Based on questionnaire survey of human resources department administrative persons and department managers of 111 firms from Mainland China, This paper analyses the relationship among the human capital, human resources management practices and firm performance under the dynamic environment of economic transition and economic globalization. We use four indicators to measure firms' human capital, namely the quality and quantity of human capital, fitness of human capital,complementarities of human capital and specificity of human capital, and make an empirical test on the hypothesis through hierarchical regression and cross-level analysis. The result shows that the impact of human resource management practices on firm performance partly performs through the intermediary role of human capital, and dynamic environment weakens the direct effect of resources management practices on human capital, thus weakening the intermediary role of human capital, that is,compared with the stable environment, dynamic environment plays regulating role between human resource management practices and human capital.%根据对中国大陆企业人力资源部的经理和有关管理人员进行调查的111份有效问卷,分析经济转型和企业国际化的动态环境下,人力资本、人力资源管理实践与企业绩效的关系.通过质量和数量、匹配性、互补性、异质性这4个指标来衡量企业的人力资本,并以层级回归和多层次理论对假设进行实证检验.研究结果表明,人力资源管理实践对企业绩效的影响是通过人力资本的部分中介作用来表现的;动态环境会减弱人力资源管理实践影响人力资本的直接作用关系,以及减弱人力资本的中介作用,即与稳定的环境相比,动态环境在人力资源管理实践与人力资本间具有调节效应.
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