企业专用性人力资本与企业资本结构——基于我国上市公司的实证研究

利用我国上市公司的数据,以总经理为研究对象,以总经理的企业任期作为企业专用性人力资本的替代变量,研究企业专用性人力资本与企业资本结构之间的关系。结果表明:无论是对于国有企业还是非国有企业而言,企业专用性人力资本与企业资本结构之间均呈倒U型关系,即随着企业专用性人力资本的不断积累,以资产负债率度量的企业资本结构先上升后下降。因此,随着企业专用性人力资本水平的提高,应适当增加员工尤其是高层管理人员的持股比例,相应的减少企业负债的比例,这一方面可以保护和激励其专用性人力资本投资,另一方面则可以防止其管理防御行为;同时还应建立健全控制权市场,完善企业的内外部治理机制。

Firm-specific Human Capital and Enterprise Capital Structure:An Empirical Study Based on Chinese Listed Companies

Making use of the data of Chinese listed companies,taking general managers as the research object,this paper employs the general managers' tenure as the alternative variable of firm-specific human capital,and studies its relationship with enterprise capital structure.The conclusions are as the following: No matter whether it is a state-owned enterprise or a non-state-owned one,there is an inverted U-shaped relationship between firm-specific human capital and enterprise capital structure.That is to say,with ...