人力资本提升资本结构稳健性之研究——基于中小企业板的经验证据

摘要

In the new economic era,human capital is beyond physical capital and natural capital,and becomes the most main factor of realizing enterprises＇sustainable development.Based on the impacts of human capital＇s appropriability,flexibility,and risk on the enterprises＇capital structure after human capital separated from original ＂enterprise capital＂,this paper takes fast-developing small and medium-sized manufacture enterprises from the SME Board in Shenzhen between 2006 and 2008 as research object,and applied the index of human capital to implement empirical research.The results have showed that human capital＇s comprehensive level has a significant and negative correlation with the capital structure,and only human capital＇s initiative can significantly promote the robustness of capital structure;human capital of small and medium-sized enterprises have huge potential.In the premise of giving two or more to enterprises＇debt,it is imperative to pay attention to financial beverage effects of human capital activity.considerations to As human capital is separated from the original ＂enterprise capital＂,This paper.%新经济时代,人力资本已经超越物质资本和自然资本,成为企业实现可持续发展的最主要的要素。基于人力资本从原有的＂企业资本＂概念中分离后的专用性、能动性、风险性对企业资本结构产生的影响,本文以深市中小企业板2006-2008年成长型中小制造企业为研究对象,运用人力资本指数进行了实证检验。研究发现,人力资本综合水平与资本结构显著负相关,只有人力资本能动性能显著提升资本结构的稳健性;中小企业人力资本水平有很大的提升空间,在兼顾企业负债水平前提下,应重视人力资本能动性的融资杠杆效应。