制度资本能助力高科技企业成长吗?  

Can institutional capital help high-tech enterprises grow?

作　　者：王超发 蔡鑫 杨德林[3] WANG Chao-fa;CAI Xin;YANG De-lin(School of Economics and Management,Xidian University of Architecture and Technology,Xi'an 710126,China;Postdoctoral Research Station of Theoretical Economics,Shenzhen University,Shenzhen 518060,China;School of Economics and Management,Tsinghua University,Beijing 100084,China)

机构地区：[1]西安电子科技大学经济与管理学院,陕西西安710126 [2]深圳大学理论经济学博士后流动站,广东深圳518060 [3]清华大学经济管理学院,北京100084

出　　处：《科学学研究》2021年第12期2223-2231,共9页Studies in Science of Science

基　　金：国家重点研发计划课题(2017YFB1402001);国家社会科学基金重大项目(17ZDA051);国家自然科学基金青年项目(72002163)。

摘　　要：针对经济转型下的制度资本对高科技企业成长的影响问题,本研究以北京、上海、广州、深圳等地的466家高新技术企业为研究对象,采用调查问卷的方法搜集了样本数据,将企业智力资本作为调节变量,分析了制度资本(正式制度资本和非正式制度资本)、智力资本与企业成长之间的关系。研究表明:正式制度资本与高科技企业成长之间呈显著下凸正向关系;非正式制度资本与高科技企业成长之间呈显著上凸正向关系;企业智力资本越多,正式制度资本与高科技企业成长构成的增长曲线下凸越明显,而非正式制度与高科技企业成长构成的增长曲线上凸越明显。相关结论能为中国高科技企业在成长过程中进行战略决策时提供理论支撑和决策参考。In view of the economic transformation of the enterprise system to the influence of capital to high-tech enterprise growth,this study in Beijing,Shanghai,Guangzhou,Shenzhen and other places of 466 high and new technology enterprises as the research object,adopt the method of questionnaire to collect the sample data,the enterprise intellectual capital as a moderator variable,analyzed the system of capital(formal system and informal system of capital),the relationship between intellectual capital and firm growth.The results show that:The relationship between formal institutional capital and the growth of high-tech enterprises is significantly convex and positive,that is,with the increase of formal institutional capital,the growth rate of high-tech enterprises increases continuously;The relationship between informal institutional capital and the growth of high-tech enterprises is significantly positive,that is,with the increase of informal institutional capital,the growth rate of high-tech enterprises is decreasing.The above conclusion indicates that both kinds of institutional capital can promote the growth of enterprises,but the degree of promotion is different.Meanwhile,it also indicates that both kinds of institutional capital can help enterprises alleviate the negative impact brought by institutional gap in the innovation process(this is because both kinds of institutional capital can provide enterprises with internal and external resources to promote innovation);Intellectual capital positively regulates the positive relationship between formal institutional capital and the growth of high-tech enterprises,that is,the more intellectual capital,the more convex the growth curve composed of formal capital and the growth of high-tech enterprises becomes;Intellectual capital negatively regulates the positive relationship between informal institutional capital and the growth of high-tech enterprises,that is,the more intellectual capital there is,the more convex the growth curve composed of informal institutional capit

关 键 词：制度资本 高科技企业成长 企业智力资本 调节作用 

分 类 号：F270.7[经济管理—企业管理]