An Empirical Study On Corporate Human Capital And Corporate Performance

Human society has come into knowledge economy's era from industrial economy's era. With this change, economic and technological corporations among countries (regions) have been deadly strengthened, and so have exchanges. And as a new factor of production, human capital has become a core competitive essential factor. In 1960, Schultz made a speech entitled "Human Capital Investment" in annual economics conference which was convened by USA, which was a sign that the theory about human capital began to become an independent discipline. From then on, Inner scholars and external scholars made endless researches on human capital, and tried their best to make it perfect, and let it be the subject of Human Resource Management now. In recent years, quantitative study of human capital has become a hot spot, while the quantitative study of firm's human capital is one of the key of inner and external researches. The purpose of comprehensively developing and managing firm's human capital is to enhance the economic efficiency point. Therefore, it is important to make a research on the relationship between human capital and the performance of enterprise.Inner scholars and external scholars made in-depth studies on the theory of human capital, and get successful conclusions. However, there are unified opinions on many hot spots, such as the definition of human capital, human capital's measure, human capital investment and so on. It is necessary to make further research on them.Based on the summary of research achievements of inner and external scholars, a definition on firm's human capital is made from its formation on enterprise level. Human capital is the currency formation of the total expenditure for getting the inner quality factors(knowledge, skills, and physical) with economic value with the purpose of survival. It is not innate, but acquired.To measure the firm's human capital is a global problem. There are cost measurement model and value measurement model to measure human capital when the empirical study on the relationship between human capital and firm performance is done, and the value measurement model is for better. Also, the stock of human capital, training costs per employee, salaries per employee, the average age of senior executives, mobility of human capital as 5 alternative variables for human capital can more fully reflect the advantages of combination between monetary measurement and non-monetary measures.The relationship among human capital,corporate performance and corporate growth. By multiple linear regression model, regression analysis for 60 high-tech firms'publicly available information was done with SPSS software and EXCEL software, and get conclusions:⑴The stock of human capital and the flow of employees can positively improve firm's performance;⑵The impact of the stock of human capital for firm's performance will reduce accompany with the improve of firm's ability to grow, and the impact of human capital's flow for corporate performance will enhance accompany with the improve of firm's ability to grow;⑶Human capital and performance of growth enterprise are more than non-growth enterprise. Even more, the stock of human capital, human capital's flow, the ability to profit and develop of growth enterprise are all desperately higher than non-growth enterprise.By contrasting with inner research results, this paper owns its opinions in the following ways:Firstly, the definition of human capital. In the research of relationship between human capital and firm performance, human capital refers to the investment which is used to develop and utilize human resource. It is the increment of human capital.Secondly, combined with normal and evidence analysis. Normal analysis and evidence analysis are complementary, and they mutually promote each other, rather than be opposite. Result of Normal analysis is more ductile, but not persuasible. It need to be proven by practice. Empirical research's result is single, but it considers assumptions. And the selections of models are different from reality. Therefore, many results have to be illustrated by correct theories.Thirdly, a complement to the subject of study. Human capital and physical capital investment impact firm's performance, but there are differences in different industries. If we want to prove the positive correlation between all enterprises and human capital, it is necessary to research different enterprises one after another. There are plenty of research achievements on the relationship between human capital and firm's performance, but there are some subjects of study which are neglected. Therefore, the complement of the study is also necessary. Just based on it, the selection of high-tech as research subject is valuable and meaningful.Fourthly, the new conclusion of this study. The question on the growth of firm is actually the question of economic development, and the growth of enterprise has become an objective symbol to measure the development of enterprise. How to consider the corporate sustainable growth and understand the corporate growth is important for the realization of firm. This paper research the relationship between human capital and corporate performance form perspective of corporate growth, then get the new conclusion for reference.