董事会人力资本、外部社会资本对企业创新投入的影响

基于资源依赖理论与高层梯队理论，依据2011-2016年深沪两市A股上市公司数据，考量董事会人力资本、外部社会资本对企业创新投入的影响。结果表明：董事会人力资本与企业创新投入呈正向关系，董事会外部资本对企业创新投入有一定促进作用，但董事会外部资本对董事会人力资本与企业创新投入关系的调节效应并不显著。鉴此，应优化董事会人力资本，拓展董事会外部社会资本，注重人力资本与外部社会资本的良性互动。

Study on the Effect of Board Human Capital and External Social Capital on Corporate Innovation Investment

Taking the A-share listed companies in Shenzhen and Shanghai from 2011 to 2016 as the research object, from the perspective of resource-based view, based on the theory of resource dependence and the theory of upper echelon, this paper empirically examines the impact of the human capital of the board and the external social capital on the innovation investment of enterprises, and the adjustment of the external social capital of the board on the impact of human capital on the innovation investment of enterprises. The conclusions show that the human capital of the board has a positive effect on the innovation investment of the enterprise; and the external social capital has a positive impact on the innovation investment of the enterprise too. However, the external social capital of board has not moderate the relation between the human capital of the board and the innovation investment of enterprises.