A Study On Human Capital,Innovation Capability And Firm Performance Of Chinese Agricultural Listed Companies

The difference of firm performance is caused by the difference of the resource and ability of firm.Scarcity,heterogeneity,non substitution of human capital,makes it become the core resource of enterprise.Human capital is an important source for sustained competitiveness.In the era of knowledge economy,innovation capability has become the core ability of enterprise,and it is the new power to improve the firm performance.Faced with the challenges of economic globalization and information technology in twenty-first century and the impact of the new technology,agriculture as the foundation of our national economy,how to deal with these challenges and impact?This paper selected 37 agricultural listed companies from stock market of Shanghai and Shenzhen from 2010 to 2014 as the sample.And this paper is to explore the relationship between human capital and firm performance of agricultural listed companies,and try to introduce innovation capability as mediator variable,to explain the specific mechanisms of human capital on firm performance.In addition,on the basis of distinguishing the property,this paper divided the sample into state-owned agricultural listed companies and private agricultural listed.companies.Then this paper makes a comparative analysis of the relationship of human capital,innovation capability and firm performance between state-owned agricultural listed companies and private agricultural listed companies.This paper divided human capital into human capital stock and human capital inputs,and use education years of employees and annual cash expenses to measure human capital stock and human capital inputs respectively.And innovation capability measured by proportion of technical personnel,firm performance measured by overall labor productivity.Through the analysis of the human capital theory,resource-based theory and enterprise ability theory,this paper describes the relationship between the human capital,innovation capability and firm performance.Through reviewing the related literature,this paper constructs the research model and the research hypothesis.And this paper use STATA11.0 to verify the research hypothesis and draw the conclusions.The results of this paper shows that human capital stock and human capital inputs of state-owned agricultural listed companies and private agricultural listed companies are in a low level,and the innovation capability is also not strong.Human capital has significant positive effect on firm performance,and human capital on firm performance is more efficient in state-owned agricultural listed companies than that in private agricultural listed companies.Innovation capability has significant positive effect on firm performance,and innovation capability on firm performance is less efficient in private agricultural listed companies than that in state-owned listed companies.In both state-owned agricultural listed companies and private agricultural listed companies,human capital has significant positive effect on innovation capability.And innovation capability plays a mediating role between human capital and firm performance,this conclusion applies equally to the state-owned agricultural listed companies and private agricultural listed companies.This paper is helpful to enrich the human capital theory,resource-based theory and enterprise ability theory,and make a deep research on human capital in the agricultural industry.And this paper introduces innovation capability as mediating variable,in order to explain the "black box operation" of human capital and firm performance.Furthermore,this paper based on different property right,it helps to make comparative analysis of state-owned companies and private companies,and to promote common development of state-owned companies and private companies.