進入知識經濟的時代，企業的創新能力已經成為這個時代下成功的關鍵。許多學者因此指出企業的價值來源，也由傳統的有形資產，轉變為以「知識」為主體的無形資產（Nonaka & Takeuchi, 1995)。無疑地，人力資本是所有無形資產中最具獨特性、最具核心價值的資產（Edvinsson & Malone, 1999），也是組織創新與更新的源頭（Stewart, 1997）。若該企業人力資本的累積愈豐富，帶動人力資本的輸出—創新能力就愈高，其競爭力也就自然提升。
本研究以創新能力為中介變項，進而探討其與人力資本累積與組織績效的關連性。研究以台灣2005年之1461家公開發行公司為樣本，最後針對有效回收及配對成功的145個樣本進行分析。研究結果如下：
1. 企業創新與組織績效間正向的關係獲得部分支持。研究結果顯示企業若以漸進創新的模式，可以提升主管的自評績效，但無法對生產力有顯著影響。
2. 以人力資本累積能力而言，組織中若提供員工適當之訓練活動，可以同時提升主管自評以及生產力。
3. 研究結果發現，組織藉由訓練活動可以提升整體之漸進創新。
4. 創新的中介效果獲得部分支持。研究結果顯示只有在訓練活動與主管自評績效間，漸進創新具中介效果。

This empirical study examined the mediating effect of innovation on the relationship between human capital accumulation and firm performance. In the resource-based view of the firm, human capital is frequently assumed to contribute to competitive advantage due to its inimitability based on its intangible, firm-specific, and socially complex nature. Consistent with this view, accumulating human capital has long been regarded as not only a critical resource but also the capabilities of individuals who are the source of innovation within companies (Stewart, 1997).
Based on a sample of 145 Taiwanese listed companies, the results of this study indicated that 1) firms can improve their performance by minor improvement or simple adjustments in current product/service lines (incremental innovation); 2) as to human capital accumulation capabilities, firms can improve their performance by administering some appropriate training activities to employees; 3) the empirical result indicated that training is very essential in the process of an incremental change of current product/service; 4) the major finding in this study indicated that incremental innovation acted as a full mediator of the relationship between training and self-evaluate performance. It means top managers believed that they can improve firms’ incremental innovation which can result in high performance by investing human capital in training.

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