Research On Impact Mechanism Of Board Capital On Technological Innovation Performance Of High-tech Enterprises

In the era of knowledge economy,technological innovation has become the driving force for the sustainable development of high-tech enterprises,whose urgent problem is to improve the technological innovation performance and enhance the market competitiveness.As the core of corporate governance structure,the board is not only the decision-maker of high-tech enterprises' technological innovation strategy,but also the important connection mechanism between enterprises and external environment.Board capital is the basis of the function of the board,which has an undoubted impact on the innovation performance of high-tech enterprises.However,there are still some blind spots in the research on the mechanism between board capital and technological innovation performance.How to open this "theoretical black box" has become a critical breakthrough to accurately grasp the relationship between board capital and technological innovation performance.This paper probes into the influence mechanism of board capital on technological innovation performance,in order to explore the promotion strategy of it from the perspective of board capital.Based on the board capital theory,intellectual capital theory and synergy theory,this paper defines the connotation of the board capital and analyzes its essence,puts forward the three-dimensional structure of the board capital and the synergy relationship between each of them,and constructs a complete three-dimensional synergy structure framework of the board capital.Then,the scientific scale development program is implemented to develop the board capital measurement scale,and the quantitative measurement model of the board capital synergy is constructed by referring to the quantitative research method of composite system synergy.Based on the theory of complex adaptive system,this paper analyzes both micro and macro operation process of technological innovation system of high-tech enterprises,and identifies the key elements of technological innovation performance.Based on the SCP structure paradigm,this paper investigates the behavior of the board in technological innovation of high-tech enterprises,and finds out the value creation mode of the board capital in the process of technological innovation.This paper puts forward the path that board capital affects innovation performance through innovative resource acquisition and the quality of innovation strategic decision-making,and explores the influence mechanism of board capital on technological innovation performance of high-tech enterprises.Based on intellectual capital theory,resource dependence theory,strategic decision-making theory and technological innovation theory,this paper discusses the relationship among the three-dimensional level and synergy of board capital,technological innovative resource acquisition,strategic decision-making quality and performance of technological innovation in detail,puts forward a series of hypotheses through logical reasoning,and constructs the theoretical model of mechanism of board capital influencing technological innovation performance.In order to verify the theoretical model and related hypotheses.This paper further operationalize the variables in the theoretical model,and designs the final questionnaire,through which the data are obtained in this study.With the help of SPSS,AMOS and MATLAB software,structural equation model and BP neural network model are used to test the theoretical hypothesis.The empirical results show that board capital can affect technological innovation performance,but influence paths are different.Among them,board human capital mainly affects the performance of technological innovation through the quality of technological innovation strategic decision;the board social capital mainly influences the performance of technological innovation through the quality of strategic decision-making;The three-dimensional cooperation of board capital affects the performance of technological innovation more than the single-dimensional degree.This paper enriches the theoretical research on the board capital theory and the antecedents of technological innovation performance,and provides theoretical support and practical guidance for the improvement of board capital technological innovation performance of high-tech enterprises.