企业采取的战略决定着其员工所需要具备相应的能力,而员工的知识、技能等组合构成了企业人力资本,进而影响企业竞争力。本文以110家制造业企业为研究对象,运用结构方程模型(SEM)探讨战略选择对员工能力发展影响,以及不同战略情形下,员工能力与人力资本之间影响关系。实证研究表明：领先型战略与员工的创新能力、适应能力、客户导向能力显著正相关；防御型战略与结果导向能力发展显著正相关,与专业技术能力正相关未得到支持；在领先型战略下,客户导向能力与人力资本价值显著正相关,创新能力与人力资本独特性显著正相关,而适应能力与人力资本价值正相关未得到支持；在防御型战略下,结果导向能力与人力资本价值显著正相关,而专业技术能力与人力资本独特性正相关未得到支持。研究成果为人力资本理论体系提供新的研究视角,为企业发展人力资源提供决策参考。

The design and implementation of the strategic option chosen by the company conditions the different behaviors, skills and knowledge that employees bring to the company, constitute human capital. Taking 110 manufacturing enterprises as the research object, this paper assess whether different strategic contexts condition the emergence of different employees competencies, as well as the relationship of various strategic situations, employee competencies and human capital by structural equation modeling (SEM). Results showed that: the prospector strategy has a significant and positive influence on the competencies that fall under proactive behavior (innovation and adaptability) and customer-orientation; the defender strategy positively and significantly conditions the competency of results-orientation only; in the case of a prospector strategy, the competency of customer-orientation is positively and significantly related with the value of human capital and that the competency of proactive behavior(innovation) displays a positive relationship with the uniqueness of human capital; In the case of the defender strategy, the competency of results-orientation displays a significant and positive relationship with the value of human capital. This paper provides a new perspective for the study of human capital and decision-making reference for enterprise development.

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福建省软科学资助项目（2013R0082）