Employee Responsibility,Human Capital And Enterprise Value

With the deepening of ESG concept,all walks of life increasingly recognize that social responsibility construction is an inevitable choice for high-quality sustainable development of enterprises.Under the new economic development situation,CSR has also stepped into a new normal and gradually become a practical action and strategic behavior of enterprises.At present,China is in a comprehensive transformation period,human capital plays an extremely important role,but the relationship between employees and the company is becoming increasingly complex.Therefore,actively fulfilling employee responsibilities has become an irresistible pressure and driving force for the development of enterprises.Taking responsibility will inevitably involve the input of resources and costs.At present,there is no definite research conclusion on the impact of employee responsibility fulfillment and enterprise value.In addition,due to the data base of corporate social responsibility in China is at the stage of perfection,the third-party rating agencies mostly disclose the overall score of social responsibility,so there is much less research on employee responsibility compared to foreign countries.Therefore,the impact of different dimensions of employee responsibility on the enterprise and the impact path between employee responsibility and enterprise value are still worth further exploration.Based on the theoretical analysis of stakeholder theory,human capital theory,organizational behavior theory and other theories,this paper takes the enterprises that published social responsibility reports in the A-share market from 2009 to 2021 as the research sample,and explores the relationship and impact path between employee responsibility performance and enterprise value.Specifically,firstly,based on the main reporting disclosure standards and guidelines at home and abroad,this article establishes a primary indicator of employee responsibility and categorizes it into five secondary indicators: employee participation,rights protection,compensation and benefits,occupational health,and employee development.Secondly,using Python software to extract and quantify text features,the scores of the first and second level indicators of corporate employee responsibility were obtained,and the impact of different dimensions of corporate employee responsibility fulfillment on corporate value was empirically tested.On this basis,this article takes human capital as the entry point and further explores the mechanism of the relationship between employee responsibility and corporate value from the perspectives of employee productivity and employee innovation.Finally,based on the results of mechanism testing,this article divided the sample enterprises into technology intensive and non-technology intensive,high intensity human capital investment and low intensity human capital investment for group analysis,further verifying the effectiveness of mechanism channels and the differences in the impact paths of employee responsibility fulfillment.The research results of this article indicate that:(1)there is a positive correlation between employee responsibility fulfillment and corporate value,indicating that actively assuming employee responsibility can better promote the improvement of corporate value.(2)The impact of employee responsibility fulfillment on corporate value varies across different dimensions,with rights protection,compensation and benefits,health and safety,and career development all having a positive impact on corporate value,with compensation and benefits having the greatest impact on corporate value.(3)The fulfillment of corporate employee responsibilities can affect employee productivity and thus corporate value.In the secondary indicators of employee responsibility,rights protection,compensation and benefits,and health and safety have a significant positive impact on employee productivity,with compensation and benefits having the greatest impact on employee productivity.(4)The fulfillment of corporate employee responsibilities can affect employee innovation and thus affect corporate value.Among the secondary indicators of employee responsibility,rights protection,health and safety,and career development have a significant positive impact on employee innovation,with career development having the greatest impact.(5)The impact of fulfilling employee responsibilities on the value of technology intensive enterprises is greater than that of the other group.From the perspective of employee responsibility in different dimensions,in non-technology intensive enterprises,compensation and benefits have a significant impact on the value of the enterprise;In technology intensive enterprises,career development has a greater impact on the value of the enterprise.(6)In the high-intensity human capital investment group,equity protection and health and safety have a significant positive impact on corporate value;In the low intensity human capital investment group,equity protection and compensation benefits have a positive promoting effect on corporate value.This article examines the impact of employee responsibility fulfillment on corporate value from the perspective of employee responsibility and its smaller sub dimensions.It further explores the pathways and mechanisms by which employee responsibility fulfillment affects corporate value,enriches relevant research results,and provides a new perspective for the study of employee responsibility in enterprises.It promotes employee responsibility fulfillment,enhances management efficiency,and promoting the construction of a social responsibility system has certain reference significance.