Research On The Relationship Between Executive Team Characteristics And R & D Investment

With “The National Public Entrepreneurship and People’s Innovation” proposed by Li Keqiang prime minister in 2014 Summer Davos forum. The marketing innovation activity has been increasingly active. GEM-Listing companies as the main battlefield of technological innovation is highly concerned by all walks of life. R&D investment is the base and guarantee of enterprises’ innovation. Top management team as the highest decision-making body is a key factor of R&D investment. Therefore, this study explore the relationship between top management team characteristics and R&D activities on the basis of analyzing the GEM-Listed Companies’ data, and puts forward suggestions.The paper puts forward hypothesis and builds model. the impact of top management team characteristics and motivation on the R&D investment based on relevant theory and literature research, Through a series of data processing, correlation analysis and regression analysis of the GEM-Listing Corporation data in 2012-2014, in the end following empirical test:(1) Top management team characteristics has a significant impact on investment, the average education level, proportion of technical background members and team size are positively related to R&D investment, the average age of the top management team is negatively related to R & D investment.(2) The average salary level of the top management team is positively related to R&D investment.At last, the results provide empirical support and good reference to set top management team structure for GEM- listed companies.