Human Capital Upgrading and Enterprise Innovation Efficiency

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.