Executive Characteristics And Firm Development:the Impact Of Executive Academic Experience On Enterprise Innovation And Value

As the soul of an enterprise,executives are crucial to improve the innovation level and value of core competitiveness.Whether the enterprise as one of the market entities has the innovation vitality is not is related to the high-quality development of China's economic strategy and the great rejuvenation of the Chinese nation.At present,the academic circle has made numerous research achievements on the characteristics of senior executives,but the achievements on the impact of senior executive academic experience on enterprise innovation and value are relatively few.Under the background of encouraging the integrated development of university and enterprise talents,the research on this topic is especially important and urgent.In view of this,This article defines "executive" as an important manager with a pivotal position in the enterprise,responsible for the strategic decision direction and management,"academic experience" is defined as senior executives working in universities and research institutes,based on the basis of systematic research on high-level echelon theory,human capital theory and entrusted agency theory and so on,and take China's Shanghai and Shenzhen A-share non-financial listed companies as the research object,"Innovation performance","innovation risk","leverage level" and "enterprise value" were selected as the measurement indicators of enterprise economic consequences.Based on the database of Chinese A-share listed companies and Chinese industrial enterprises,we adopt theoretical analysis and empirical analysis two research methods,using the panel regression model,Tobin regression,PSM(propensity score matching),etc,Research on the influence of executive academic experience on the development of an enterprise,especially the enterprise innovation and value,and studied the impact of executive academic experience on different industries,positions and external supervision conditions.From the two theoretical and empirical levels,it reveals the influence effect and action path of senior executive academic experience on enterprise innovation and enterprise value.The main conclusions of this article are as follows:(1)From two aspects of input and output,innovation input,the number of patent applications and the number of individual patents as measuring variables of enterprise innovation,proving that executive academic experience can significantly promote enterprises to transform more innovation investment into innovation quantity and innovation quality;(2)The ratio of r&d expenditure growth rate to net profit growth rate is used to measuring the technological innovation risk of enterprises.It is found that compared with the academic experience,the executive R & D experience is more significant to reduce the innovation risk of enterprises;(3)To the sum of long-term loan and short-term loan as the proportion of total assets of enterprise leverage level,It is found that executives with academic experience with higher self-restraint and supervision ability can become a supplement to the external supervision mechanism to some extent,and can effectively reduce the high debt financing cost caused by information asymmetry,improve the level of enterprise leverage;(4)The ratio of market value to total assets is used as the measure of enterprise value that found the executives with academic experience can reduce the internal agency cost of enterprises by obtaining social capital from the academic circle,so as to enhance the value of the enterprise.The possible innovation points in this article include the following aspects:(1)The existing literature less on executive academic experience's influence on enterprises,this paper screening of developing innovation activities,innovation risk,debt financing and corporate value,such as variable as senior academic background and economic effect of the core measure index,and through to the innovation risk,executive research and development experience and senior academic experience aspects such as comparative study,It not only enriched the relevant research on the impact of the characteristics of executive structure on the risks in the innovation process,but also supplemented the evidence of the impact of executive characteristics on enterprise innovation from the perspective of executive academic experience.(2)The most current research results in the data selection are considered more innovation input or the number of innovations,but to a certain extent,ignored the innovation quality,through the perspective of academic experience and bring down the mechanism study is less,in this paper,both in the patent number and patent his lead times respectively to measure the innovation quantity and quality of the enterprise,Moreover,the ratio of the growth rate of R&D expenditure to the growth rate of net profit is used to describe the innovation risk of enterprises,which not only expands the selection of innovation variables,but also considers the importance of risk suppression mechanism in the process of innovation,and further improves the research on the influence mechanism of enterprise innovation from the perspective of economics.(3)Based on the enterprise's innovation activities,innovation risk,debt financing and corporate value from four aspects as economic benefits in the process of enterprise development to explain,as a result of this financing activities and can more easily to promote innovation,pushing up market returns,increase enterprise value,has a connection with each other.Therefore,this series of studies effectively supplement and enrich the construction of the impact path of senior executives' academic experience on enterprise development.To sum up,this paper systematically examines the effect of executive academic experience on enterprise innovation and value,and relying on the research conclusion from the macro national strategy,Chinese industrial structure adjustment and regional coordination policy,micro enterprise and teaching research institutions development countermeasures three suggestions,not only enrich the executive characteristics and innovation,but also provide important for the government,enterprises and universities tripartite formulation and implementation of the theoretical reference.