The Study Of The Effect Of Human Capital Investment On The Listed Tourism Companies’ Performance

In the era of knowledge economy, human capital, taking knowledge, technologyand ability as the core, has gone beyond the traditional material capital to become themost important capital and plays a key role for the economic development. Humancapital is a very important strategic resource which has scarce and irreplaceable value.Human capital investment becomes a necessary activity for enterprises to achievebusiness development. Superior human capital can bring a unique competitiveness. Forthe tourism listed companies, human capital investment is also very important. So,exploring the internal relations and mutual influence between human capital investmentand corporate performance of tourism listed companies is helpful for the companies toimprove their human capital situation through effective human capital investment andpromote their business development by human capital.Firstly, this paper analyzes the present situation of human capital investment in thelisted tourism companies, finds some problems such as the investment is not enough;human capital stock is insufficient while human capital loss is serious. According toseveral performance evaluation indicators, these companies’ operating performance is onthe decline and not stable. Than by comparing some companies how much human capitalinvestment and enterprise performance indicators size found there were some correlationsbetween the two. Secondly, this paper gives some research hypothesis, sets up somevariables and collects data from listed tourism companies’ annual reports, than processesthe data by descriptive statistics analysis, correlation analysis and multiple regressionanalysis. The study results are these: there is a positive correlation between corporateperformance and training of human capital investment, training investment has significantpositive influence on enterprise performance; human stock is positively related withcorporate performance, it has significant positive impact on corporate performance, buttourism listed companies have a low human capital stock; human capital flowcharacterized by outflows greater than inflows, flow are negatively related with corporateperformance, it has a significant negative influence on enterprise performance, every lossunit of human capital will lead to enterprise performance reduce1.923units; health andmaintenance investment have positive correlation between the performance. It proves ifthe listed tourism companies increase investment and control the turnover rateappropriately, the performance will promote somehow. Finally, for the purpose of increasing the business performance, to improve human capital investment as a startingpoint, the companies should grasp the internal connection of human capital investmentand the performance, increase human capital stock and reduce turnover rate; increasetraining investment, improve the training effect; pay attention to the health investment,accumulate health human capital; adopt various forms to maintain and encourage humancapital investment.