Research On The Relationship Between Relationship Capital,Regional Financing Environment And High-tech Enterprise Performance

Enterprise relationship capital can bring hidden benefits to high-tech companies.However,the mechanism of influence of relational capital on high-tech enterprises has rarely been studied.With the rapid development and expansion of high-tech enterprises,the construction of regional financing environment has received the attention of government departments.The study found that corporate development is not only limited by environmental uncertainty,but also affects environmental construction.Therefore,this paper tries to explore how to give full play to the positive role of the environment and maximize the value creation of relational capital.In addition,this paper draws conclusions on the relationship between relationship capital,regional financing environment and high-tech enterprises performance,and proposes policy recommendations for the development of relationship capital and government sector construction of regional financing environment.In the research process,the measurement standard of relational capital has not been unified,which has brought certain inconvenience to the research of relationship between relationship capital and high-tech enterprises performance.Therefore,based on the stakeholder theory,this paper divides the relationship capital into five dimensions,employee relationship capital,customer relationship capital,supplier relationship capital,relationship capital with university research institutes and government-enterprise relationship capital,which are designed by combining relationship trust and other attributes.Financial indicators are the basis for the evaluation of indicators for all performance.This paper selects financial performance to measure one of the performance indicators of high-tech enterprises.Due to the rapid growth of technology-based enterprises and the high investment in innovation,this paper uses growth performance and innovation performance to measure the performance of high-tech enterprises.As this paper uses questionnaires to collect data,this study also needs to consider the characteristics of the questionnaire and the impact of the differences in the survey model on the research model.This article mainly uses SPSS.24 statistical software and AMOS.21 measurement software to give technical support.Because of the data collected by the questionnaire that has certain subjectivity,the empirical analysis needs to adopt some methods to test the rationality of the design of the questionnaire and the reliability of the research conclusions,such as the widely used reliability and validity test.Then,this paper uses the method of analysis of variance to test the difference of control variables in the study variables in an attempt to eliminate the influence of control variables on subsequent studies.Then,in the process of testing hypothesis,this paper analyzes the correlation between relational capital and high-tech enterprise performance,and concludes that there is a significant positive correlation between the two;this paper splits the sample data into two groups of data by the regional financing environment,representing Poor and better groups,and uses stratified regression to analyze the impact of relational capital on high-tech enterprises performance.In the end,the paper concludes that all dimensions of relational capital can significantly positively affect high-tech enterprises performance.In other words,the more the relationship capital is accumulated,the higher high-tech enterprises performance.At the same time,this paper verifies the adjustment effect of regional financing environment by observing whether the fitting coefficients of the two regressions change significantly.By comparing the regression coefficients of the two groups,it is judged whether the regional financing environment is positive or negative.Finally,this paper uses the structural equation model to demonstrate the reliability of the research model again.The modules studied in this paper mainly include the theoretical part and the empirical part.The theoretical analysis part mainly includes the research background,literature review,theoretical overview and the process of hypothesis analysis.The literature review section systematically reviews the research literature and results of relational capital,regional financing environment and high-tech enterprise performance,and evaluates its research status.Finally,the research topic of this paper is proposed.The theoretical overview section explains the implications of relational capital,regional financing environment,and high-tech corporate performance.This part includes the definition of variables,dimension division,functional analysis and theoretical basis.Hypothesis analysis includes the relationship between relationship capital and high-tech enterprise performance,and the analysis of the adjustment role of regional financing environment,and proposes the corresponding relationship hypothesis.The basis of empirical testing is data.This paper collects data through questionnaires,and after a series of screening work,the last valid questionnaire data is obtained.In the data of the effective questionnaire,this paper uses the statistical software to conduct hypothesis testing.The empirical chapter mainly explains the data source,research model and empirical analysis process,and finally draws the research conclusion.The main conclusions of this paper include:(1)employee relationship capital,customer relationship capital,supplier relationship capital,relationship capital with university research institutes,and government-enterprise relationship capital are all significantly correlated with high-tech enterprise performance,and the performance is positive.(2)Through stratified regression analysis,comparing the two groups of data with better and worse regional financing environment,it is found that the regional financing environment is positively regulating the impact of relational capital on the performance of high-tech enterprises.A good regional financing environment can not only facilitate the development of high-tech enterprises,but also provide a stable place for relational capital to promote performance growth.Policy recommendations mainly refer to the corresponding recommendations based on the research conclusions.From the perspective of relational capital,high-tech enterprises should pay attention to the investment and accumulation of relational capital to promote the improvement of high-tech enterprise performance and the development of enterprises;from the environmental point of view,government departments should improve the construction of regional financing environment to enhance the relationship capital.Promote the performance of science and technology enterprises,and build a financial service system for high-tech enterprises in China,enhance the capabilities of the real economy,and improve the business environment in China.