Enterprise Human Capital Investment Risk Research

In the era of knowledge economy, human capital is an important motive power to economic growth. The rapid development of science and technology is changing the demand structure of labor market. Knowledges from the school education are not enough for the desire to telents in the enterprises. In order to enhance the competitiveness, enterprises must invest on human capital to get the inter-disciplinary talents, to increase the stock and quality of enterprise’s human capital. But the existing state of enterprises’ human capital investment in China is in a sad situation. The risks existing in the enterprises’human capital investment is an important cause that restricts the behavior of human capital investment.The aims of this study are to make clear the definition of the enpterpris’s human capital investment and the risk of human capital investment, to find out the reasons of risks, to clarify the classification of the risks, to distinguish the risk factors, to evaluate the degree of the risks, and to search after the measures to prevent and control risks. Based on the existing literature and related theories, drawing on methods of the normative analysis and empirical analysis, qualitative and quantitative analysis, the thesis studies the risks of enterprise’s human capital investment.The thesis constructs the enterprise’s human capital investment model and the equilibrium condition by analyzing the costs and benefits of training, learning by doing, migration and health investment. In the next step, the thesis introduces the generated path from the points of the features of human capital investment, the property right of human capital investment, asymmetric information, incomplete contract and the life cycle of human capital. The thesis studies the hypothesis of the risk factors of enterprise’s human capital, put the proof of these factors through investigation, and finds out there are seven categories of risk factors, they are, system risk, matching risk, decision risk, agent risk, retention risk, devaluation risk and usage risk. The thesis constructs the system of the risk of enterprise’s human capital investment, and the evaluation index system. Next, the thesis caculates the evaluation value of each risk factor using the methods of analytical hierarchy process and fuzzy comprehensive evaluation, and finds out that the system risk, retention risk, and matching risk are the much more important risk factors. The thesis also studies four special risks of enterprise’s human capital investment, that is, retention risk, agent risk, matching and usage risk, and devaluation risk, analyzes the influencing factors of human capital investment. After analyzing the factors, the thesis finds out that the specification and complementarity of human capital, enterprise’s risk-preference, enterprise’s risk holding capacity, staff type and the investment behavior are the influencing factors of the risk.The thesis analyzes the mechanisms to prevent and control the risks of enterprise’s human capital investment from the viewpoints of effective institutional arrangements, human resource management, and the risk management. In the end, the thesis concludes the main submissions, innovative points and the shortages of this study, and make a forecasting of the future studies on this topic.