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| The Impact of Human Capital Structure on Enterprises' Scientific and Technological Innovation Performance |
| Zhang Shoufeng,Liu Haorong |
| (Business School,University of Jinan,Jinan 250024,China) |
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Abstract Scientific and technological innovation (STI) is the key driver of economic growth, and enterprises play a vital role in scientific and technological innovation, undertaking the main force in R&D investment, project organization and transformation of achievements. Meanwhile, human capital, as the most dynamic core element of scientific and technological innovation input, is the key to improving the capability and level of scientific and technological innovation. Therefore, through reasonable planning and allocation of human capital structure, enterprises can not only accelerate the deep integration of innovation elements within the enterprise, but also provide a strong guarantee for the improvement of organizational efficiency, enterprise value creation and competitive advantage. In addition, the technical competence of the executive team also affects the innovation activities of technological talents within the enterprise.#br#In view of this, this paper focuses on the impact of the overall human capital structure of enterprises on their scientific and technological performance, and further discusses the role of human capital structure in the innovation efficiency of enterprises. Existing studies have mainly demonstrated that the human capital structure of executives has a significant impact on business performance, but there is a lack of consideration for both human capital structure at the employee level and how the overall human capital structure of enterprises affects STI performance. Therefore, following the human capital theory, this paper conducts an in-depth study on this following two aspects. It first fully considers the causes of human capital formation, and integrates thefunctional positions of employees in enterprises into the human capital structure. Then it specifies the human capital structure into educational structure and skill structure, with the combination of the educational level of employees that Schulz focuses on. Furthermore the paper separately examines impacts of both educational structure and skill structure on STI performance and efficiency. According to the high-level echelon theory, it takes the background of enterprise executives as the moderating variable, and examines its moderating effect. #br#In this paper, the Chinese A-share listed companies in Shanghai and Shenzhen from 2011-2021 are taken as the initial sample. After screening and analyzing the employee structure and innovation performance of enterprises, the paper firstly defines the two core variables of human capital structure and corporate STI performance, and then it constructs a multiple linear regression model to test the hypotheses. After the benchmark regression, the moderating effect of executive technical background and the effect of human capital structure on enterprise innovation efficiency are further examined.#br#The results show that, first, both the educational structure and the skill structure of human capital can enhance the R&D input and innovation output of enterprises. The benchmark test is still robust after endogeneity tests using 2SLS and sys-GMM. Second, the analysis of moderating effect shows that an increase in the proportion of senior executives with technical background effectively enhances the positive effect of human capital structure on corporate innovation output. Finally, further study shows that there is a significant negative effect of educational structure on enterprise innovation efficiency, which indicates that, to a certain extent, listed companies have not yet formed their own innovation model. The human capital structure of employees needs to be further adapted to the scientific and technological innovation needs of enterprises.#br#On the basis of the analysis of existing studies, this paper takes the human capital structure of employees and technological innovation performance as objects of research, theoretically enriching related research in this specific area. Different from previous studies, this paper innovatively considers the impact of human capital structure on enterprises' scientific and technological innovation performance from the perspective of employees, and further discusses the impact of human capital structure on enterprises' innovation efficiency from a more comprehensive and in-depth perspective. Both theoretical and empirical analyses support the findings of this article, and expand the research content of human capital theory and innovation theory at the micro level of enterprises. The findings of this paper also have implications for how to allocate employees to improve innovation performance for enterprises and how to expand employment choices of high-level talents for governments.#br#
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Received: 11 November 2022
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