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

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

2、gh 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 affec

3、t 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 a

4、dvantage. 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 depr

5、eciation 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 th

6、e 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 the

7、ir 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 and enterprise use option theory of human capital to manage these risks and opportunities, create valu

8、e for the enterprise.Real option theoryThe theory of real option from financial options, in the financial market, options is that a holder to provide before the expiration of the option expiration date or at a fixed price (the strike price) to buy or sell a certain amount of the underlying asset rig

9、ht. The option is a financial derivative, a based on the expected future value of assets risk management of financial asset price changes, divided into the call option and put option, call option is the owner according to predetermined strike price in the future due before the purchase of specific r

10、ights assets; option holder is specific to the sale before the expiration date assets in accordance with predetermined price right.Is generally believed that the option price is related to a series of factors including the underlying asset value, the value of the underlying asset fluctuation varianc

11、e, distance options expiration time, strike price and financial market risk-free interest rate etc. In 1972, Black & Scholes put forward the option pricing model based on the principle of risk-free arbitrage, which greatly promoted the development of the options market.Real and financial assets have

12、 some common characteristics: the value, the need for further investment, price uncertainty, so some scholars in the pricing of real assets investment from financial option pricing theory thought. The investment in some physical assets is multistage,At each stage, the investment information is incre

13、asing, and the uncertainty of investment value is decreasing gradually, so these stages reduce the risk of losing all investment value. Real option holders do not invest fully in physical assets during the current period, but the upfront investment gives them the right to add or abandon investment o

14、pportunities in the future. The real option theory has been applied to the investment decision process, pricing the new technology, new enterprise and new investment project.The financial option is a kind of man-made financial derivatives, the contract is complete, a clear definition of the right, t

15、he market transaction is relatively easy; among the decision resources or procedure by real options may exist in the enterprise, even in the absence of a written contract. Many intangible factors make it difficult to estimate the real option, but the pricing idea of the financial option can be used

16、for reference in the investment of physical assets, and fully evaluate the value of the uncertainty of investment. The logic of real options is that firms can make small investments (options) to provide opportunities for future large investments, but not a commitment. Because firms wait until uncert

17、ainty disappears before undertaking a full commitment, so they can potentially gain huge profits while avoiding the risk of vicious loss.The key of real option logic is to reduce the uncertainty of information flow during the establishment of options and options, including uncertainty of returns, un

18、certainty of scale and uncertainty of cost and quality. The types of real options are complex. According to the function of real options services, they can be divided into time options, size options and flexible options. The time is organized by stage investment options, or to obtain a small investm

19、ent, further investment rights (option), when a large number of investment risk is reduced, companies can further expand investment risks. The size of the option is to invest in a specific technology or production equipment, with the changes of the organization faces the demand or supply conditions

20、and the need to adjust the scale of production, timely expansion, contraction, shut down production equipment, to avoid greater losses suffered by the rights of enterprises. Flexible option is the right of an enterprise to change its mode of production and change its partners in order to reduce cost

21、s and improve quality when the demand / supply condition of the enterprise changes.Human capital optionHuman capital is the knowledge, skills and behavior contained in the employees of an enterprise, and it is a valuable strategic asset in an enterprise. Human capital can create value for the enterp

22、rise, but need time to process and continuous investment in human capital, the value realization process is also faced with changes in the value of uncertainty, with the same attributes of real options and real assets.Risk is the uncertainty of output or event, and is the premise of option. The risk

23、 of human capital investment in enterprises is due to the uncertainty of human capital performance or income, and changes with time. Bhattacharya & Wright will be compared to the risk of human capital and physical assets, human capital management uncertainty into three types, namely the scale perfor

24、mance uncertainty, uncertainty and flexibility of uncertainty.The sources of performance uncertainty include three aspects: the obsolescence of existing staff skills, the demand for new skills and the loss of key employees. The size of the uncertainty is due to seasonal or cyclical employment, or be

25、cause the number of employees of supply and demand fluctuations caused by the sudden, showed a large number of full-time permanent employees or the existence of cash flow risk high fixed costs to employees. The uncertainty of flexibility is that if employees do not have a wide range of knowledge and

26、 flexibility in general skills, the risk of reduced productivity may occur when employees need to be reconfigured within the enterprise.The risk of human capital value changes over time, through the stages of investment, or change the investment properties decrease, one of the most critical is the o

27、rganization of multiple choice exists in human capital investment. When an organization employs an employee, the organization may choose to continue investing, giving up investment, or changing the type of investment in future employment. Organizational specific human resource management activities,

28、 such as recruitment, selection, training, compensation systems and performance evaluation systems, can be considered as a decision on human capital investment. The former human resource management activities establish the human capital option for the future human capital management, that is, the en

29、terprise can minimize the risk of human capital investment and maximize the opportunity. Therefore, the human capital option is a real option based on human resource management activities, and it is an important tool to manage the risk of human capital. The type of risk and human assets investment r

30、elative to Bhattacharya & Wright of the human capital options are divided into three categories: options and flow management options, and the income uncertainty corresponding skill growth and scale uncertainty) corresponding to the time and flexibility options related to the risk of variable costs a

31、nd flexibility option option. Bhattacharya & Wright compares financial options, real options, and human capital options, as shown in table 1. (omitted)Although with the progress of science and technology and knowledge updating skills, the risk of devaluation also threatens performance and skills of

32、the uncertainty in the summed up all kinds of human capital management risk, the risk of employee turnover is most common, so this paper focuses on the analysis of the risk of employee turnover and related human capital options. The so-called human capital option to manage employee turnover is the r

33、isk of the loss of key employees through specific human resource management activities. In general, firms facing greater employee turnover risk are more likely to use this human capital term to manage these risks.Reserve analysis based on human capital optionThe main difference between human and phy

34、sical assets is that firms never really have human assets, and employees can leave organizations relatively freely and take away key skills. The loss quickly become a major organizational risk, especially in the knowledge intensive organization, employees are the knowledge and skills is the most pre

35、cious wealth, is the source of the core competence and competitive advantage.Human resource management has done a lot of research on employee turnover and retention, and has studied the factors such as employee satisfaction and organizational commitment at an individual level,The voluntary mobility

36、(resignation) and involuntary flow of employees (dismissal) were analyzed at the organizational level. Psychologists proposed by March & Simon two influence factors: flow flow desire and easy for a large number of expanding and deepening; economics research shows that the investment in human capital

37、, such as wages and welfare can reduce voluntary mobility; strategic human resource management research also indicates that the improvement of human resources management system to reduce commitment flow. It is generally accepted that employees goals are to maximize their own interests, including fin

38、ancial and psychological benefits, when making decisions about flow or retention. Employees will choose to stay in the organization when they choose to maximize their own interests.Human capital retention and employee turnover with different implications, although generally considered flow to the or

39、ganization at the same time bring good and bad effects, general enterprises will reduce employee turnover rate as an important goal of human resource management activities. The retention of human capital is that retention can be divided into functional and non functional reserve reserve, a good huma

40、n resources management system can promote the value of human capital reserves and adapt to the organization function, and does not belong to the core competence of the enterprise human capital, can maintain relatively loose combination and organization so, really need to keep the organization of hum

41、an capital is selective, the human capital options is to have real value to the organization staff retention within the organization.Many forms of human capital flow management options, Bhattacharya & Wright that wages, employee stock option, to participate in the program and appeal mechanism of com

42、petition, and attractive welfare combinations can reduce the risk of staff turnover, the formation of human capital flow option. Coff (1997) believes that human resource management can increase the retention of human capital from two aspects of job satisfaction and rent sharing. From the perspective

43、 of strategic human resource management, enterprises can take a variety of measures to reduce the risk of employee turnover, and establish more human capital options.Wage increases are the most common method of human resource retention. The relationship between wages and voluntary flows has been emp

44、irically supported at the individual level, at the level of the organization and at the industry level. Salary is not only the external manifestation of human capital value, but also the embodiment of employees relative status and value. So in the strong liquidity of the labor market, compared with

45、competitors, the stronger the salary system the market competitiveness of the organization, the attraction of talent is strong, the risk of human capital loss reduction, establishing the human capital options more.The retention of key employees not only pays attention to the absolute level of salary

46、, but also pays attention to the fairness of salary distribution, that is to say, the relation between employees income and performance. In social production, the personal labor value of employees is not always directly reflected. According to the difference of production methods, employees performa

47、nce is reflected in organizational level, team level and individual level respectively. Only on the basis of the establishment of relevant performance evaluation and performance pay, can reflect the relatively fair distribution procedures. At the same time, some work behaviors can be shown quickly i

48、n performance, while some behaviors have potential impact on organization,Can only be demonstrated in the long-term performance of the future, especially advanced, abstract management and strategic decisions. Therefore, the establishment of performance evaluation methods appropriate to specific pers

49、onnel can improve the cognition of the fairness of salary distribution, and generate more floating options.Becker divides human capital into human capital and enterprise specific human capital in general, the specific human capital of the organization value, knowledge and skills of the staff can not

50、 obtain excess rents in other tissues, the flow will be reduced. Specific human capital investment is likely for the knowledge and skills of organization specific production process and special equipment, including construction of enterprise culture, harmony of interpersonal relationship, such as th

51、e establishment of a working team. When employees move into new organizations, they need to spend a lot of effort to create and familiarize themselves with new human relationships, an effort that is also a switching cost. Therefore, the enterprise adopts more specific human capital investment, will

52、produce more human capital flow option.Edward P. Lazear proposed a competition model for the organizations internal promotion, and considered that in most cases, preference for internal promotion was appropriate. When an outsider participates in the competition of a specific position in an enterpris

53、e, it reduces the probability that the participant will win the promotion, and if there is no internal advantage, the effect of retention will decrease. Promotion is often related to the relative status and autonomy of employees in organizations. Promotion not only represents the increase of human c

54、apital financial income, but also brings psychological satisfaction. Hambrick & Cannella and Ranft & Lord were applied for the relative identity theory to discuss the problems of high retention in the process of asset restructuring in the enterprise managers and key employees, have significant impac

55、t degree of autonomy of the employees and the relative position on employee retention. Therefore, organizations that use internal promotion routines often reduce the risk of a strong aggressiveness and employee turnover and generate more human capital options.The more the human capital runs, the smaller the risk of the loss of human capital in the organization. Therefore, the greater the risk of human capital loss in the organization, the more relevant the human resources management practices to establis