本研究試圖探討人力資本與公司價值之關聯性，以及探討透過分析師推薦是否充分影響對市場投資者的意涵。本研究以2000年至2019年間的所有美國上市公司為樣本，實證結果顯示公司的人力資本投入與分析師盈餘預測間存在正向關係，代表分析師在評估未來的盈餘時會參考人力資本的規模。再者，公司的人力資本投入與公司價值間存在正向關係，代表市場對於公司的人力資本給予正面評價。最後，實證結果顯示公司的人力資本資源部分要透過分析師發佈的盈餘預測來反應到股價，亦即分析師的盈餘預測部分中介了人力資本與公司價值之間的關係。

This research investigates the impact of human capital on corporate value, and explores whether earnings forecasts of analysts can mediate the relationship between human capital and firm value. The empirical analysis is based on all U.S. listed companies’ data from 2000 to 2019 as a sample. The results show that there is a positive connection between company’s human capital investment and their earnings prediction from analysts, which means that analysts will refer to the scale of human capital investment when they evaluate the company’s future earnings. As a conclusion analysts play the roles to reflect company’s human capital investment are parts of company’s value and price in the stock market.

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