Comparative Research Of Human Capital And Material Capital Investment Efficiency To The Enterprise

With the arrival of knowledge economy and the development of world economy globalization trend,the enterprise paying more and more attention to the human capital which play the important role of enterprise core competitiveness and sustainable development.At the same time,physical capital is the basis and premise of enterprise operation and development,is the material basis to the production scale promoted.For enterprises,access to resources need to cost,so the resources enterprise can get are limited,How to get the properly allocation of human capital and material capital investment,make the enterprises to achieve utility maximization is the common problem faced by enterprises in China.At present,the internal investment structure of Chinese enterprises are generally unreasonable.The material capital ratio of Chinese enterprises is larger and material capital investment is inefficient.As the theory of enterprise resource base and the theory of "new growth theory" put forward,more and more companies pay attention to human capital investment,hope that by adjusting the proportion of investment of human capital and material capital investment to improve enterprise performance.In this context,this article in the perspective of enterprise investment,determine the research topic that to compare the efficiency of human capital investment and material capital investment to Chinese enterprise.Based on the analysis of variables related literature and theory,this paper constructs the theoretical model then put forward assumption.This article uses the investment of human capital and material capital investment as the independent variable;the indicators of enterprise performance as dependent variable.According to the characteristics of different industries,the enterprises representing the labor-intensive and knowledge-intensive industries and the enterprises with innovative technology are selected as the samples.The variables are analyzed from the perspective of vertical and cross-section.Through the relevant web sites and the CSMAR database system to collect data in 2015,and the data were analyzed by SPSS19.0.After empirical analysis,this study concluded that:(1)The investment efficiency of human capital and material capital are differences between different industries;(2)the human capital investment of manufacturing and information technology enterprises are positively related to enterprise performance,physical capital investment of manufacturing enterprises are negatively related to enterprise performance,but positively correlated with information technology enterprises,The marginal rate of human capital investment return of the current Chinese enterprise is increasing;(3)In the manufacturing enterprises and information technology enterprise of China,human capital investment efficiency is significantly higher than the material capital investment efficiency.According to the conclusions from the empirical research,this paper puts forward policy suggestions on enterprise's investment decision-making practice: firstly,enterprises should make it clear before business decisions have be made,that which industry the enterprise belongs to,and what is the the enterprise's strategic position.Based on these,targeted to optimize enterprise material capital investment and human capital investment strategy,and adjust the investment of human capital and material capital investment proportion,to coordinate the two kinds of investment way;Secondly,the enterprises should realize that human capital investment play an important role in the developing of the enterprise,and enterprises should attaches great importance to the human capital investment,establish the mechanism of human capital investment evaluation.