An Empirical Study Based On The Human Capital Market Value And Stock Return Of Shanghai And Shenzhen A Share Companies

With the development and progress of modern society,human resources,as heterogeneous resources of modern enterprises,play an increasingly important role in the sustainable development of enterprises.It can not only enhance the competitiveness of enterprises,promote the long-term development of enterprises,but also Promote the economic development of different countries and regions.However,domestic and foreign scholars mostly study the performance of companies from the perspective of human capital stock,and pay little attention to the relationship between the company's human capital market value and the stock return rate.Therefore,this paper studies the relationship between the value of human capital market and the company's stock return based on data from China's Shanghai and Shenzhen A-share listed companies from 2006 to 2018.First,this article defines the human capital market value,and gives a tentative measure of the human capital market value.Then this article calculates the unit employee equity value and company human capital market value of 21 industries in China as a whole.The research finds that the unit employee equity value in the service industry is significantly higher than that of traditional manufacturing.This phenomenon is as we expected.The human capital investment of employees in intensive industries is relatively low,resulting in low employee stock equity value.This phenomenon is just the opposite of the foreign energy industry,which further shows that China's energy manufacturing is lagging behind.Finally,we turned from the macro direction to the micro enterprises.We used the human capital market value,market value scale,and book-to-market ratio as explanatory variables.The company's stock return rate was the most explained variable.A multivariate linear model was constructed to study the human capital market value and company stock return rate.The relationship between them,in order to ensure that the explanatory variables such as market value scale,book-to-market value ratio,and asset-liability ratio interfere with the human capital market value,we have controlled the variables in turn through the regression of the mixed least squares regression model to achieve the accuracy of our research results.The study found that companies with high human capital market value have higher returns than companies with low human capital market value,and their returns differ by 10.8%.In order to further explain the differences between the capital markets in different countries and regions,we have compared the empirical results at home and abroad and found that there are significant differences betweenthe domestic and foreign markets.In order to better develop China's human capital market,we put forward four policy recommendations from different levels: the state should strengthen capital market supervision and management,improve the market management system,and build a good market environment;the market should strengthen human capital research and unify The measurement of human capital speeds up the establishment of a human capital assessment system;companies should strengthen human capital investment and build a human resource bank for the company's own development;individuals should strengthen their understanding of the human capital market value system and establish a correct view of human capital.