The Impact Of Human Capital Structure On Enterprise Inefficient Investment

Investment activities of enterprises play an important role in expanding operating profits and improving industry competitiveness.Higher overall enterprise investment efficiency will have a very positive impact on the country’s economic growth and efficiency improvement.However,the development of China’s financial market is not mature,and the phenomenon of inefficient investment of enterprises with over investment and under investment is very common,especially the under-investment.The current situation of inefficient investment of enterprises needs to be solved urgently.At present,the academic researches on inefficient investment of enterprises mostly focus on capital constraints,external economic environment,corporate governance and other factors,while the researches on human factors of enterprises mostly focus on senior executives,and no scholars extend the research perspective to the overall human capital and its structure.This thesis takes this as an innovation point,and studies the impact of human capital structure on inefficient investment.Specifically,this thesis selects 16,794 research data of 2515 listed companies in China’s A-share market from 2011 to 2019,uses systematic GMM method to measure inefficient investment of enterprises,and measures the human capital structure of enterprises based on educational background.The human capital is divided into four levels:master’s degree or above,bachelor’s degree,junior college degree,senior high school and below.The first three levels are collectively referred to as higher education human capital.Levinsohn-Petrin method is used to measure total factor productivity of enterprises.The specific benchmark regression adopts the fixed effect model of panel data,and the total factor productivity is introduced as the influence path of the intermediary variable.Then the heterogeneity is analyzed according to enterprise nature and region.In regression,we specifically divide inefficient investment enterprises into overinvestment and underinvestment enterprises.Through empirical analysis,the conclusions of this thesis are as follows:(1)Human capital of higher education can improve the phenomenon of inefficient investment of enterprises.The higher the proportion of human capital in higher education,the lower the investment of over-invested enterprises,and the higher the investment of under-invested enterprises.(2)In the lack of investment enterprises,the different higher education level can significantly improve the efficiency of human capital investment,in terms of promoting effect,master degree or above is greater than bachelor degree,and bachelor degree is greater than junior college degree,master’s degree or above can play 3.1 times the effect of bachelor’s degree,and bachelor’s degree can play 2.4 times the effect of junior college degree.However,similar conclusions do not hold for over-investment enterprises.(3)The total factor productivity plays an intermediary role in the relationship between the human capital with higher education and the firm’s inefficient investment,whether it is underinvestment or overinvestment.(4)Compared with non-state-owned enterprises,the human capital of higher education in state-owned enterprises can significantly improve the over-investment of enterprises,while the situation is opposite in under-investment enterprises.(5)For over-investment enterprises in China,only the human capital of higher education in central China has a significant correlation with over-investment;For under-investment enterprises,the effect of the increase of the proportion of human capital in higher education on the investment of under-in vestment enterprises is central>eastern>western.According to the conclusions,this thesis finally puts forward detailed policy suggestions for the government,universities and enterprises.