企业家人力资本的形成及其作用机制研究——基于A股上市公司的经验数据

摘要

By empirical research,with 300 Chinese A-share listed-companies as samples,this article studies the formation and action mechanism of entrepreneur human capital（EHC）.We built an SEM to explore the relationship among EHC investment,EHC stock and enterprise performance,and the diversity between the EHC with different properties.The result shows different EHC investments would get different EHC,and the relationship between the EHC stock and enterprise performance is very complicated.The EHC plays a positive effect on the performance indicators concerned by shareholders,but a negative effect on the performance indicators concerned by loaners and other stakeholders.And there＇s no significant difference between EHC with different properties.%采用实证研究的方法,以300家我国A股上市公司为样本,研究企业家人力资本的形成与作用机制。通过建立结构方程模型探索企业家人力资本投资与企业家人力资本的形成、企业家人力资本存量与企业绩效的关系,以及不同属性企业家人力资本存量的差异。研究结果显示,不同类型企业家人力资本投资对企业家人力资本的形成有着不同的影响;企业家人力资本存量对不同利益相关者所关注的企业绩效指标呈现出多元化的特点,企业家人力资本存量对股东所关注的企业绩效指标有正向的作用,而对债权人等利益相关者所关注的绩效指标有反向的作用;不同属性的企业家人力资本存量没有显著差异。