Research On Relationship Between Directors’ Human Capital、Innovation Strategy And Growth Of SME Family Firms

The modern family business in China was born in the 1980s.As far as the current situation is concerned,most of the family business is still in the initial stage of entrepreneurship or development.and the scale is generally small.The biggest challenge for this group is how to grow and develop better.Therefore,it is of great theoretical and practical significance to study the development of small and medium-sized family business.This paper takes small and medium-sized family enterprises as the research object,selects 150 sample enterprises from GME board in 2014-2018,and discusses the relationship between human capital of the board of directors,innovation strategy and the growth of small and medium-sized family enterprises.In terms of human capital of the board of directors,this paper measures it from two dimensions:board education level and board skill level;selects R&D investment as the proxy variable of innovation strategy,and introduces leadership structure as the moderating variable of human capital and innovation strategy of the board of directors of small and medium-sized family enterprises;for the growth of the company,this paper selects the company’s ability of profitability,solvency,operation,development and risk management.Through factor analysis of 14 financial indicators in five dimensions of ability,a comprehensive indicator representing the growth of small and medium-sized family enterprises is obtained.This paper uses multiple regression analysis to study the relationship between human capital,innovation strategy and growth of small and medium-sized family enterprises,and tests the robustness of the main effect,moderating effect and mediating effect.It is found that,in the sample of small and medium-sized family enterprises,the education level of the board of directors is positively related to the innovation strategy,and the skill level of the board of directors is negatively related to the innovation strategy;the chairman concurrently serving as the general manager positively moderates the relationship between the education level of the board of directors and the innovation strategy;the innovation strategy is positively related to the growth of the enterprise;the education level and skill level of the board of directors are negatively related to the growth of the enterprise to varying degrees.After the introduction of innovation strategy variables,the relationship between the education level of the board of directors and the growth of enterprises becomes more significant,and the relationship between the skill level of the board of directors and the growth of enterprises is no longer significant After bootstrapping test,the mediating effect of innovation strategy between the human capital of the board of directors and the growth of small and medium-sized family enterprises is verified.This paper finds that the relationship between human capital and innovation strategy of the board of directors of small and medium-sized family enterprises is not a simple promotion,but different factors have different effects,and the leadership structure plays different moderating roles in it,which provides theoretical guidance for the enterprise to optimize the allocation of human capital of the board of directors in combination with its own development needs.Innovation strategy promotes the growth of small and medium-sized family enterprises,and it is the mediator variable of human capital of the board of directors and the growth of enterprises.It has a conductive role.It is necessary for small and medium-sized family enterprises to increase R&D investment,improve innovation ability and form core competitiveness to ensure the sustainable growth of enterprises.