企业融资约束与创新绩效:人力资本社会网络的视角
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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 financing constraints and innovation performance(β=0.236,p<0.05).The robustness tests consistently show that the resultsabove-mentioned are valid.Our understanding of the relationship between financing constraints and corporate innovation can be enriched and the extant literature is extended in the following aspects:1)the research on the related issues is reconciled by unveilingthe nonlinear relationship between financial constraints and corporate innovation.2)By adopting aperspective of human capital social networks,we find the important role of corporate centrality of such network as a moderator of the relationship between financing constraints and corporate innovation is found.Theories and methods of human capital social networks are expanded to the field of innovation research,and a new direction for future research to identify more relevant factors in moderating the impacts of financing constraints is proviede.Some important managerial implications are also provided based on the findings.
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 financing constraints and innovation performance(β=0.236,p<0.05).The robustness tests consistently show that the resultsabove-mentioned are valid.Our understanding of the relationship between financing constraints and corporate innovation can be enriched and the extant literature is extended in the following aspects:1)the research on the related issues is reconciled by unveilingthe nonlinear relationship between financial constraints and corporate innovation.2)By adopting aperspective of human capital social networks,we find the important role of corporate centrality of such network as a moderator of the relationship between financing constraints and corporate innovation is found.Theories and methods of human capital social networks are expanded to the field of innovation research,and a new direction for future research to identify more relevant factors in moderating the impacts of financing constraints is proviede.Some important managerial implications are also provided based on the findings.
引文
[1]连玉君,苏治.融资约束、不确定性与上市公司投资效率[J].管理评论,2009,21(1):19-26.
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[5]陈海强,韩乾,吴锴.融资约束抑制技术效率提升吗?---基于制造业微观数据的实证研究[J].金融研究,2015,(10):148-162.
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[7]范德成,杜明月.高端装备制造业技术创新资源配置效率及影响因素研究---基于两阶段StoNED和Tobit模型的实证分析[J].中国管理科学,2018,26(1):13-24.
[8]Starr J A,MacMillan I C.Resource cooptation via social contracting:Resource acquisition strategies for new ventures[J].Strategic Management Journal,1990,(11):79-92.
[9]Sena V.The determinants of firms’performance:Can finance constraints improve technical efficiency?[J].European Journal of Operational Research,2006,172(1):311-325.
[10]Baker T,Nelson R E.Creating something from nothing:Resource construction through entrepreneurial bricolage[J].Administrative Science Quarterly,2005,50(3):329-366.
[11]Rego A,Oliveira P,Rosado P,et al.Product innovation in resource-poor environments:Three research streams[J].Journal of Product Innovation Management,2014,31(2):202-210.
[12]韩东平,张鹏.货币政策、融资约束与投资效率-来自中国民营上市公司的经验证据[J].南开管理评论,2015,18(4):121-129.
[13]李苗苗,肖洪钧,赵爽.金融发展、技术创新与经济增长的关系研究---基于中国的省市面板数据[J].中国管理科学,2015,23(2):162-169.
[14]刘端,彭媛,罗勇,等.现金持有在企业投资支出中的平滑作用-基于融资约束的视角[J].中国管理科学,2015,23(1):10-16.
[15]蒲文燕,张洪辉.基于融资风险的现金持有与企业技术创新投入的关系研究[J].中国管理科学,2016,24(05):38-45.
[16]贺勇,刘冬荣.融资约束、企业集团内部资金支持与R&D投入-来自民营高科技上市公司的经验证据[J].科学学研究,2011,(11):1685-1695.
[17]刘善仕,孙博,葛淳棉,等.组织人力资源大数据研究框架与文献述评[J].管理学报,2018,15(07):1098-1106.
[18]刘善仕,孙博,葛淳棉,等.人力资本社会网络与企业创新:基于在线简历数据的实证研究[J].管理世界,2017,(7):88-100.
[19]Tversky A,Kahneman D.The framing of decisions and the psychology of choice[J].Science,1981,211(4481):453-458.
[20]Kahneman D,Tversky A.Prospect theory:Ananalysis of decision under risk[J].Econometrica,1979,47(2):263-291.
[21]Wiseman R M,Bromiley P.Toward a model of risk in declining organizations:An empirical examination of risk,performance and decline[J].Organization Science,1996,7(5):524-543.
[22]Burgers W P,Hill C W L,Kim W C.A theory of global strategic alliances:The case of the global auto industry[J].Strategic Management Journal,1993,14(6):419-432.
[23]张远飞,贺小刚,连燕玲.“富则思安”吗?-基于中国民营上市公司的实证分析[J].管理世界,2013,(7):130-144.
[24]Gibbert M,Hoegl M,Valikangas L.Introduction to the special issue:Financial resource constraints and innovation[J].Journal of Product Innovation Management,2014,31(2):197-201.
[25]Howell A.‘Indigenous’innovation with heterogeneous risk and new firm survival in a transitioning chinese economy[J].ResearchPolicy,2015,44(10):1866-1876.
[26]Lin N.Social capital:A theory of social structure and action[M].Cambridge University Press,2002.
[27]Porter E,Stern S.Innovation:Location matters[J].MIT Sloan Management Review,2001,42(4):28-36.
[28]Sorenson B O,Stuart T E.Syndication networks and the spatial distribution of venture capital investments[J].American Journal of Sociology,2001,106(6):1546-1588.
[29]Ge C,Huang K,Png I P L.Engineer/scientist careers:Patents,online profiles,and misclassification bias[J].Strategic Management Journal,2016,37(1):232-253.
[30]Ahuja G.Collaboration Networks,structural holes and innovation:A longitudinal study[J].Administrative Science Quarterly,2000,45(3):425-455.
[31]黎文靖,郑曼妮.实质性创新还是策略性创新?---宏观产业政策对微观企业创新的影响[J].经济研究,2016,51(04):60-73.
[32]魏志华,曾爱民,李博.金融生态环境与企业融资约束-基于中国上市公司的实证研究[J].会计研究,2014,(5):73-80.
[33]Damanpour F,Gopalakrishnan S.The dynamics of the adoption of product and process innovations in organizations[J].Journal of Management Studies,2010,38(1):45-65.
[34]Arellano M,Bond S.Some tests of specification for panel data:Monte carlo evidence and an application to employment equations[J].The Review of Economic Studies,1991,58(2):277-297.
[35]余威,宁博.交叉上市、投资者关注与企业创新-基于沪深A股上市公司的实证研究[J].外国经济与管理,2018,40(1):50-63.
[36]李文贵,余明桂.民营化企业的股权结构与企业创新[J].管理世界,2015,(4):112-125.
[2]Fazzari S M,Hubbard R G,Petersen B C,et al.Financing constraints and corporate investment[J].Brookings Papers on Economic Activity,1988,(1):141-206.
[3]任曙明,吕镯.融资约束、政府补贴与全要素生产率---来自中国装备制造企业的实证研究[J].管理世界,2014(11):10-23.
[4]马红,王元月.融资约束、政府补贴和公司成长性---基于我国战略性新兴产业的实证研究[J].中国管理科学,2015,(s1):630-636.
[5]陈海强,韩乾,吴锴.融资约束抑制技术效率提升吗?---基于制造业微观数据的实证研究[J].金融研究,2015,(10):148-162.
[6]鞠晓生,卢荻,虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究,2013,(1):4-16.
[7]范德成,杜明月.高端装备制造业技术创新资源配置效率及影响因素研究---基于两阶段StoNED和Tobit模型的实证分析[J].中国管理科学,2018,26(1):13-24.
[8]Starr J A,MacMillan I C.Resource cooptation via social contracting:Resource acquisition strategies for new ventures[J].Strategic Management Journal,1990,(11):79-92.
[9]Sena V.The determinants of firms’performance:Can finance constraints improve technical efficiency?[J].European Journal of Operational Research,2006,172(1):311-325.
[10]Baker T,Nelson R E.Creating something from nothing:Resource construction through entrepreneurial bricolage[J].Administrative Science Quarterly,2005,50(3):329-366.
[11]Rego A,Oliveira P,Rosado P,et al.Product innovation in resource-poor environments:Three research streams[J].Journal of Product Innovation Management,2014,31(2):202-210.
[12]韩东平,张鹏.货币政策、融资约束与投资效率-来自中国民营上市公司的经验证据[J].南开管理评论,2015,18(4):121-129.
[13]李苗苗,肖洪钧,赵爽.金融发展、技术创新与经济增长的关系研究---基于中国的省市面板数据[J].中国管理科学,2015,23(2):162-169.
[14]刘端,彭媛,罗勇,等.现金持有在企业投资支出中的平滑作用-基于融资约束的视角[J].中国管理科学,2015,23(1):10-16.
[15]蒲文燕,张洪辉.基于融资风险的现金持有与企业技术创新投入的关系研究[J].中国管理科学,2016,24(05):38-45.
[16]贺勇,刘冬荣.融资约束、企业集团内部资金支持与R&D投入-来自民营高科技上市公司的经验证据[J].科学学研究,2011,(11):1685-1695.
[17]刘善仕,孙博,葛淳棉,等.组织人力资源大数据研究框架与文献述评[J].管理学报,2018,15(07):1098-1106.
[18]刘善仕,孙博,葛淳棉,等.人力资本社会网络与企业创新:基于在线简历数据的实证研究[J].管理世界,2017,(7):88-100.
[19]Tversky A,Kahneman D.The framing of decisions and the psychology of choice[J].Science,1981,211(4481):453-458.
[20]Kahneman D,Tversky A.Prospect theory:Ananalysis of decision under risk[J].Econometrica,1979,47(2):263-291.
[21]Wiseman R M,Bromiley P.Toward a model of risk in declining organizations:An empirical examination of risk,performance and decline[J].Organization Science,1996,7(5):524-543.
[22]Burgers W P,Hill C W L,Kim W C.A theory of global strategic alliances:The case of the global auto industry[J].Strategic Management Journal,1993,14(6):419-432.
[23]张远飞,贺小刚,连燕玲.“富则思安”吗?-基于中国民营上市公司的实证分析[J].管理世界,2013,(7):130-144.
[24]Gibbert M,Hoegl M,Valikangas L.Introduction to the special issue:Financial resource constraints and innovation[J].Journal of Product Innovation Management,2014,31(2):197-201.
[25]Howell A.‘Indigenous’innovation with heterogeneous risk and new firm survival in a transitioning chinese economy[J].ResearchPolicy,2015,44(10):1866-1876.
[26]Lin N.Social capital:A theory of social structure and action[M].Cambridge University Press,2002.
[27]Porter E,Stern S.Innovation:Location matters[J].MIT Sloan Management Review,2001,42(4):28-36.
[28]Sorenson B O,Stuart T E.Syndication networks and the spatial distribution of venture capital investments[J].American Journal of Sociology,2001,106(6):1546-1588.
[29]Ge C,Huang K,Png I P L.Engineer/scientist careers:Patents,online profiles,and misclassification bias[J].Strategic Management Journal,2016,37(1):232-253.
[30]Ahuja G.Collaboration Networks,structural holes and innovation:A longitudinal study[J].Administrative Science Quarterly,2000,45(3):425-455.
[31]黎文靖,郑曼妮.实质性创新还是策略性创新?---宏观产业政策对微观企业创新的影响[J].经济研究,2016,51(04):60-73.
[32]魏志华,曾爱民,李博.金融生态环境与企业融资约束-基于中国上市公司的实证研究[J].会计研究,2014,(5):73-80.
[33]Damanpour F,Gopalakrishnan S.The dynamics of the adoption of product and process innovations in organizations[J].Journal of Management Studies,2010,38(1):45-65.
[34]Arellano M,Bond S.Some tests of specification for panel data:Monte carlo evidence and an application to employment equations[J].The Review of Economic Studies,1991,58(2):277-297.
[35]余威,宁博.交叉上市、投资者关注与企业创新-基于沪深A股上市公司的实证研究[J].外国经济与管理,2018,40(1):50-63.
[36]李文贵,余明桂.民营化企业的股权结构与企业创新[J].管理世界,2015,(4):112-125.