Research On The Relationship Between Human Capital Characteristics Of Entrepreneurial Team And Corporate Financial Performance

As the decision makers of enterprise decision-making,team members are not only the important human resources of the enterprise,but also the strategic choice and development direction of the enterprise.Each member has its own human capital stock,and the team's human capital amplifies the value-added function of individual human capital and becomes an important source of enterprise development.Scholars have rich research on the human capital of the corporate team,but scholar's focus is mainly on the management team of the main board and small and medium-sized listed companies,and less attention is paid to the entrepreneurial team.At the same time,domestic and foreign research on the direct impact of management team's human capital characteristics on corporate financial performance is relatively mature,but few literature bridge the gap between management team's human capital characteristics and corporate financial performance,and research on the mechanism that the management team's human capital characteristics indirectly affect the financial performance of the company.Therefore,from the perspective of the scale of debt financing,this paper hopes to bridge the relationship between the human capital characteristics of the entrepreneurial team and the financial performance of the enterprise,and to study the possible mechanism of the relationship between the two,in order to provide theoretical guidance for the construction of the entrepreneurial team in China.This paper first reviews the human capital theory and the Upper Echelons Theory.On this basis,it conducts an in-depth study on the mechanism of human capital characteristics,debt financing scale and corporate financial performance.By selecting the data of China's GEM listed companies in 2014-2017,the relationship between the human capital characteristics of the entrepreneurial team,the scale of debt financing and the financial performance of the company was empirically tested.We have three results from the empirical analysis.Firstly,the human capital characteristics of entrepreneurial team have a significant impact on the corporate financial performance.When the entrepreneurial team has a higher proportion of male members,the overall education level of the members is higher,and the financial background has a larger proportion of members,the financial performance of the corporate is better.Secondly,the human capital characteristics of entrepreneurial team have a significant impact on the debt financing scale.When the entrepreneurial team has a higher proportion of male members,the overall education level of the members is higher,the debt financing scale is larger.The debt financial scale acts as part of the mediating variable and connecting link between corporate governance and performance.