| In the recent years,geopolitical conflicts and economic turbulence have increased,which has increased the difficulty of macroeconomic regulation and control in China.In addition,most domestic industries are in a critical period of transformation,which puts forward higher requirements for Chinese policy makers and brings new challenges to market players.Faced with challenges and impacts,the Chinese government has actively formulated a variety of economic policies for macro-control,and the economic policy uncertainty caused by this will eventually be transmitted to the market.The human capital investment of listed companies is closely related to the social employment rate and people’s living standards,and it is particularly important to study the impact of economic policy uncertainty on the human capital investment of listed companies.This thesis sorts out the economic consequences of economic policy uncertainty,the influencing factors of human capital investment of listed companies,and the relevant literature that analyzes the relationship between the two,and then analyzes the mechanism of economic policy uncertainty affecting the human capital investment of listed companies from the theoretical level,and puts forward a hypothesis,using the relevant data of human capital investment of A-share non-financial listed companies in China from 2012 to 2021 to conduct empirical research and analyze the impact of economic policy uncertainty on the human capital investment of listed companies.Furthermore,this thesis analyzes the adjustment of human capital investment behavior in the face of economic policy uncertainty since the establishment of Poly Development.Finally,according to the research results,targeted suggestions and policy enlightenment are made.The empirical conclusions obtained in this thesis are:(1)The increase in economic policy uncertainty significantly inhibits the human capital investment of listed companies.(2)The increase in economic policy uncertainty negatively affects the human capital investment behavior of listed companies by affecting sales margins and total operating costs.(3)The increase in economic policy uncertainty positively affects the salary level of corporate executives by increasing investment in innovation and R&D within enterprises,and(4)Economic policy uncertainty will also have a structural impact on personnel in different departments of enterprises and improve the level of academic qualifications.In the case analysis,the analysis of the historical human capital investment data of Poly Development found that the increase in economic policy uncertainty negatively affected the human capital investment of Poly Development,but Poly Development adopts the development model of focusing on real estate development business in first-tier cities and "one main and two wings",and uses equity incentives and other methods to realize the mutual interests of managers and enterprises,so that it can reduce agency costs,maintain strong competitiveness and increase market share on the basis of stable expansion of business scale,which is worth learning.Therefore,the government should pay attention to the changes in the human capital investment behavior of listed companies caused by economic policy uncertainty,choose to formulate and implement appropriate economic policies at the right time,and adopt targeted economic policies as much as possible,so as to effectively avoid frequent changes in economic policies;Enterprises should start from themselves,take proactive measures to improve their perception and ability to respond to economic policy uncertainties,adjust human capital investment behavior in a timely manner,reduce agency costs,and improve competitiveness in the industry. |
