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1、人力资本保留基于实物期权的分析（Humancapitalretentionananalysisbasedonrealoptions）IntroductionStrategichumanresourcemanagementontherelationshipbetweenhumanresourcemanagementandcorporateperformanceempiricalresearch,alargenumberofresultsshowthatthereisapositivecorrelationbetweenhighperformancehumanreso
2、urcepracticeandorganizationalperformance,humanresourceisthemostlikelysourceoftheenterprise'scorecompetenceandsustainablecompetitiveadvantage,isconducivetothecompany'slong-termfinancialperformance.Becker&Huselidthathumanresourcepracticesaffectthefirmperformancefortworeasons:oneisthelab
3、orcostisanimportantpartofthecostofproduction,humanresourcesmanagementcanreducetheproductioncost;thetwoisthepracticeofhumanresourcemanagementisnotimitationisthesourceofenterpriseresources,andgaincompetitiveadvantage.Withthedevelopmentofresource-basedtheory,moreattentionhasbeenpaidtothe
4、latterreason,andhumanresourcesareconsideredasstrategicassetsofenterprises.Sincehumancapitalisastrategicassetofanenterprise,itisalsofacedwiththeriskoflosingvalue,includingdepreciationofcapital(obsoleteskills),lossofcapital(employeeturnover),postchange,andsoon.Realoptiontheoryisanimport
5、anttoolofriskmanagement,itisabouttherealassetscontract,theownercanchoosewhethertodelayoptionfurtherinvestmentintheseassets,thedepreciationoftheassetstominimizeriskandmaximizethechancesofassetappreciation,andthustomaintainphysicalassetsincomestability.Bhattacharya&Wrightfirstappliedthe
6、theoryofrealoptioninstrategichumanresourcemanagementresearch,andcarriedontheresearchofhumancapitaloption.Buttheirresearchisthefoundationandframework,thispaperbrieflyreviewsthetheoryofrealoptionsandhumancapitaloptions,focusesontheanalysisofhumancapitalreserve(orflow)howtheriskandenterp
7、riseuseoptiontheoryofhumancapitaltomanagetheserisksandopportunities,createvaluefortheenterprise.RealoptiontheoryThetheoryofrealoptionfromfinancialoptions,inthefinancialmarket,optionsisthataholdertoprovidebeforetheexpirationoftheoptionexpirationdateoratafixedprice(thestrikeprice)tobuyo
8、rsell
