,轻资产行业和竞争较激烈的行业,其组织资本更高。公司特征异质性分析表明,组织资本更高的企业,其规模更小,固定资产率更低,现金持有量和经营现金流更高,杠杆率和投资支出率更低,资产收益率和TOBINQ更高。本文为后续研究奠定了基础,也为企业转型升级提供了新的视角。In the context of China’s steady economic growth and increasing concern about the"soft power"of enterprises,organizational capital,as an important intangible asset of enterprises,has received more and more attention from the industry and academia.Based on the literature,this paper summarizes and analyzes the related research on the concept,function and measurement of organizational capital;At the same time,based on the annual report data of A-share listed companies from 2001 to 2020,this paper makes statistical analysis on the scale,annual distribution and development trend,industry distribution and heterogeneity of corporate characteristics of Chinese enterprises’organizational capital investment.It is found that in the past ten years,the investment of Chinese enterprises in organizational capital has tended to be stable,accounting for 27%of the book value of total assets;There are obvious industry differences in the distribution of organizational capital.The asset light industry and the more competitive industry have higher organizational capital.The analysis of heterogeneity of company characteristics shows that enterprises with higher organizational capital have smaller scale,lower fixed asset ratio,higher cash holdings and operating cash flow,lower leverage ratio and investment expenditure ratio,and higher return on assets and TOBINQ.This paper lays a foundation for the follow-up research,and also provides a new perspective for the transformation and upgrading of enterprises.

关 键 词：组织资本 无形资产 企业文化 转型升级 

分 类 号：F832.51[经济管理—金融学]