智力资本、财务能力与民营企业持续性创业研究

The Effect of Intellectual Capital and Financial Capability on Persistent Entrepreneurship of Private Enterprises

通过梳理相关理论,构建了智力资本、财务能力与持续性创业之间的理论研究框架。根据197家企业的问卷调查数据,利用结构方程模型对理论假设进行检验。实证分析显示,人力资本对财务能力和持续性创业都产生直接的正向影响;创新资本对持续性创业也产生直接的正向影响,但对财务能力的影响则不显著;关系资本虽与财务能力之间的关系显著,却与持续性创业的关系不显著。结果表明,财务能力在人力资本与持续性创业之间起部分中介作用,在关系资本与持续性创业之间起完全中介作用,而在创新资本与持续性创业之间的中介作用不显著。

The scarcity of intellectual capital and inadequacy of financial capability are two major restrained factors for enterprises＇ development and growth. This paper constructs a theoretical research framework among the intellectual capital, financial capability and persistent entrepreneurship by combing relevant literature, and uses the structural equation modeling to test the theoretical hypothesis based on questionnaire data. The empirical results show that human capital has a positive effect on financial capability and persistent entrepreneurship, and innovation capital also has a direct positive impact on persistent entrepreneurship, but it is not significant with persistent entre- preneurship. Although relation capital has a efficacious correlation with financial capability, the relationship with persistent entrepreneurship is not noticeable. In addition, the results reveal that financial capability is playing a partial mediating role between human capital and persistent entrepreneurship and a full mediating variable factor be- tween relation capital and persistent entrepreneurship, but mediation between innovation capital and persistent en- trepreneurship are not significant.