【摘要】：近年來,包括房屋建筑、交通設(shè)施、能源設(shè)施等基礎(chǔ)設(shè)施在內(nèi)的建筑市場發(fā)展迅速,建筑施工企業(yè)對項目經(jīng)理需求量迅速增加,但對其人力資本的投資和管理缺乏經(jīng)驗,需求和供給之間存在明顯缺口,本文旨在解決項目經(jīng)理人力資本價值的科學(xué)評估。 項目經(jīng)理人力資本是建筑企業(yè)最為核心的人力資本之一,研究其價值特性和評估方法有助于建筑企業(yè)優(yōu)化項目經(jīng)理人力資本投資和管理模式,提升企業(yè)人力資本價值,進而達到提升企業(yè)整體價值的目的。本文站在企業(yè)的角度,研究了常規(guī)資產(chǎn)評估方法,即成本法、市場法、收益法在人力資本價值評估中存在的問題,本文的核心內(nèi)容是采用實物期權(quán)法評估項目經(jīng)理人力資本,對項目經(jīng)理實物期權(quán)進行定價,以實現(xiàn)對建筑企業(yè)項目經(jīng)理人力資本進行合理的投資與管理。 本文通過梳理前人在價值評估、人力資本等領(lǐng)域的研究成果,結(jié)合對建筑施工企業(yè)項目經(jīng)理現(xiàn)狀的調(diào)查發(fā)現(xiàn),項目經(jīng)理人力資本所有權(quán)歸項目經(jīng)理本人所有,企業(yè)以合約形式獲得部分使用權(quán)；項目經(jīng)理對建筑企業(yè)的未來收益有著決定性的作用,應(yīng)當(dāng)參與企業(yè)剩余價值的分配,以調(diào)動其積極性和創(chuàng)造性。成本法和市場法不能用于項目經(jīng)理人力資本價值的評估,收益法可以比較全面的反映項目經(jīng)理人力資本的價值,但與真實價值差距較大,也沒有考慮項目經(jīng)理人力資本的不確定性,風(fēng)險估計不足,缺點比較明顯。 本文采用實物期權(quán)法,不再只關(guān)注項目經(jīng)理本身人力資本價值的貨幣化,轉(zhuǎn)而從項目經(jīng)理人力資本投資和管理的角度研究其人力資本實物期權(quán)的價值。首先,對項目經(jīng)理人力資本進行實物期權(quán)分析,著重分析了實物期權(quán)的適用性和特性；然后,以金融期權(quán)和實物期權(quán)為基礎(chǔ),推演出項目經(jīng)理實物期權(quán)及其參數(shù)；最后,建立了項目經(jīng)理綜合素質(zhì)評價指標(biāo)體系和人力資本實物期權(quán)定價模型,充分考慮了項目經(jīng)理人力資本價值的不確定性帶來的風(fēng)險,用價值波動率來反映,并對相關(guān)參數(shù)的取值進行了詳細研究,分析了價值波動率的敏感性。最后以案例的形式對實物期權(quán)法在項目經(jīng)理人力資本價值評估中的應(yīng)用進行了研究。
[Abstract]:In recent years, the construction market, including housing construction, transportation facilities, energy facilities and other infrastructure facilities, has developed rapidly, and the demand of construction enterprises for project managers has increased rapidly, but the investment and management of its human capital lacks experience. There is an obvious gap between demand and supply. The purpose of this paper is to solve the scientific evaluation of project manager's human capital value. The human capital of the project manager is one of the core human capital of the construction enterprise. It is helpful to optimize the investment and management mode of the human capital of the project manager and to enhance the value of the human capital of the enterprise by studying its value characteristics and evaluation methods. And then achieve the purpose of enhancing the overall value of the enterprise. From the point of view of enterprises, this paper studies the problems existing in the evaluation of human capital value by conventional asset evaluation methods, namely, cost method, market method and income method. The core content of this paper is to evaluate the human capital of project manager by means of physical option method. In order to realize the reasonable investment and management of the project manager's human capital, the real option of the project manager is priced. Through combing the previous research results in the fields of value evaluation, human capital and so on, combined with the investigation of the current situation of project managers in construction enterprises, this paper finds that the ownership of project managers' human capital belongs to the project manager himself. The enterprise obtains part of the right to use it in the form of contract; The project manager plays a decisive role in the future income of the construction enterprise and should participate in the distribution of the residual value of the enterprise in order to arouse its enthusiasm and creativity. The cost method and the market method can not be used to evaluate the human capital value of the project manager. The income method can reflect the value of the project manager's human capital in an all-round way, but there is a big difference between the cost method and the real value. Also does not consider the project manager human capital uncertainty, the risk estimation is insufficient, the shortcoming is obvious. In this paper, we adopt the real option law, not only pay attention to the monetization of the project manager's human capital value, but also study the value of the project manager's human capital real option from the point of view of the investment and management of the project manager's human capital. Firstly, the real option analysis of the human capital of the project manager is carried out, and the applicability and characteristics of the real option are emphatically analyzed, then, based on the financial option and the real option, the real option of the project manager and its parameters are deduced. Finally, the evaluation index system of the project manager's comprehensive quality and the real option pricing model of human capital are established. The risk caused by the uncertainty of the value of the project manager's human capital is fully considered, and the value volatility is used to reflect the uncertainty of the project manager's human capital value. The value of relevant parameters is studied in detail, and the sensitivity of value volatility is analyzed. Finally, the application of real option law in the evaluation of project manager's human capital value is studied in the form of case.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2015
【分類號】：F426.92;F272.92

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