An Empirical Study On The Influence Of Top Management Team Social Capital On The Innovation Performance Of Entrepreneurial Firms

As a scarce resource,the social capital plays an important role in the innovation output of the entrepreneurial firms.The top management team is at the strategic decision-making level of the enterprise,and the social capital can influence the innovational attention and decision of the enterprise and then influence the innovation performance.This paper mainly studies the influence of academic capital,government capital,and guild capital on the innovation performance of entrepreneurial firms.At the same time,it introduces innovation-attention and R&D investment as intermediary variables,and builds the multiply mediation model between social capital of top management teams and the innovation performance of entrepreneurial firms.This paper mainly uses 292 manufacturing companies listed on the Shenzhen Stock Exchange's Growth Enterprise Market as research samples,uses SPSS 20.0 statistical analysis software,and adopts the Bootstrap-based mediating effect analysis method to empirically test the research hypothesis.The results show that the top management team's academic capital,guild capital,innovation-attention,and R&D investment have a positive effect on the innovation performance of entrepreneurial firms;the academic capital and guild capital of the top management team have a significant positive impact on innovation-attention;Top management team academic capital and innovation-attention have a significant positive impact on corporate R&D investment;innovation attention plays a partial mediating role between top management team academic capital,guild capital,and innovation performance of entrepreneurial firms;R&D investment plays a partial mediating role between top management team academic capital and innovation performance of entrepreneurial firms;innovation attention,R&D investment played a chain mediating role between the academic capital of top management team and the innovation performance of entrepreneurial firms;there was no significant influence between the top management team's government capital and innovation-attention,R&D investment,and innovation performance of entrepreneurial firms.There is no significant correlation between the guild capital of the top team and the R&D investment of the company.Based on the empirical results,the following management implications are drawn: Firstly,the top management team of entrepreneurial firms should focus on promoting and maintaining the social capital of the team,establishing a mechanism about capital-concern-decision making-performance within the company;secondly,focusing on the guidance、distribution and promotion of attention resources and pay attention to its driving effect on the company's innovation decisions;Thirdly,pay attention to the driving role of top management team's academic capital to entrepreneurial firms' innovation;Fourthly,The entrepreneurial firms should correctly handle the relationship with the government and promote the transformation of government functions.