基于实物期权的制造业企业人力资本价值评估研究

发布时间：2018-03-30 15:29

本文选题：人力资本　切入点：价值评估　出处：《新疆财经大学》2014年硕士论文

【摘要】：现今社会人力资本越来越为企业所重视，因为人力资本对一个企业来说有着不可替代的作用，可以说是一个企业的灵魂，也是一个企业能否生存和发展壮大的关键所在。企业要想具备良好的发展潜力或者说竞争力，就要有雄厚的人力资本，那么就要求对人力资本价值有一个准确的定价。经本文分析目前存在的传统的人力资本价值评估方法虽然都有可取之处，但是没有考虑到人力资本的不确定性，对人力资本价值的评估有失偏颇，所以本文尝试构建一种能考虑到人力资本的不确定性的人力资本价值评估方法。本文首先在对人力资本理论、人力资本价值理论以及实物期权定价理论阐述的基础上，分别对制造业企业中管理型、技术型和普通人力资本进行了实物期权特性分析，知道这三种人力资本都具有实物期权特性——不确定性，说明用实物期权方法对这三种人力资本进行定价具有可行性，又根据金融期权构造三种类型的人力资本期权，并设定了期权定价模型所含有的参数及其衡量指标。然后再根据black-scholes期权定价模型，构建了基于实物期权的制造业企业的人力资本价值评估模型。最后还对所构建的评估模型中的重要参数——波动率进行了简单的介绍和计算方法说明。通过将所构建的人力资本价值评估模型应用到山东万通模具有限公司进行验证分析可知，企业的管理型员工所能创造的价值的不确定性较大，技术型员工创造的价值量次之，，普通员工所能创造的价值是相对较为稳定的。通过对案例的计量分析也知道，当企业员工所能创造的未来价值大于企业对人力资本的投资时，企业应该相应的提高员工的工资水平和福利待遇，这样才能为企业吸引人才和留住人才，还应该重视对企业员工的培训，因为这样能够为企业带来更大的人力资本价值，增强企业的核心竞争力。
[Abstract]:Nowadays, human capital is paid more and more attention by enterprises, because human capital plays an irreplaceable role for an enterprise. It can be said to be the soul of an enterprise and the key to the survival and development of an enterprise.If an enterprise wants to have good development potential or competitiveness, it must have abundant human capital, so it requires an accurate pricing of human capital value.Though there are some merits in the traditional methods of human capital value evaluation, the uncertainty of human capital is not taken into account, and the evaluation of human capital value is biased.Therefore, this paper attempts to construct a human capital value evaluation method which can take into account the uncertainty of human capital.Based on the analysis of human capital theory, human capital value theory and real option pricing theory, this paper analyzes the real option characteristics of management, technology and ordinary human capital in manufacturing enterprises, respectively.Knowing that these three kinds of human capital have the property of real option-uncertainty, it shows that it is feasible to use real option method to price these three kinds of human capital, and construct three types of human capital option according to financial option.And set the parameters of option pricing model and its measurement index.Then, according to the black-scholes option pricing model, the human capital value evaluation model of manufacturing enterprises based on real options is constructed.Finally, the volatility, an important parameter in the evaluation model, is briefly introduced and the calculation method is explained.By applying the value evaluation model of human capital to Shandong Wantong Mould Co., Ltd., it can be seen that the uncertainty of the value created by the management staff is greater, the value created by the technical staff is the second.The value that the average employee can create is relatively stable.In order to attract and retain talents for enterprises, we should also pay attention to the training of employees, because this can bring greater human capital value for enterprises, enhance the core competitiveness of enterprises.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F272.92;F426.4

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