Jin Xin, Zheng Puyang, Zhong Ziqi, Cao Yali
Business School of Guilin Tourism University, Guangxi Tourism Research Institute, Guilin, China.
School of Economics and Management, East China Jiaotong University, Nanchang, China.
Front Psychol. 2020 Jul 10;11:1558. doi: 10.3389/fpsyg.2020.01558. eCollection 2020.
This research was conducted for the purpose of exploring the role of venture capital (VC) based on the heterogeneity of human capital in the process of transforming innovation capabilities of enterprise into enterprise benefits and providing a reference for further research on enterprise performance development. In this study, 399 listed companies that obtained VC before 2018 from the China VC database and Wind China financial database were selected as research objects, and relevant data of patent number, return on equity, Tobin's Q ratio, and research and development (R&D) investment ratio of each enterprise were obtained. Enterprise innovation ability was introduced to construct the relationship model of human-capital VC, enterprise innovation ability, and enterprise benefit, and the relationship between human-capital VC, enterprise innovation ability, and enterprise benefit was analyzed by the multiple-regression model. The results show that the number of patents of invested enterprises has an extremely significant positive correlation with the human capital index ( < 0.001), and a significant positive correlation with the education level of personnel, the proportion of engineering professionals ( < 0.05). The return on equity and Tobin's Q ratio of enterprises have extremely significant positive correlations with the number of patents of invested enterprises ( < 0.001) and have a significant positive correlation with the number of patents of the invested enterprises × education level of the personnel, and the number of patents of the invested enterprises × proportion of engineering professionals ( < 0.05). All in all, the education level of the entrepreneur' s VC human capital and the proportion of engineering professionals can effectively improve the innovation ability of the enterprise, thus indirectly playing a value-added role in the improvement of enterprise benefits. The invested enterprises will also face the problems of scale diseconomy and financing constraint when their profitability is enhanced, so they need to optimize their own business strategies.
本研究旨在基于人力资本异质性，探讨风险投资（VC）在企业创新能力转化为企业效益过程中的作用，为企业绩效发展的进一步研究提供参考。本研究选取了2018年前从中国风险投资数据库和万得中国金融数据库获得风险投资的399家上市公司作为研究对象，获取了各企业的专利数量、净资产收益率、托宾Q比率和研发投资比率等相关数据。引入企业创新能力构建人力资本风险投资、企业创新能力和企业效益的关系模型，并通过多元回归模型分析人力资本风险投资、企业创新能力和企业效益之间的关系。结果表明，被投资企业的专利数量与人力资本指数呈极显著正相关（<0.001），与人员受教育程度、工程专业人员比例呈显著正相关（<0.05）。企业的净资产收益率和托宾Q比率与被投资企业的专利数量呈极显著正相关（<0.001），与被投资企业的专利数量×人员受教育程度、被投资企业的专利数量×工程专业人员比例呈显著正相关（<0.05）。总之，企业家风险投资人力资本的受教育程度和工程专业人员比例能够有效提高企业的创新能力，从而间接对企业效益的提升发挥增值作用。被投资企业在盈利能力增强时也会面临规模不经济和融资约束等问题，因此需要优化自身经营策略。
