高管团队内部社会资本对财务绩效的影响——基于企业创新的中介效应

The Influence of Social Capital within the Top Management Team on Financial Performance——Based on the Intermediary Effect of Enterprise Innovation

基于社会资本理论和高阶理论,以2013—2019年中国创业板上市公司为样本,引入企业创新为中介变量,研究了高管团队内部社会资本对财务绩效的影响。实证研究发现,第一,高管团队内部社会资本在任期、年龄和学历异质性三个维度上对企业创新均为正向影响;第二,任期、年龄和学历异质性对财务绩效均有正向影响;第三,企业创新在高管团队内部社会资本对财务绩效的影响路径中发挥中介作用。在更换企业创新、财务绩效指标和中介作用检测方法后,结果依然稳健。研究结果表明,企业应重视维护高管团队内部社会资本,完善人才培养,建立内部社会资本—企业创新—财务绩效的有效转化机制,并结合创新驱动发展等国家战略加大企业创新投入,带动相关产业转型升级,使其成为企业核心竞争力之一。

Based on the theory of social capital and high-level theories,taking the listed companies on China’s GEM from 2013 to 2019 as a sample,introducing corporate innovation as an intermediary variable,this paper studies the impact of social capital within the senior management team on financial performance.The empirical study found that,first,the social capital within the top management team has a positive impact on corporate innovation in the three dimensions of tenure,age,and education heterogeneity;second,the heterogeneity of tenure,age and education all have a positive impact on financial performance;third,corporate innovation plays an intermediary role in the impact path of social capital within the senior management team on financial performance.After changing enterprise innovation,indicators and intermediary detection methods,the results are still robust.The research results show that companies should pay attention to maintaining social capital within the senior management teams to improve talent training,establish an effective transformation mechanism of internal social capital-enterprise innovation-financial performance,and combine innovation-driven development and other national strategies to increase investment in enterprise innovation and upgrading of relevant industries to make them the core of enterprises.