| In the increasing competitive market and diverse business, technology innovation gradually becomes the never exhausted motive force of high-tech enterprises'development. As a representative of the ability of technological innovation, R&D investment plays an important role in enhancing high-tech enterprises'competence, improving the economic benefits, etc. However, the common situation of high-tech enterprises in China is that the overall level of technological innovation is not high, and R&D investment is not enough. In this thesis, using empirical research, we have investigated top management team's background characteristics, incentive mechanism and the R&D investment of Chinese Listed high-tech enterprises, and have conducted an exploratory analysis on the correlation between them. On this basis, this thesis offers some constructive suggestions for increasing high-tech enterprises'R&D investment levels, and prospects follow-up studies.Firstly, this thesis reviewed the general theory and related research on top management team's background characteristics, incentive mechanism and technological innovation, and put forward the key assumptions of this study. Secondly, with 105 Chinese Listed high-tech enterprises as samples, this thesis selected six indicators to measure top management team's background characteristics, three indicators to measure incentive mechanism and two indicators to measure R&D investment from these enterprises'2009 annual reports and other public data. With these indicators and data, we constructed a regression analysis model. Through the correlation and regression analysis on data and the inspection of the proposed hypothesis, an moderating effects model was constructed about the relationship between top management team's background characteristics, incentive mechanism and the R&D investment.The results show that:(1) Top management team's background characteristics has a significant influence to the enterprises'R&D investment; (2) Incentive mechanism has positive influence on the enterprises'R&D investment; (3) Incentive mechanism serves as a moderator between top management team's background characteristics and the enterprises'R&D investment.Finally, we point out the inadequacies of this study. In addition, starting from the conclusion of the study, we provide good advice for structuring an outstanding TMT and executive governance in order to increase R&D investment in high-tech enterprises in China. Besides, future research suggestions are provided. |
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