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本文以沪深两市高技术企业的面板数据为样本,以创新战略为中介变量,通过构建高管团队人力资本、创新战略与企业价值间关系的结构方程模型来研究高管团队人力资本作用于企业价值的可能机理。结果表明:高管团队人力资本对创新战略和企业价值均产生显著影响;创新战略也显著影响企业价值,即创新战略在高管团队人力资本与企业价值之间具有部分中介效应。因此,企业应重视高管团队的培养和组建,强化创新战略以提高企业价值。
In this paper, the panel data of high-tech enterprises in Shanghai and Shenzhen as a sample, with innovation strategy as a mediator variable, through the construction of senior management team human capital, innovation strategy and the relationship between enterprise value structure equation model to study the role of senior management team human capital The possible mechanism of enterprise value. The results show that: the executive team’s human capital has a significant impact on the innovation strategy and the enterprise value; the innovation strategy also has a significant impact on the firm’s value. That is, the innovation strategy has some intermediary effects between the executive team’s human capital and the firm’s value. Therefore, enterprises should pay attention to the cultivation and establishment of senior management team, and strengthen the innovation strategy to enhance the enterprise value.