企业管理团队人力资本、研发投入与企业绩效的实证研究  

Enterprise Management Team Human Capital,R&D Investment and Enterprise Performance

作　　者：朱焱[1] 张孟昌 

机构地区：[1]湖南大学工商管理学院,410082

出　　处：《会计研究》2013年第11期45-52,96,共8页Accounting Research

摘　　要：本文基于"管理团队人力资本——行为——经济后果"的研究范式,利用2009-2011年200家制造业上市公司的面板数据,采用中介变量方法研究管理团队人力资本通过影响企业研发投入而作用于企业绩效的情况,并对这种中介效应的大小进行了量化。我们的实证结果显示:(1)管理团队传记性人力资本与非传记性人力资本对企业绩效存在显著影响,但影响性质不同;(2)管理团队传记性人力资本与非传记性人力资本对企业研发投入存在显著影响,影响性质也不同;(3)管理团队人力资本对企业绩效影响的效果只有一部分是通过影响企业研发投入传导的,企业研发投入是管理团队人力资本与企业绩效之间的部分中介变量。Based on the research paradigm of'Management team human capital- Behavior- Economic consequences'and the 2009- 2011 panel data of 200 manufacturing-listed companies,we utilize the mediating variables to study the enterprise management team human capital affecting the enterprise performance through the R&D investment and the mediating effect is quantified. We can draw 3 conclusions: Firstly,the biography and non- biography human capital of management team have a significant impact on enterprise performance with different properties. Secondly,the two human capital mentioned above also have a significant impact on enterprise performance with different properties. Thirdly,the human capital affects the enterprise performance only partly through the R&D investment,which acts as part of the mediating variable between enterprise management team human capital and enterprise performance.

关 键 词：管理团队人力资本 企业研发投入 企业绩效 中介效应 

分 类 号：F272[经济管理—企业管理]