The Relationship Between Human Capital Characteristics And Performance Of Companies-Analysis Based On Dual-Class Firms

The dispute, triggered by alibaba" public listing,becomes evening intensive, because of the political attitude of Securities market leaders. General manager of shenzhen stock exchange Song Liping has pointed out that:As to thouse companys established by scientific and technological personnel and rely mainly on scientific researchas well as personnel innovation ability, when revising the company 1 aw and securities law, we should consider to reserve some space for double shareholding structure". As the new "the nine" has put forward, the construction of multi-level capital market will be major project in the future, This also provides more possibility for our country to accept Dual-class Share Structure. Because Dual-class Share Structure are allowed in many western countries such as the United States, But now the Hong Kong stock exchange and the shenzhen and shanghai stock exchange in mainland this structure is still banished..which led to the discussion of the feasibility of the system in our country. As of December 31,2015, among the 184 chinese companies that listed in the US, the company adoptting Dual-class Share Structure has reached 35, Accounted for 19%,removing the delisting and return to A shares.In recent years, Technology innovative enterprises choose to list inUS with Dual-class Share Structure, This mode is accepting by most and more listed companys, we think it, s necessary to do some in-depth study for double ownership structure. Because of our country special economic, political environment, the blind imitation is not feasible,As the separation between property rights and voting rights under Dual-class Share Structure, minority stock management of the company can produce a greater impact on the development of the firm, This article attempts to start from the characteristics of human capital management, dividing the listed company into single equity structure and Dual-class Share Structure, Study the characteristics of human capital management,such as the number of management, management tenure, age, proportion of shareholding and education background. Respectively analyze the relationship between human capital characteristics and company performance.This article find that, management term and the ROA of Corporate with Dual-class Share Structure has significant positive correlation, The longer the term of the management,the better ROA.The correlation between management’age and companys’ROA is negative,and the management’s academic degree and companys’ROA has positive correlation.This means that the younger the management layer,the more education they receive,the better ROA. But the number of management layer and the proportion of shareholding only has weak power on the comany’s ROA.While the dummy variable Dual-class Share Structure has little effect on ROA,it has very significant effect on Tobin’s q.This may means that Dual-class Share Structure has certain negative effects on corporate market value. Market investors likely to make a discount to companys that adopt this structure,which causes valuation losses to these corporate.