摘要
摘要
随着知识经济时代的到来和市场环境的高度不确定性，人力资本的重要性越
来越凸显，特别是作为企业核心资源的分销者和战略计划的决策者——高管团队
人员，是公司治理的主体，同时也发挥着独一无二的作用。与此同时，社会经济
的高速、健康发展使得科学技术创新的重要性也越来越重要，创新成为一个企业
占领市场、提高竞争优势、获取顾客并保持健康持续发展的关键，特别是承担着
开发新产品、研发新技术任务的探索式创新，在具有高智力、高盈利、高技术、
高资本等特点的高新技术企业中发挥着至关重要的作用。近几年，我国高新技术
产业的发展速度是有目共睹的，但是与发达国家相比还存在一定的差距，我国企
业的总体创新水平还需进一步提升。因此，本文聚焦我国高新技术企业上市公
司，通过研究样本企业高管团队人力资本、探索式创新对企业绩效的影响，并探
究探索式创新在其中的作用，从而为我国高新技术企业在战略决策和创新投入过
程中提供参考，并结合研究结果提出合理化建议，进一步丰富高管团队人力资本
管理的内涵。
本文首先回顾了有关高管团队人力资本的研究现状，通过对国内外前人研究
理论进行梳理，基于前人的研究之上，聚焦高新技术企业，结合高管团队人力资
本这一微观角度，并进一步探讨探索式创新这一中介因素在高管团队人力资本对
企业绩效的影响过程中的作用。本文选取我国高新技术企业上市公司2016-2020
年数据作为研究样本，共计7860个有效观测值，通过运用 Stata16.0数据分析
软件，研究高管团队人力资本（高管团队规模、高管平均年龄、高管学术经历、
女性参与高管）对企业绩效的影响，以及探索式创新在其中的中介作用，探究高
管团队人力资本是否可以通过影响探索式创新进而影响企业绩效。通过实证检验
的结果显示：（ 1）高管团队规模和高管学术经历与企业绩效正相关，高管平均
年龄和女性参与高管与企业绩效负相关。（ 2）高管团队规模、高管学术经历与
探索式创新正相关，高管平均年龄、女性参与高管与探索式创新负相关。（3）
探索式创新对企业绩效产生显著正向影响。（ 4）探索式创新分别在高管团队规
模、高管平均年龄、高管学术经历、女性参与高管对企业绩效的影响过程中产生
部分中介效应。
论文结尾，本文基于实证研究的结果进行了详细的分析和探讨，并提出了一
些有利于促进我国高新技术企业上市公司绩效提升，持续、健康发展的建议：首
先，要充分认识高管团队的重要性；其次，要构建一支合理且高效的高管团队；
再次，要加大研发投入，提高探索式创新；最后，要加强政府的合理引导。
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摘要
关键词：高新技术企业；高管团队；人力资本；探索式创新；企业绩效
论文类型：基础研究
选题来源：其他
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ABSTRACT
ABSTRACT
With the advent of the knowledge economy era and the high uncertainty of the
market environment, the importance of human capital has become more and more
prominent, especially as the distributor of the core resources of the enterprise and the
decision-maker of the strategic plan, the senior management team is the main body of
corporate governance, and also plays a unique role. At the same time, the high-speed
and healthy development of the social economy makes the importance of scientific and
technological innovation more and more important, innovation has become a key to an
enterprise to occupy the market, improve competitive advantages, acquire customers
andmaintain healthyandsustainabledevelopment,especially toundertakethe
development of new products, research and development of new technologies task of
exploratoryinnovation, inthe high-techenterpriseswith highintelligence,high
profitability, high technology, high capital and other characteristics of the high-tech
enterprises play a vital role. In recent years, the development speed of Chinese high-
tech industriesis obvious toall, but thereis still acertain gap comparedwith
developed countries, and the overall innovation level of Chinese enterprises needs to
be further improved. Therefore, this paper focuses on Chinese high-tech enterprise
listed companies, through the study of the human capital of the sample enterprise
executive team, the impact of exploratory innovation on enterprise performance, and
explore the role of exploratory innovation, so as to provide reference for Chinese high-
tech enterprises in the process of strategic decision-making and innovation investment,
and put forward rationalization suggestions based on the research results, and further
enrich the connotation of human capital management of the senior management team.
This paper first reviews the research status of the human capital of the senior
management team, sorts out the research theory of the predecessors, focuses on the
perspective of high-tech enterprises, combines the micro perspective of the human
capital of the senior management team, and further combines the intermediary factor
of exploratory innovation to studythe impact of the human capital of the senior
management team on the performance of the enterprise. This paper selects the 2016-
2020 data ofhigh-tech enterprise listedcompanies as a sample,a total of 7860
effective observations, and uses Stata16.0 data analysis software to study the impact of
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