摘要
在经济全球化，并且我国进入经济新常态的今天。企业面临的生存与发展
环境更加恶劣，企业只有创新，并及时关注市场需求与变化，才能稳健发展，
不断壮大，而人力资本作为企业的特殊资源，已成为企业形成竞争优势不可或
缺的重要资源。特别是我国的信息技术上市企业，对知识和创新依赖较高，其
发展更依赖于企业所拥有的人力资本。此外，企业作为一个生命体，并不是固
定不变的，在不同的发展时期，发展特征不同，面临的环境、战略、目标也有
所差异。此时的企业人力资本与企业绩效关系是否产生变化？以及何种类型的
企业人力资本对绩效作用最强？值得思考。因此，本文首先在前人研究与相关
理论基础上，以我国信息技术企业为例，对企业的一般层面、成长阶段、繁荣
阶段、衰退阶段的人力资本与绩效的关系进行分析，并提出研究假设。然后，
构建面板数据模型，实证分析并验证文中假设。最后，得出主要结论，并提出
针对性地建议。结果如下：
（1）一般层面的企业家人力资本投入与企业绩效显著负相关，企业家及员
工人力资本存量、员工人力资本投入均与企业绩效显著正相关。此时，员工人
力资本存量标准化系数为 19.538，对绩效提升最强。无论企业在何种发展时期
都应重视员工的人力资本投入，提高他们的薪酬福利等物质报酬

（2）成长期企业的企业家人力资本投入与企业绩效显著负相关，企业家及
员工人力资本存量、员工人力资本投入均与企业绩效显著正相关。此时，员工
人力资本投入系数为 24.979，对绩效提升最强。企业应适当减少企业家人力资
本投入，同时，尽可能提高员工的人力资本投入，企业可将削减的企业家管理
团队薪酬用在员工身上

（3）繁荣期企业的企业家平均年龄及人力资本投入与企业绩效显著负相
关，员工人力资本投入及存量与企业绩效显著正相关。此时，员工人力资本存
量系数为 91.701，对绩效提升最强。企业应优化企业家人力资本结构，及时对
其管理团队成员进行必要地调整、更换。此外，应着重加大对核心创新型高管
或员工的吸纳，提高他们的素质，增强企业活力。新疆大学 2017届硕士研究生毕业论文
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（4）衰退期企业，无论是企业家还是员工，二者作用均较弱，且只有企业
家平均任期与企业绩效显著负相关，系数为-9.255，对绩效阻碍作用较强。企业
应对其管理团队进行组织变革，可招聘一些外部高层管理人员，推动组织变革
与创新。同时，进行必要地裁员减员，缩减支出费用，加快创新，重视核心员
工的留任

关键词：人力资本；生命周期；企业绩效新疆大学 2017届硕士研究生毕业论文
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ABSTRACT
In the economic globalization, and the development of China&39;s economy into the
new normal today. The enterprises of survival and development environment is more
bad, enterprises only adhere to innovation, timely attention to market demand and
changes in order to steadily develop and grow, human capital as a special resource of
the enterprise, has become an important resource of enterprise competitive advantage.
In particular, China&39;s information technology listed companies, relying on a higher
knowledge and innovation.Its development depends more on the human capital
owned by the enterprise.However, the enterprise as a life is not immutable and frozen.
In different stage of the life cycle, there are different development characteristics, the
enterprise facing different environment, strategy, and subject. The human capital on
performance is changed or not And what kind of human capital has the strongest
effect on performance Worth thinking. Therefore, this paper on the basis of previous
studies and related theories, the case of China&39;s information technology enterprises,
analyze the relationship between human capital and performance in general level,
growth stage, boom stage and recession stage, and put forward some research
hypothesis. Then, the paper construct the panel data model to verify the hypothesis.
Finally, the main conclusions and some specific suggestions are drawn as follows:
(1)General level of enterprise, there is a significant negative correlation between
entrepreneur&39;s human capital input and performance, and the human capital stock and
human capital investment are positively correlated with performance. At this time, the
staff of human capital stock coefficient is 19.538, which plays a significant role in
performance improvement. No matter what kind of development period, enterprises
should pay attention to the human capital investment and improve their
compensations and benefits.
(2)The growth period, the entrepreneur human capital investment and
performance is negatively correlated, entrepreneurs and employees human capital,新疆大学 2017届硕士研究生毕业论文
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human capital investment and employee performance was a significant positive
correlation. At this time, the staff of human capital investment coefficient is 24.979,
which plays a significant role in performance improvement. The enterprise should
reduce the entrepreneur&39;s human capital investment appropriately, at the same time,
improve the human capital investment as much as possible.
(3)The boom period, and the average age of the entrepreneur human capital
investment and performance negatively related to employee human capital input is
positively related to stock and corporate performance. At this time, the staff of human
capital stock coefficient is 91.701,which plays a significant role in performance
improvement. The enterprise should optimize the structure of entrepreneur human
capital, timely adjust and replace its management team members. In addition, we
should recruit more innovative executives or employees, improve their quality,
enhance the vitality of enterprises.
(4)The recession period, both entrepreneurs and employees of their human
capital on performance are weak, and only the average tenure and entrepreneurial
performance was negatively correlated, the coefficient was -9.255, which inhibit the
performance improvement. Enterprises should to deal with organizational changes to
its management team, recruit more external management talents,promote organization
innovation. At the same time, they need to reduce the number of employees, reduce
costs，accelerate innovation and pay attention to the maintain these core employees.
Key words: Human capital, the life cycle, enterprise performance新疆大学 2017届硕士研究生毕业论文
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目 录
摘要........I
1 绪 论....1
1.1 研究背景与意义...........1
1.1.1 研究背景.1
1.1.2 研究意义.2
1.2 国内外研究综述...........2
1.2.1 国外研究综述.....2
1.2.2 国内研究综述.....4
1.2.3 文献述评.8
1.3 研究内容与方法...........9
1.3.1 研究内容及研究框架图.9
1.3.2 研究方法及技术路线图...........10
1.4 本文的创新点.11
2 理论回顾与概念界定...........12
2.1 理论回顾.........12
2.1.1 人力资本理论...12
2.1.2 企业资源基础论...........13
2.1.3 企业生命周期理论.......13
2.2 企业人力资本.13
2.2.1 企业人力资本概念界定...........13
2.2.2 企业人力资本衡量.......14
2.3 企业生命周期.14
2.3.1 企业生命周期概念界定...........14
2.3.2 企业生命周期划分.......14
2.4 企业绩效.........15
2.4.1 企业绩效概念界定.
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