人力资本保留基于实物期权的分析（Human capital retention an analysis based on real options）.docVIP

人力资本保留基于实物期权的分析（Human capital retention an analysis based on real options） Introduction Strategic human resource management on the relationship between human resource management and corporate performance empirical research, a large number of results show that there is a positive correlation between high performance human resource practice and organizational performance, human resource is the most likely source of the enterprises core competence and sustainable competitive advantage, is conducive to the companys long-term financial performance. Becker Huselid that human resource practices affect the firm performance for two reasons: one is the labor cost is an important part of the cost of production, human resources management can reduce the production cost; the two is the practice of human resource management is not imitation is the source of enterprise resources, and gain competitive advantage. With the development of resource-based theory, more attention has been paid to the latter reason, and human resources are considered as strategic assets of enterprises. Since human capital is a strategic asset of an enterprise, it is also faced with the risk of losing value, including depreciation of capital (obsolete skills), loss of capital (employee turnover), post change, and so on. Real option theory is an important tool of risk management, it is about the real assets contract, the owner can choose whether to delay option further investment in these assets, the depreciation of the assets to minimize risk and maximize the chances of asset appreciation, and thus to maintain physical assets income stability. Bhattacharya Wright first applied the theory of real option in strategic human resource management research, and carried on the research of human capital option. But their research is the foundation and framework, this paper briefly reviews the theory of real options and human capital options, focuses on the analysis of human capital reserve (or flow) how the risk a