创始人人力资本与高技术新创企业创新:一个有调节的中介模型

Founder’s Human Capital and the Innovation of High-tech Start-ups:A Moderated Mediation Model

本文研究了创始人人力资本对高技术新创企业创新的作用机制,重点分析了风险投资在两者间的中介作用,并将制度环境调节因素引入研究框架,构建了一个有调节的中介模型。通过对305家新三板上市高技术新创企业展开实证研究,本文得到以下结论:第一,创始人较高的教育水平、较丰富的管理经验不仅能直接促进高技术新创企业进行技术创新,还能通过吸引风险投资间接促进技术创新。第二,创始人的创业经验对高技术新创企业创新具有直接的积极影响。第三,创始人的技术专长虽然对吸引风险投资具有显著的积极影响,却不直接影响高技术新创企业创新。进一步研究表明,创业或管理经验与技术专长的协同效应能显著促进高技术新创企业的创新水平。第四,制度环境地区差异对创始人人力资本对高技术新创企业创新的直接影响和间接影响均存在调节作用。

To explore the mechanism of how founder’s human capital impacts the innovation of high-tech start-ups,this paper constructs a moderated mediation model focusing on the mediating effect of venture capital and further including the institutional environment as a moderating variable.Based on the data of 305 high-tech start-ups from 2007 to 2017,the empirical results show that:First,founder’s higher education level and management experience can not only directly promote the innovation of high-tech start-ups,but also indirectly promote the innovation by attracting venture capital.Second,founder’s entrepreneurial experience only has a direct positive impact on the innovation of high-tech start-ups.Third,although founder’s technical expertise has a significant positive impact on attracting venture capital,it does not directly affect the innovation of high-tech start-ups.Further research shows that the synergistic effect of entrepreneurial or management experience and technical expertise can significantly promote the innovation of high-tech start-ups.Fourth,institutional environment moderates founder human capital’s direct and indirect impacts on the innovation of high-tech start-ups.