Empirical Research On The Influence Of Human Capital To The Corporate Value

With the development of knowledge-based economy, it is widely recognized that human capital has become the most important, especially high-tech enterprises, largely depend on human capital of companies. Comparing with the physical capital, human capital plays an increasingly prominent role in value creation. In the21st century, human capital is considered to be the source of competitiveness and the key to enhance the corporate value. Therefore, how to give full play to the value creation role of human capital and how to maintain competitive advantage and enhance the corporate value and performance have become an urgent issue worthy to do further research.First of all, basing on the review of the existing researches about enterprise human capital and corporate value, the clear concepts of enterprise human capital and corporate value are summarized. Second, basing on human capital theory resource-based view, value-based theory, the paper do a qualitative analysis to the relationship between human capital and corporate value, and analyze the function of human capital on corporate value from human capital stock、human capital investment and human capital incentive. Third, using annual report data from2006to2009of the high-tech enterprises, the impact of human capital on the corporate value is analyzed and tested empirically on the basis of the theoretical analysis. The main conclusions drawn are as follows:Human capital stock has a significantly positive impact on the corporate instrinsic value and hidden value; Human capital investment has a significantly positive impact on the corporate instrinsic value and hidden value; Compensation incentive improves the intrinsic value and has a negative impact on the corporate hidden value. Equity incentive has a negative impact on corporate value, including intrinsic value and hidden value. But the results of human capital incentive acting on corporate value are not significant. Finally, according to the theoretical analysis and the conclusions, the paper puts forward some suggestions on the management of enterprise human capital to search for possible way promoting the corporate value.