| The strategic focus of the enterprise has changed from the competition for external strategic resources to the development and cultivation of internal strategic resources.Human capital is an internal strategic resource that enterprises can not imitate and replace,and is a valuable resource for enterprises to acquire and maintain a competitive advantage,but also the difference between business performance,and it is obvious for high-tech enterprises with knowledge and technology intensive characteristics.Therefore,the impact of human capital of high-tech enterprises on enterprise performance has been the focus of attention of scholars at home and abroad.However,the rapid development of knowledge and technology upgrading has greatly shortened the life cycle of high-tech enterprises.Human capital management strategies need to make adaptive responses.And high-tech enterprises will show different performance characteristics at different stages of the enterprise life cycle.The change of the enterprise life cycle has a huge impact on the value-driven requirements and processes of the human capital or intangible assets.Are there differences in human capital at different stages of life for China's high-tech enterprises.What is the difference from employees human capital,technical human capital or executive human capital? What are the effects and mechanisms of human capital on the enterprise performance at different life cycle stages,such as employees,technology and executives? How to manage human capital at different stages of life cycle? To answer these questions is of great significance for the development of effective human capital management strategy and healthy development of high-tech enterprises in China.In this paper,the Shanghai and Shenzhen stock market in 2011-2015 A-share listed high-tech enterprises as a sample,based on the enterprise life cycle perspective,on the basis of establishing the theoretical model and related hypothesis of the relationship between employee human capital,technical human capital,executive human capital and enterprise performance,this paper studies the impact of employee human capital,executive human capital and technical human capital on enterprise performance,and mainly carried out the following specific research:(1)Analysis of differences and degrees on high-tech enterprise employees human capital,executive human capital,technical human capital impact on enterprise performance in full-period.(2)Compare the employee human capital,executive human capital,technical human capital level and enterprise performance level of high-tech enterprises at different life cycle stages.(3)Examine the differences of the impact of employee human capital,executive human capital,and technical human capital on enterprise performance in high-tech enterprises at different stages of life.(4)Revealing the role of employee human capital,executive human capital and technical human capital in the high-tech enterprises at different stages of life.(5)To explore how high-tech enterprises of different stages of life should be combined with their own life cycle stage to develop the corresponding human capital strategy.Through theoretical analysis and empirical research,this paper draws the following conclusions:(1)The human capital,executive human capital and technical human capital of high-tech enterprises have a significant positive effect on business performance,and the role of human capital and technical human capital is higher than that of executive human capital.(2)There are significant differences in the employee human capital,senior management human capital,technical human capital level and enterprise performance level of high-tech enterprises at different life cycle stages.(3)There are differences about employee human capital,executive human capital,technical human capital on the impact of enterprise performance at different life cycle stage of high-tech enterprises.Among them,the employee human capital has a significant positive role at the life cycle of each stage;Technical human capital has a significant positive effect in growth and maturity period,and has no significant effect in recession period;Executive human capital has a significant positive effect only during the recession period,and has no significant effect in growth and maturity period.(4)There are significant differences about employee human capital,executive human capital,technical human capital on the role of enterprise performance at different life cycle stage of high-tech enterprises.In the process from the growth period to the recession period,the effect of the human capital is obviously weakened,and the effect of the technical human capital is weakened compared with the growth period,and the role of technical human capital is less than the employee human capital for the mature high-tech enterprises;The impact of executive human capital on enterprise performance is relatively small throughout the life cycle.Based on the above conclusions,this paper puts forward the following counter measures and suggestions: In general,high-tech enterprises should attach importance to the role of human capital,and strengthen the measurement,development and management of human capital.Specifically,due to the significant impact of human capital on enterprise performance at the different life cycle stage.High-tech enterprises should develop appropriate human capital management strategy combined with the life cycle.(1)High-tech enterprises of growth period should increase human capital investment and improve the quality of human capital,so that all kinds of human capital elements can play its greatest value to reserve more high-quality human capital for the long-term development of enterprises.(2)In the mature period,on the one hand,it is necessary to optimize the structure of human capital,and timely adjust the human capital that does not meet the existing needs of enterprises,and do a good job in the introduction and retention of management and technical personnel;On the other hand,it is necessary to create an innovative corporate culture,and continue to transport fresh blood.(3)In the recession period,on the one hand,it is necessary to reduce the number of layoffs and unnecessary human capital investment;on the other hand,high-tech enterprises should give full play to the role of top management and attach importance to the introduction and cultivation of the core talents. |
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