创新人力资本结构与企业价值  

Innovative Human Capital Structure and Firm Value

作　　者：宋顺林[1] 黄文一 李晓慧[1] Song Shunlin;Huang Wenyi;Li Xiaohui

机构地区：[1]中央财经大学会计学院,北京市100081

出　　处：《世界经济》2025年第3期180-206,共27页The Journal of World Economy

基　　金：国家自然科学基金面上项目(72272165)的资助。

摘　　要：随着中国经济的增长动力从“人口红利”向“人才红利”转变,人力资本结构的重要性日益凸显。本研究利用中国A股上市企业首次披露的研发人员结构信息,手工整理企业研发人员的学历和年龄数据,旨在探究创新人力资本结构与企业价值间的关联。研究结果发现,相比同行业其他企业,高学历研发人员比例较高的企业在首次披露研发人员信息时,市场反应更积极;同样,研发人员平均年龄较低的企业也获得了更好的股价反应。通过反事实检验和投资者有限注意视角的分析,本文进一步验证了上述结论的可靠性。此外,企业实施差异化战略和研发背景高管显著增强了创新人力资本的价值提升作用,而较高的雇佣成本和调整成本削弱了高学历研发人员对企业价值的正向影响。本文首次从事件研究角度探讨了创新人力资本结构与企业价值的关系,为创新和人力资本领域的研究做出了贡献。As China’s economic growth momentum shifts from the“demographic dividend”to the“talent dividend”,the importance of human capital structure has become increasingly prominent.This study uses data from the initial disclosure of R&D personnel structure by A-share listed firms and manually compiles educational qualifications and age details of corporate R&D personnel to explore the relationship between innovative human capital structure and firm value.Empirical findings indicate that,compared to other firms in the same industry,those with a greater proportion of highly educated R&D personnel elicit a more positive market reaction after the initial disclosure of R&D personnel information.Firms with a lower average age of R&D personnel also exhibit a more favourable stock price response.Through counterfactual analysis and analysis from the perspective of investors’limited attention,the study further validates the robustness of these conclusions.Further research reveals that the implementation of differentiation strategies and senior executives with R&D expertise significantly improve the value-enhancing effect of innovative human capital,while higher employment and adjustment costs weaken the positive impact of highly educated R&D personnel on firm value.This study pioneers the exploration of the relationship between innovative human capital structure and firm value from the perspective of event studies,making significant contributions to the literature on innovation and human capital.The paper employs event studies to explore the relationship between human capital structure and firm value.It provides robust evidence for fundamental human capital issues and expands micro-level research on the economic consequences of human capital and corporate innovation information disclosure.It is also the first to empirically examine how R&D personnel structure information influences investors’valuation processes.The findings provide a valuable reference and empirical basis for relevant departments to further improve i

关 键 词：人力资本结构 企业价值 研发人员 信息披露 

分 类 号：F272.92[经济管理—企业管理]