高管团队社会资本、风险承担能力与中小企业创新意愿

Top Management Team's Social Capital,Risk-taking Ability and Innovation Willingness of Small and Medium-sized Enterprises

创新激励有助于促进中小企业做大做强、实现高质量发展和经济转型升级。基于湖北省197家新三板企业调查数据,结合我国中小企业现状对现有创新意愿量表进行修订,并对创新意愿形成机理进行实证分析。研究结果表明:高管团队社会资本能够显著改善中小企业创新态度,并有效强化其创新动机;社会资本对提升企业风险承担能力具有积极作用;企业风险承担能力有助于激发创新意愿,并在社会资本与创新意愿之间发挥中介作用;高管权力正向调节社会资本与创新态度、创新动机的关系;相较于传统企业与成立较早的企业,社会资本对科创型企业以及年轻企业的创新激励作用更显著。上述结论有助于拓展和丰富企业创新意愿形成机理研究,同时,为激励中小企业研发创新提供政策参考。

Innovation incentives of small and medium-sized enterprises(SMEs) is the key issue in promoting enterprises to become bigger and stronger,achieve high-quality development and speed up economic upgrading.Due to the Sino-US trade frictions,with the increasing external pressure and industrial policy stimulus,domestic enterprises have fully expressed and promoted their innovation willingness.However,the lack of innovation in SMEs has laid a hidden danger for the sustainable development in the future.Therefore,it is of great theoretical significance to study the mechanism of SMEs' innovation willingness,and explore effective innovation motivations for the sustainable and high-quality development of China's SMEs.By employing a set of survey data from OTC listed companies in Hubei Province,this study starts from the current situation of SMEs in China,revises the existing innovation willingness scale to analyze the formation mechanism of innovation willingness.The results show that social capital of the management team can significantly improve the innovation attitude of SMEs and effectively strengthen their innovation motivation.Social capital has a positive effect on enterprise's risk-taking ability.Risk-taking ability can help promote innovation willingness,thus playing an intermediary role between them.The power of executives positively mediates the relationship among social capital,innovation attitude and innovation motivation.Compared to traditional enterprises and early-established enterprises,social capital has a more positive effect on innovation willingness in technological innovation-oriented enterprises and new start-ups.These findings shed lights on the related fields from multiple perspectives.On the one hand,this paper enriches the research on the determinants of innovation willingness.Existing research mainly focus on internal governance,financing capabilities,executives' personal characteristics,and macroeconomic policies,while this study explores the positive role of management team social capital on innovation willingness.On the other hand,this paper broadens the boundary of economical effects of corporate social capital.A large number of studies have proved its role in financing constraints,investment efficiency,operating risks and business performance.This study further explores the impacts of corporate social capital on innovation willingness and its economical mechanism.This study proposes several suggestions for corporate management and policy making.Firstly,in addition to economic incentives such as compensation,enterprises need to focus more on stakeholders management.Secondly,professional managers with rich experience should be hired to enhance innovation ability and improve the incentive mechanism.Thirdly,active RD cooperation among universities,research institutes and other enterprises should be fully promoted,and it is conducive for SMEs' innovation strategy.From the perspective of policy making,in order to stimulate the innovation willingness of SMEs,the authorities are suggested to make full use of their informational and organizational capabilities to establish a stable channel,to provide SMEs with sufficient external resources,and shore up the specific industries and emerging enterprises to maximize the stimulus effect with limited political costs.The deficiencies in this study are listed as follows.There is a bias of sample selection in this paper,for example,the listed companies in this study have distinct regional characteristics.For small and medium-sized enterprises,in addition to positive innovation willingness and risk-taking ability,it is a topic worthy of further discussion of how to achieve successful innovation and even high-quality innovative R D.Small and medium-sized enterprises often have weak internal governance,serious homogeneity of senior management team,and lack attraction to external talents.In addition to hiring professional managers,it is also a great challenge to quickly and effectively expand the social capital of enterprises.