Abstract

The purpose of this paper is to investigate whether human capital affects firm value by following a positive methodological approach. According to the classical theory of economic growth, the output of a country depends on its human and physical capital. At the micro-level, the same theory holds true for firm output. Thus, the human capital of a firm should play a significant role in firm performance and therefore firm valuation. Our results show a positive relationship between human capital and firm value. Human capital creates value; first, by better utilization of current growth opportunities; second, by creating future growth opportunities, and lastly, by reducing the volatility associated with the firm growth rate. Also, we test the size effect on the relationship between human capital and firm value and do not find any differential impact.

摘要

本文的目的是通过遵循积极的方法论来研究人力资本是否影响公司价值。根据经济增长的经典理论，一个国家的产出取决于其人力资本和物质资本。在微观层面，同样的理论适用于企业产出。因此，公司的人力资本应该在公司绩效和公司估值中发挥重要作用。我们的结果表明人力资本和公司价值之间存在正相关关系。人力资本创造价值；首先，通过更好地利用当前的增长机会；其次，通过创造未来的增长机会，最后，通过降低与公司增长率相关的波动性。此外，我们测试了人力资本与公司价值之间关系的规模效应，但没有发现任何不同的影响。