The Impact of Human Capital Factors on the Financial Performance and Market Value of Real Estate Enterprises

Abstract

Against the backdrop of high-quality economic and social development, human capital has increasingly become a critical strategic factor driving corporate value creation. How to effectively transform talent resources into economic value and promote high-quality development has emerged as an important issue in both policy and practice. Using Chinese A-share listed real estate firms from 2010 to 2022 as the research sample, this study constructs a multiple regression model based on firms’ financial statement data to empirically examine the impact of human capital investment and human capital efficiency on corporate financial performance and market value. The results show that human capital investment significantly affects both financial performance and market value, while human capital efficiency is significantly negatively associated with market value. This finding reflects a stage-specific mismatch between human resource allocation efficiency and market growth expectations during the industry’s shift from scale expansion to quality-oriented adjustment. From the perspective of human capital value transformation, this study reveals the mechanism through which talent factors contribute to corporate value creation, and provides empirical evidence for optimizing human resource allocation and improving talent evaluation and incentive systems.