Study On The Relationship Between The Human Capital And Business Performance Of New High-thch Enterprises

The development scale and level of new high-tech industrylargely decides the competitiveness of a country’s products at the internationalmarket and even the national economic future. New high-tech enterprises areboth knowledge-intensive and technology-intensive, while human capital as acarrier of knowledge absorption and technology research and development hasundoubtedly been a key factor to promote the improvement of the businessperformance of new high-tech enterprises. In this paper, the relationshipbetween the human capital and business performance of new high-techenterprises was discussed using the data of273high-tech listed companies in2009-2013and the econometric method, and then suggestions about thesustainable development of new high-tech enterprises were proposed, so as toplay a guiding role in accelerating the rapid development of China’s newhigh-tech enterprises from the perspective of human capital.First, the related theories of human capital and business performance wereintroduced, and the characteristics of the human capital of new high-techenterprises were analyzed, thus laying a theoretical basis for the study. Second,the properties of the strategic human capital resource of new high-techenterprises were investigated under the guidance of enterprise resource-basedtheory, and a theoretical analysis was applied to explain “human capital is notmerely a resource of these enterprises for maintaining competitive advantagesand also a key factor affecting business performance”, and then the actionmechanism of human capital to promote the improvement of businessperformance was discussed. On this basis, the hypothesis of this study wasproposed, in which all variables were described. Third, an empirical study wasconducted according to the collected panel data of273listed high-tech companies, in which the relationship between the human capital and businessperformance of new high-tech enterprises as a whole was empirically studied,and then the samples were classified for the analysis. Specifically, the sampleenterprises were respectively divided into the manufacturing andnon-manufacturing high-tech enterprises based on the differences of industriesand the state-owned and private high-tech enterprises based on the differencesof enterprise nature for the empirical analysis.Seen the results of the study, three points become obvious to all. First, thehuman capital of new high-tech enterprises was well played and also facilitatedthe improvement of business performance as the core of enterprise resources;the high-quality personnel in the brain drain was a significant share ofemployees, so that enterprise competitiveness was weakened; the human capitalinvestment was insufficient and still in the accumulation stage. Therefore,sustainable investing activities are still needed to better play its role inpromoting business performance. Second, the empirical research based on thedifferences of industries showed that the human capital potentials ofmanufacturing high-tech enterprises were ideally played, but the due role of thehuman capital of the non-manufacturing was not exerted. Third, the empiricalresearch based on the differences of enterprise nature found that the privateenterprises’ employee and technical human capitals were well played, but theirtop manager human capital potentials were not ideally developed; thestate-owned enterprises’ employee human capital was well played, but theirtechnology and top manager human capitals were not ideally developed, andsimultaneously the core brain drain weakened the business competitiveadvantages.