Estimation results for the instrumental variable.

Innovation in enterprise development is undoubtedly important. The relationship between its structure and the formation of enterprise innovation factors is at the core, so it is crucial to clarify them. Therefore, based on data on A-share listed companies in China from 2007 to 2022, this paper adopts a multilevel structural equation model to explore the effect of the structure of human capital on enterprise innovation performance. Unlike prior studies, this paper divides innovation performance by enterprises into “substantive innovation” and “strategic innovation.” Our results show that human capital plays an important role in promoting both strategic and substantive innovation, which is achieved mainly by increasing technological intensity, investing more in R&D, and receiving more government subsidies. In addition, the heterogeneity test shows that this facilitating role is significant in both samples, divided into the criteria of firm ownership and compensation incentives. However, they have different degrees of influence. This provides empirical support for the response by Chinese enterprises regarding the national development strategy and their new ideas about cultivating high-quality technological innovation and achieving sustainable development.

企业发展中的创新无疑至关重要。其结构与企业创新要素形成之间的关联处于核心地位，因此厘清二者关系极为关键。据此，本文基于2007至2022年中国A股上市公司数据，采用多层结构方程模型，探究人力资本结构对企业创新绩效的影响效应。与既往研究不同，本文将企业创新绩效划分为「实质性创新」与「策略性创新」两类。研究结果表明，人力资本对策略性创新与实质性创新均具有显著的促进作用，这一作用主要通过提升技术密集度、加大研发投入以及获取更多政府补助得以实现。此外，异质性检验结果显示，在按企业产权性质与薪酬激励划分的两类样本中，人力资本的促进作用均显著存在，但二者的影响程度存在差异。本研究可为中国企业响应国家发展战略提供经验证据，同时为企业培育高质量技术创新、实现可持续发展提供新思路。