Impact of Enterprises’Human Capital Structure on International M&A Performance: Based on Moderating Effect of Entrepreneurs′ Educational Background

doi:10.12068/j.issn.1005-3026.2022.03.018

Abstract

Abstract: The human capital structure of enterprises is divided into four dimensions: employee educational level， employee salary， employee training and employee turnover. The listed enterprises with international mergers and acquisitions(M&A) since 2004 are used as the research sample to study the impact of enterprises’ human capital structure on the international M&A performance. The results show that the relation between employees’ average educational level and international M&A performance in high-tech enterprises presents a U structure， employee turnover has a negative impact on the international M&A performance of high-tech enterprises and non-high-tech enterprises， entrepreneurs’educational backgrounds have a positive moderating effect on enterprises’ human capital structure and international M&A performance.

Key words: human capital; entrepreneur; high-tech enterprise; educational background; international M&A performance

CLC Number:

F272.9

LIU Ye， WEI Xin-li， QIAO Lei. Impact of Enterprises’Human Capital Structure on International M&A Performance: Based on Moderating Effect of Entrepreneurs′ Educational Background[J]. Journal of Northeastern University(Natural Science), 2022, 43(3): 440-447.

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