ความสัมพันธ์ระหว่างทุนมนุษย์กับผลการดำเนินงานของกิจการ: กรณีศึกษา บริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย

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วรีวรรณ เจริญรูป
พวงทอง วังราษฎร์
นภาภรณ์ ทรัพย์กุลมงคล

บทคัดย่อ

          งานวิจัยนี้มีวัตถุประสงค์เพื่อศึกษาความสัมพันธ์ระหว่างทุนมนุษย์กับผลการดำเนินงานของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย ทำการศึกษาจากกลุ่มตัวอย่างบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย ในปี 2558 จำนวน 330 บริษัท สถิติที่ใช้ในการวิจัยครั้งนี้คือ การวิเคราะห์การถดถอยเชิงพหุคูณ ผลการวิจัยพบว่า ทุนมนุษย์มีความสัมพันธ์ต่อผลการดำเนินงานของบริษัทในตลาดหลักทรัพย์ อันได้แก่ ผลตอบแทนจากสินทรัพย์ (ROA) ผลตอบแทนจากส่วนผู้ถือหุ้น (ROE) ผลตอบแทนจากการใช้เงินทุน (ROCE) และโดยเฉพาะมูลค่าขององค์กร (Tobin’s Q) มีความสัมพันธ์มากที่สุด ดังนั้น บริษัทที่ลงทุนในส่วนของบุคลากรมีโอกาสที่จะได้รับผลตอบแทนจากการดำเนินงานในเรื่องของเงินปันผลหรือมูลค่าหุ้นสูงกว่าจากนักลงทุนภายนอก ซึ่งส่งผลให้บริษัทสามารถสร้างมูลค่าและความมั่งคั่งให้กับบริษัทอย่างต่อเนื่อง


 


          The objective of this study is to study the relationship between human capital and firm performance of listed firms in Thailand. The samples are 330 listed companies in Thailand in the year 2015. The statistics used in analyzing data was multiple regression analysis. The results of the research were found that human capital related to firm performance of listed companies including return on assets (ROA), return on equity (ROE), return on capital employed (ROCE). Especially, Tobin's Q is the most closely associated with firm performance. Therefore, companies that invest in their personnel will have the opportunity to receive returns on operating in terms of dividends or share value higher than outside investor. As a result, companies can continuously create value added and wealth for the companies.

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