Study On Human Capital Investment’s Financial Effect And Mechanis M Of Action In The High-tech Enterprises

In the new economy era, enterprise inte llectual capita l has surpassed traditio naltangib le assets and become strategic resource of e nterprises. There fore, more andmore scholars and institutio ns begin to research huma n capita l and enterpriseperformance. These studies provide us with va luab le emp irical data to furtherresearch human capita l. However, less of literatures related to huma n capita linvestme nt invo lve by what way does huma n capita l investment in the high-techenterprise affect economic consequences. The n the relations hip between enterprisehuma n capital investment and economic consequences ma y be a black box. F rom theangle of the enterprise ability, we try to find out the possib le mecha nis m of howenterprise human capita l investme nt influences enterprise performa nce, so we canuncover the black box. In the mean time, we can provide more knowledge for huma ninvestme nt theory, also provide benefic ia l enlighte nment for releva nt practice.This paper adopts the comb ination of normative and emp irical research method,tak ing high-tech enterprises as samp le, taking huma n capita l property right theory andenterprise ability theory as guida nce, us ing med iating effect model to research. Firstof all, we qua ntify the enterprise human capita l investme nt, the n we go on furtherstudy on the relation between enterprise huma n capita l investment and enterpriseperformance, enterprise huma n capita l investme nt and enterprise ab ility. Fina lly weanalyze the intermediary role and quantify the leve l of this med iating effect. Theemp irical results show that: first, human capital investment rea lly ca n influenceenterprise performance positive ly, and this effect has a certain la g effect. Second, theenterprise’s human capital stock and appropriate liquidity are the basis to obtain idealhuma n capita l investment bene fit. So the enterprises need to pursue the reasonablehuma n capita l structure. Third, the enterprise human capita l investment ma inlyinflue nces the enterprise production effic ie ncy and cap acity, but not enterprisemana ge ment effic iency. Fourth, the enterprise huma n capita l investme nt andenterprise ability (production effic ie ncy and capacity) are the influence factors ofenterprise performance. In the process of affecting e nterprise performance, enterpriseability (production e ffic iency and capacity) rea lly pla y a partia l med iating ro le as theintermediary variab le. Finally, we put forward some proposals for enterprise huma ncapita l investment activities，especia lly the executive human capita l.