创业团队、人力资本异质性与企业绩效——基于研发投入的中介效应研究

Entrepreneurship Team,Heterogeneity of Human Capital and Enterprise Performance:Based on Intermediary Variable of R&D Investment

市场环境的变化促使个人创业逐步让位于团队创业,而创业团队人力资本结构决定着新创企业的成长性。以研发投入为中介变量构建创业团队人力资本异质性与企业绩效之间的检验模型,利用中国新三板创新层技术密集型企业的年报数据进行实证分析,结果显示:创业团队成员年龄、教育水平异质性对企业绩效具有显著的负面影响,行业经历异质性会对企业绩效产生显著的正向影响,而职能履历异质性的影响并不显著;研发投入在人力资本异质性对企业绩效的影响中部分地发挥中介作用。因此,在创设技术密集型企业时,需要关注创业团队人力资本结构的合理性,及时对团队冲突进行有效的管理,同时重视研发投入以促进技术创新及组织绩效。

The changes of market environment make individual entrepreneurship give way to group entrepreneurship,and the human capital structure of start-up team determines the growth of new enterprise.Based on the R&D input as intermediary variable,this paper constructs a test model between enterprise performance and entrepreneurial team heterogeneity,and makes an empirical analysis of the annual report data of 181 technology-intensive enterprises in the new three-board innovation layer.The results are as followings:The heterogeneity of age and education level will have a significant negative impact on enterprise performance.The heterogeneity of industry experience will have a significant positive impact on enterprise performance.The heterogeneity of functional resume has no significant impact.R&D investment partially plays a mediating role in the impact of human capital heterogeneity on enterprise performance.Based on the above findings,it is suggested that the human capital structure of entrepreneurial team should be reasonable,team conflict should be effectively managed,and R&D investment should be emphasized to promote technological innovation and organizational performance.