高管团队社会资本与研发投入的关系研究
The Relationship between Social Capital of Senior Management Team and R&D Investment

资源依赖理论提出一个组织生存需要从周围环境中吸取资源，需要与周围环境相互依存、相互作用才能达到组织目标。本文以高管团队政治资本、企业资本为研究对象，以2010~2017年A股上市企业数据为样本，通过实证分析来研究这两种外部资源对上市企业创新投入和创新绩效的影响。研究发现：第一，高管团队政治资本越丰厚的企业具有较高的研发投入；第二，高管政治资本对企业研发投入的影响在国有企业、未实施反腐倡廉时期以及低竞争程度行业中更加显著；第三，高管企业资本越丰厚的企业具有较高的研发投入；第四，高管企业资本对企业研发投入的影响在非国有企业、未实施反腐倡廉时期以及低竞争程度行业中更加显著。通过进一步研究，发现高管团队政治资本和企业资本不仅能对企业的研发投入产生正向影响，还能够提高企业的专利技术申请量。本文的研究为许多创新型企业的高层管理者合理利用自己的外部资源提高企业的创新能力以及竞争力水平提供指导建议。
The theory of resource dependence puts forward that an organization needs to draw resources from the surrounding environment for its survival, and needs to depend on and interact with the surrounding environment to reach the organization’s goals. We studied the political capital and enterprise capital of senior management team, and investigated the influence of these two external resources on innovation input and innovation performance of listed enterprises. We collected data of listed companies in Shanghai and Shenzhen from 2010 to 2018 to empirically test the impact of social capital of senior management team on corporate R&D investment. The findings are as follows: First, the higher the political capital of senior executives is, the higher the R&D investment of enterprises is; Second, the influence of senior executives’ political capital on enterprises’ R&D in-vestment is more significant in state-owned enterprises, in the period when anti-corruption was not implemented, and in industries with low degree of competition; Third, the higher the capital of senior executives is, the higher the R&D investment is; Fourth, the impact of corporate capital on corporate R&D investment is more significant in non-state-owned enterprises, in the period when anti-corruption was not implemented, and in industries with low level of competition. Through fur-ther research, it is found that the political capital and enterprise capital of senior management team can not only have a positive impact on the R&D investment of enterprises, but also increase the number of patent application. This study provides guidance and suggestions for the senior managers of many innovative enterprises on how to use their external resources to improve their innovation ability and competitiveness.