企业家人力资本对上市公司企业绩效的影响研究

发布时间：2018-04-16 08:11

本文选题：企业家人力资本 + 企业绩效　；参考：《云南财经大学》2017年硕士论文

【摘要】：市场竞争日趋激烈和国际化,企业家是经济发展中最稀缺的资源。在我国经济转型过程中,企业家对于上市公司有着中流砥柱的作用,即企业家人力资本对上市公司企业绩效有着深远的影响。本文试图以创业板的上市公司作为实证研究的对象,论证企业家人力资本对企业绩效的内在影响机理,认识到企业家人力资本的重要性,最后提出对企业家激励约束的建议,使得企业家在公司中更好的发挥才能。本文首先介绍了企业家、企业家人力资本基本的研究现状,进而导出企业家人力资本与企业绩效的研究现状。其次,以企业家理论、人力资本理论、企业资源基础论、委托代理理论展开论述,为后文的论证提供理论基础。再次,通过文献阅读,理清了对企业绩效的影响多个因素。从中选择了3个大方面分别是投资报酬状况、盈利与偿债能力状况、资产运营状况。细分为9个财务指标,以2015年创业板的419家上市公司的财务报表为研究对象,通过因子分析方法,筛选出特征根大于1的4个因子作为公因子,运用相关系数矩阵建立了评价模型,用4个公因子去描述财务指标之间的关系,着重体现企业绩效的影响因素,为后文提供依据。在研究企业家人力资本对上市公司企业绩效的影响关系时,本文首先选取创业板的531家上市公司的财务报表为研究对象,用SPSS17.0导入初始数据进行数据分析。其次将被解释变量企业绩效(ROA)和衡量企业家人力资本的三个解释变量企业家的年薪(SAL)、企业家的学历(LEV)、企业家的年龄(AGE),以及两个控制变量企业的规模(SIZE)、企业的风险(RIS)进行回归拟合分析。验证了企业家的年薪对企业绩效的正向影响关系且影响的效果较为显著、企业家的学历对企业绩效的正向影响关系且显著、企业家的年龄对企业绩效的正向影响关系且显著。最后给出建议,建立企业家的激励约束机制。使得企业家在上市公司中有努力的方向,尽可能的发挥其自身的管理与创新能力,给企业带来较高的绩效、较高资产回报率和其他积极的财务指标。
[Abstract]:Market competition is becoming increasingly fierce and international, entrepreneurs are the most scarce resources in economic development.In the process of China's economic transformation, entrepreneurs play a key role in the listed companies, that is, entrepreneur human capital has a profound impact on the performance of listed companies.This paper attempts to take listed companies on the gem as the object of empirical research, to demonstrate the inherent influence mechanism of entrepreneur human capital on enterprise performance, to recognize the importance of entrepreneur human capital, and finally to put forward some suggestions to encourage and restrain entrepreneurs.Enable entrepreneurs to play better in the company.This paper first introduces the basic research status of entrepreneur and entrepreneur human capital, and then derives the research status of entrepreneur human capital and enterprise performance.Secondly, the theory of entrepreneur, the theory of human capital, the theory of enterprise resource foundation and the theory of principal-agent are discussed, which provides the theoretical basis for the later argumentation.Thirdly, by reading the literature, the author clarifies many factors that affect the performance of enterprises.Three major aspects are selected: investment return, profitability and solvency, and asset operation.The financial statements of 419 listed companies in the gem in 2015 were subdivided into 9 financial indicators. Through factor analysis, 4 factors whose characteristic root was greater than 1 were selected as common factors.The evaluation model is established by using the correlation coefficient matrix, and the relationship between financial indexes is described by four common factors, which mainly reflect the influencing factors of enterprise performance and provide the basis for the following articles.In order to study the impact of entrepreneur human capital on the performance of listed companies, this paper firstly selects the financial statements of 531 listed companies in the gem as the research object, and uses SPSS17.0 to import the initial data to analyze the data.Secondly, it will explain the variables of firm performance (load) and the three explanatory variables measuring entrepreneur's human capital: the annual salary of entrepreneur, the education of entrepreneur, the age of entrepreneur, and the size of enterprise with two control variables, the risk of enterprise.The regression fitting analysis was carried out by RIS.The positive effect of entrepreneur's annual salary on enterprise performance is significant, the positive influence of entrepreneur's education on enterprise performance is significant, and the positive influence of entrepreneur's age on enterprise performance is significant.Finally, some suggestions are given to establish the incentive and restraint mechanism for entrepreneurs.So that entrepreneurs in the listed companies have the direction of efforts, as much as possible to play its own management and innovation ability, to bring higher performance, higher returns on assets and other positive financial indicators.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F272.91;F272.5

【参考文献】