建筑企业项目经理人力资本价值评估研究

发布时间：2019-03-05 12:47

【摘要】：近年来,包括房屋建筑、交通设施、能源设施等基础设施在内的建筑市场发展迅速,建筑施工企业对项目经理需求量迅速增加,但对其人力资本的投资和管理缺乏经验,需求和供给之间存在明显缺口,本文旨在解决项目经理人力资本价值的科学评估。项目经理人力资本是建筑企业最为核心的人力资本之一,研究其价值特性和评估方法有助于建筑企业优化项目经理人力资本投资和管理模式,提升企业人力资本价值,进而达到提升企业整体价值的目的。本文站在企业的角度,研究了常规资产评估方法,即成本法、市场法、收益法在人力资本价值评估中存在的问题,本文的核心内容是采用实物期权法评估项目经理人力资本,对项目经理实物期权进行定价,以实现对建筑企业项目经理人力资本进行合理的投资与管理。本文通过梳理前人在价值评估、人力资本等领域的研究成果,结合对建筑施工企业项目经理现状的调查发现,项目经理人力资本所有权归项目经理本人所有,企业以合约形式获得部分使用权；项目经理对建筑企业的未来收益有着决定性的作用,应当参与企业剩余价值的分配,以调动其积极性和创造性。成本法和市场法不能用于项目经理人力资本价值的评估,收益法可以比较全面的反映项目经理人力资本的价值,但与真实价值差距较大,也没有考虑项目经理人力资本的不确定性,风险估计不足,缺点比较明显。本文采用实物期权法,不再只关注项目经理本身人力资本价值的货币化,转而从项目经理人力资本投资和管理的角度研究其人力资本实物期权的价值。首先,对项目经理人力资本进行实物期权分析,着重分析了实物期权的适用性和特性；然后,以金融期权和实物期权为基础,推演出项目经理实物期权及其参数；最后,建立了项目经理综合素质评价指标体系和人力资本实物期权定价模型,充分考虑了项目经理人力资本价值的不确定性带来的风险,用价值波动率来反映,并对相关参数的取值进行了详细研究,分析了价值波动率的敏感性。最后以案例的形式对实物期权法在项目经理人力资本价值评估中的应用进行了研究。
[Abstract]:In recent years, the construction market, including housing construction, transportation facilities, energy facilities and other infrastructure facilities, has developed rapidly, and the demand of construction enterprises for project managers has increased rapidly, but the investment and management of its human capital lacks experience. There is an obvious gap between demand and supply. The purpose of this paper is to solve the scientific evaluation of project manager's human capital value. The human capital of the project manager is one of the core human capital of the construction enterprise. It is helpful to optimize the investment and management mode of the human capital of the project manager and to enhance the value of the human capital of the enterprise by studying its value characteristics and evaluation methods. And then achieve the purpose of enhancing the overall value of the enterprise. From the point of view of enterprises, this paper studies the problems existing in the evaluation of human capital value by conventional asset evaluation methods, namely, cost method, market method and income method. The core content of this paper is to evaluate the human capital of project manager by means of physical option method. In order to realize the reasonable investment and management of the project manager's human capital, the real option of the project manager is priced. Through combing the previous research results in the fields of value evaluation, human capital and so on, combined with the investigation of the current situation of project managers in construction enterprises, this paper finds that the ownership of project managers' human capital belongs to the project manager himself. The enterprise obtains part of the right to use it in the form of contract; The project manager plays a decisive role in the future income of the construction enterprise and should participate in the distribution of the residual value of the enterprise in order to arouse its enthusiasm and creativity. The cost method and the market method can not be used to evaluate the human capital value of the project manager. The income method can reflect the value of the project manager's human capital in an all-round way, but there is a big difference between the cost method and the real value. Also does not consider the project manager human capital uncertainty, the risk estimation is insufficient, the shortcoming is obvious. In this paper, we adopt the real option law, not only pay attention to the monetization of the project manager's human capital value, but also study the value of the project manager's human capital real option from the point of view of the investment and management of the project manager's human capital. Firstly, the real option analysis of the human capital of the project manager is carried out, and the applicability and characteristics of the real option are emphatically analyzed, then, based on the financial option and the real option, the real option of the project manager and its parameters are deduced. Finally, the evaluation index system of the project manager's comprehensive quality and the real option pricing model of human capital are established. The risk caused by the uncertainty of the value of the project manager's human capital is fully considered, and the value volatility is used to reflect the uncertainty of the project manager's human capital value. The value of relevant parameters is studied in detail, and the sensitivity of value volatility is analyzed. Finally, the application of real option law in the evaluation of project manager's human capital value is studied in the form of case.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F426.92;F272.92

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