Research On The Relationship Between The Intensity Of Senior Executives’ Early Disaster Experience And Enterprise Innovation Decision

In "The 14th Five Year Plan","Adhering to Innovation" is listed as the first of the twelve important fields in the next five years.China is paying more attention to innovation than ever before.Looking at the innovation level of various countries,China has become a real R&D country in terms of the scale of R&D investment or patent application.However,in terms of the transformation rate of innovation results,there is a certain distance between the innovation level and the average level of the developed countries.Therefore,innovation will become the key variable to realize new development in China.As the carrier of innovation activities,enterprises are the key,and as the implementers of enterprise activities,the role of entrepreneurs in guiding the process of enterprise innovation can not be underestimated.According to the theory of high-level team,the strategic choice of enterprises is largely influenced by the cognitive structure and values of executives themselves.These subjective factors are not only due to nature,but also from the life experience of executives.In one’s life,childhood and adolescence are the most critical stages of cognitive world and character shaping,and the experience of this stage is crucial to the formation of values.The important experience of this stage has an important influence on the shaping of individual character and personality.Therefore,it is of great theoretical and practical significance to explore whether the senior executives’ early experience affects the decision-making of enterprises.Do the experiences of natural disasters with different intensities in early years have different effects on executives’ innovation decisions? What is the influence mechanism behind it? What are the economic consequences? In order to solve this series of problems,based on the manually collected data of senior executives’ disaster experience,this paper selects the representative information technology and manufacturing enterprises listed in Shanghai and Shenzhen A-shares from 2001 to 2017 as research samples,and uses panel regression,2SLS test and PSM test to analyze the impact of senior executives’ different early disaster experience intensity on enterprise innovation input-output The research was carried out.The empirical results show that: executives with low-intensity disaster experience will promote enterprise innovation investment,while executives with highintensity disaster experience will inhibit enterprise innovation investment.Through the mediating effect and Sobel test,it is found that the intensity of top management’s disaster experience affects the enterprise’s innovation decision by influencing the individual’s willingness to take risks.Further analysis shows that the smaller the disaster time interval,the more obvious the impact of disaster experience intensity on enterprise innovation decision-making;family disaster will aggravate the impact of disaster experience intensity on enterprise innovation decision-making;when the corporate governance constraint mechanism is weak,the impact of disaster experience intensity on enterprise innovation decision-making is more significant.Executives with low-intensity disaster experience can significantly improve the patent output lagging two years by increasing R&D investment,especially for invention patents,which indicates that such executives prefer R&D activities with high originality and ultimately promote high-quality economic development.This study not only enriches the high-level theoretical system,but also provides practical enlightenment for activating entrepreneurship and promoting enterprise innovation.