造纸产业人力资本与企业经营绩效的协整分析——基于上市公司的实证研究

A Co-integration Analysis of Human Capital and Enterprises’ Operation Performance in Papermaking Industry——An Empirical Study Based on Listed Companies

关键词:  供给侧结构性改革  人力资本  经营绩效  协整分析

Key Words:structural reform of supply-side  human capital  operation performance  co-integration analysis

摘要:传统制造业能否走出经营困境对我国的供给侧结构性改革来说意义重大。通过选取典型的传统制造业——造纸产业上市公司2002—2016年年度报告中的相应数据，对造纸产业上市公司的整体人力资本与经营绩效进行了实证分析，较为深入地研究了人力资本在造纸产业中所扮演的角色，有针对性地提出了促进造纸产业企业转型升级、保证供给侧结构性改革顺利进行的对策建议。

Abstract:Whether the traditional manufacturing industry can get out of the operation difficulty is of great significance to the structural reform of supply side. Based on the of listed companies semi-annual report and annual report in 2002—2016 of typical traditional manufacturing industry-papermaking industry. Empirical analysis indicated there was co-integration relationship between the overall human capital and business performance.On the other side， the role of human capital in the papermaking industry was studied in depth.Some suggestions of promoting the transformation of the papermaking enterprises and ensuring the smooth progress of the supply side structural reform．