企业人力资本结构对国际并购绩效的影响——基于企业家教育背景的调节作用

将企业的人力资本结构分为4个维度:员工受教育程度、员工薪酬、员工培训以及员工流动，选取2004年以来发生国际并购的上市公司为研究样本，研究其人力资本结构对企业国际并购绩效的影响.结果表明:高科技企业的员工受教育程度与国际并购绩效之间有显著的U型关系，员工流动对高科技企业以及非高科技企业的国际并购绩效有显著的负向影响，企业家教育背景对人力资本结构与企业国际并购绩效之间的关系具有积极的调节作用.

Impact of Enterprises' Human Capital Structure on International M&A Performance: Based on Moderating Effect of Entrepreneurs' Educational Background

The human capital structure of enterprises is divided into four dimensions: employee educational level， employee salary， employee training and employee turnover. The listed enterprises with international mergers and acquisitions(M&A) since 2004 are used as the research sample to study the impact of enterprises’ human capital structure on the international M&A performance. The results show that the relation between employees’ average educational level and international M&A performance in high-tech enterprises presents a U structure， employee turnover has a negative impact on the international M&A performance of high-tech enterprises and non-high-tech enterprises， entrepreneurs’educational backgrounds have a positive moderating effect on enterprises’ human capital structure and international M&A performance.