摘要
企业融资约束对创新绩效具有重要的影响作用。现有相关研究对企业融资约束与创新绩效之间可能存在的、更为复杂的非线性关系考虑不足,同时偏重从企业外部宏观的角度提出缓解二者之间消极关系的方法,不利于企业能动性的发挥。本文通过结合领英(LinkedIn)在线简历大数据和国泰安(CSMAR)上市企业相关数据,实证研究了我国上市企业融资约束与创新绩效之间存在的复杂关系以及人力资本社会网络在其中发挥的重要作用。研究结果表明,企业融资约束与创新绩效之间存在显著的倒U型关联,企业中高层管理者、科技人才的流动所形成的人力资本社会网络对企业融资约束与创新绩效之间的关系存在显著的积极调节作用。研究结论延续和深化了企业融资约束与创新的相关研究,并进一步丰富与拓展了人力资本社会网络在企业行为研究中的应用。
Innovation has an important influence on the long-term stable operation of enterprises and the national economic development.The linear relationship between corporate financing constraints and innovation performance is investigated,and the external factors of mitigating the negative effects of financing constraints from a macro perspective are explored by prior empirical studies.However,the seemingly contradictory findings from the relatedstudies indicate that there can be the non-linear relationship existing between enterprise financing constraints and innovation performance,which is still under-explored in extant literature.Moreover,although various external factors have been found to mitigate the negative effects of financing constraints in extant studies,it is still difficult for enterprises to follow the implications in practice accordingly because most of these factors are actually beyond their control.In view of these,based on a comprehensive discussion of the positive and negative effects of financing constraints on corporate innovation,it is proposed that there may be an inverted U-shaped relationship rather than a simple linear relationship existing between corporate finance constraints and their innovation performance.Further,from a perspective of human capital social network,the potential moderating effect of corporate’s centrality in the network on the relationship between financing constraints and corporate innovation is explored.Specifically,to test ourpropositions,individuals’turnover records from LinkedIn(China)are obtained,and a corporate-level talent mobility network based on the records is built.By further incorporatingthe finical data of listed companies,apanel data set with a time interval of 2000-2014 is obtained.The results demonstrate that there is a significant inverted U-shaped relationship between corporate financing constraints and innovation performance(β=-0.009,p<0.05),and the human capital social network exert a positivemoderating effect on the relationship between corporate f
作者
孙博
刘善仕
姜军辉
葛淳棉
周怀康
SUN Bo;LIU Shan-shi;JIANG Jun-hui;GE Chun-mian;ZHOU Huai-kang(Research Center of Modern Enterprise Management of Guilin University of Technology,Guilin 541004,China;South China University of Technology,School of Business Administration,Guangzhou 510641,China)
出处
《中国管理科学》
CSSCI
CSCD
北大核心
2019年第4期179-189,共11页
Chinese Journal of Management Science
基金
国家自然科学基金资助项目(71503084
71832003)
广西高校人文社会科学重点研究基地基金资助项目(16ZD002)
广东省普通高校哲学社会科学重点实验室项目(2015WSYS001)
广东省科技创新战略专项资金项目(2018A030310377)
关键词
融资约束
创新绩效
员工流动
社会网络
简历大数据
financial constraints
innovation performance
employee mobility
social network
panel data
