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Human capital upgrading and enterprise innovation efficiency

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  • Cui, Zhuqing
  • Diwu, Simin

Abstract

This research utilizes data from listed enterprises on the Shanghai and Shenzhen stock exchanges in China from 2011 to 2022 to explore how upgrading human capital affects the innovation efficiency of enterprises and investigates related heterogeneity. Through regression test, it investigates the effect of upgrading human capital on innovation efficiency and its mechanisms. The results show a positive relationship between human capital upgrading and enterprise innovation efficiency. Mechanism analysis suggests that human capital upgrading promotes enterprise digital transformation and risk-taking levels to enhance innovation efficiency. Furthermore, the impact of human capital upgrading on innovation efficiency shows significant heterogeneity across different industries and scales, providing valuable insights into effective human capital management within enterprises and enhancing their innovation efficiency.

Suggested Citation

  • Cui, Zhuqing & Diwu, Simin, 2024. "Human capital upgrading and enterprise innovation efficiency," Finance Research Letters, Elsevier, vol. 65(C).
    • Handle: RePEc:eee:finlet:v:65:y:2024:i:c:s1544612324006585
    DOI: 10.1016/j.frl.2024.105628
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    References listed on IDEAS

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    2. Lin, Xiaowei & Zhang, Pengdong & Yang, Zhihao & Chen, Sicen, 2025. "US sanctions and corporate innovation: Evidence from Chinese listed firms," International Review of Economics & Finance, Elsevier, vol. 98(C).
    3. Feng, Lingbing & Huang, Dasen & Chen, Fengwen & Liao, Fangnan, 2024. "Leveraging climate risk disclosure for enhanced corporate innovation: Pathways to sustainable and resilient business practices," International Review of Financial Analysis, Elsevier, vol. 96(PB).
    4. Yang, Mengyang & Liu, Yawen & Wang, Jingle & Tang, Xiaobin, 2025. "How does digital trade development affect carbon emissions? Evidence from China," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 1475-1491.
    5. Qiwei Zhou & Lingqiao Zang & Feiqiang Fu, 2024. "Influence of employee impact on their evaluation of enterprise digital capability: a mediated moderation model," Palgrave Communications, Palgrave Macmillan, vol. 11(1), pages 1-14, December.

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