Outside Board Human Capital,Institutional Environment And The Competitive Advantage

Innovation is the key to smooth the conflict of system shortcomings and structural contradictions,in the new normal economic circumstance,and it also leads to the economic development.Along with the globalization of manufacturing transforming into the globalization of innovation,driven by the innovation engine,it will become the new logic to promote the enterprise innovation vigorously,and build a batch of leading enterprise,which have the core competitiveness,under the background of reforming economic supply.Early stage high-tech firms are the principal part of original innovation and integrated innovation.Cultivating the dynamic technology innovation ability has turned into the source and motivation of acquisition competitive advantage.In recent years,scholars have gradually focused on the technology innovation.Some of them have done research about the board of directors and technical innovation.The outside directors always play a secondary role.So they get less attention.Based on team production theory and resource-based theory,this paper combines outside directors,technology innovation,enterprise competition advantage and the institutional environment together,for the first time.And make a thorough inquiry about the relationship between the outside board human capital and the early stage high-tech firm competitive edge.Explore whether the technology innovation has played a mediating role in that relationship,and whether the institutional environment has adjusted that relationship.This paper which regarded companies listed on the gem from 2010 to 2015 as the research object,using principal component analysis and multiple regression techniques,has found that,outside directors function background,proportion and industry background heterogeneity have significant positive influence to the firm competitive advantage.Technology innovation has a positive moderating effect in that process.And the external system environment has adjusted the positive influence between the outside board human capital and the early stage high-tech firm competitive edge.This research has enriched study about the early stage high-tech firm competitive edge,outside board human capital and technology innovation.And it also has provided the reference for outside board directors' recruitment,perfecting the institutional environment,promoting innovation ability and winning competitive advantage for the early stage high-tech firms,in the end.