Relationship Study On The Market Value Of Human Capital In The A-share Listed Companies And Stock Returns

With the advent of the industrial 4.0 era, human capital as a difficult to imitate and substitute heterogeneous resources, has become the company's most important strategic resources and sustainable competitive advantage, also is the source of corporate value appreciation. This paper is a study about the relationship between the market value of human capital in the A-share listed companies and stock returns.Firstly, put forward the concept of market value of the company's human capital, and from the measured angle, took 573 A-share listed companies in our country as the research object, using the VOC model to measure the market value of the selected sample company's human capital. Secondly, established an empirical model and using mixed OLS regression and FIXED EFFECTS model to carry on the empirical analysis, and tried to join a dummy variable to eliminate industry characteristics. From the results of the regression model, it can be seen that stock returns was affected by VOC value very significant positive, namely high VOC company accompanied by high stock returns, indicating that VOC can be an effective indicators to measure the market value of the company's human capital in a certain extent. Thirdly, launched a further demonstration from the industry as well as the company's market capitalization, the results showed that the impact VOC on stock returns between different industries indeed there was a great difference, and the performance for the VOC of the third industry valued more significant impact on stock returns. While the size of the company have a great impact on the VOC value and also stock returns, that the company is larger in scale, the market value of human capital is relatively high, the stock returns are relatively higher. Finally, the paper carried out a detailed summary for earlier study, and on this basis, attempted to put forward a four-point policy recommendations.