Study On The Impact Of Human Capital Of Executive Team And R&D Investment On Enterprise Performance

As the most important human resources of the corporations,the corporate executives have aroused scholars' much attention.Since Hambrick and Mason(1984)put forward the Upper Echelons Theory,a large number of empirical research literature have emerged in Western academia on the relationship between the human capital of executive team and corporate performance.As people pay more attention to the human resources and the competition is increasingly aggravating,the corporate also pay more attention to the construction of the management team.By reading the research literature at home and abroad,we found the personal characteristics of top management team does make an impact on the performance of enterprise.But the impact may not be a direct relationship,it may be affected by mediating variables.It is said the human capital of the management team is probably through the enterprises' investment decision-making to effect the performance.After sorting out and analyzing relevant literature,we find that there are few papers concerning the approaches of the human capital affecting the corporate performance.The selection of mediating variables mainly focus on the R&D investment and the technological innovation and the study sample mainly is manufacturing enterprises.Based on the existing research of intermediate variables and samples,this paper chooses manufacturing enterprises as the total sample,and in which select of high-tech enterprises as a sub sample to make an comparison,In order to test the R&D investment as the mediating variable is more applicable to the enterprise that have a higher requirements to the technical innovation.This paper selects 307 manufacturing listing companies' panel data in the Shanghai and Shenzhen A-share as the total sample,and in which selects 93 high-tech enterprises as the sub samples to probe into the relationship between the biography and non-biography human capital of management team and R&D investment and the corporate performance.The transmission of R&D investment is also discussed in the paper.We can draw the follow conclusions from this empirical research:(1)The biography and non-biography human capital of management team have obvious impact on corporate performance.(2)The two human capital mentioned above also have manifest influence on the choice of R&D strategy in distinct ways.(3)The human capital influence the corporate performance only partly through the choice of R&D strategy,which acts as part of the mediating variable.(4)R&D investment's transmission effect in high-tech enterprise is higher than that of the overall sample of all manufacturing enterprises.