The Characteristics Of Top Management Team, R&D Spending And Corporate Performance

The increasingly fierce market competition, technological innovation is more important, the R&D expenditure plays a vital role for the listing corporation to build the core competitiveness. A previous listing corporation R&D expenditure influencing factor research focus on the analysis of market demand, industry classification, such as the level of profitability, company size, corporate governance and external environmental factors of R&D expenditure effect, show that the upper echelon theory, strategy and corporate performance as the two aspects of the listing corporation output, different value can reflect the company executives the concept and the cognitive mode. Spending on research and development as one of the strategic choice of the listing corporation, not only affected by the internal and external environment, personal characteristics and cognitive models are also subject to the strategic decision of personnel. Different company’s executive management team are differences in age, education background, tenure, the high risk and return characteristics of the long period of R&D expenditures tend to hold different attitudes. Then, how the characteristics of top management team, R&D expenditures,corporate performance, characteristics of top management team is an independent influence corporate performance or top management team characteristics with the help of R&D investment to influence corporate performance, the logic of what is the relationship,the existing literature does not give the concrete research conclusion.In the elimination of missing data recording and extreme value, this paper selects 309 high tech listing corporation 2011-2013 annual report disclosure as the research object,first of all, the study on the relationship between top management team characteristics and firm performance; secondly, the relationship between top management team characteristics and firm performance of R&D expenditure variables is introduced; finally, puts forward the research conclusion and relevant countermeasures this paper suggests. This paperbelieves that, in the high-tech listing corporation, characteristics of top management team on the company performance through R&D expenditure effect is more significant, the company should be reasonable to construct efficient, high quality of top management team,the overall quality and upgrade the level of top management team, TMT characteristics by favorable factors, play a top management team in R&D expenditures in the guiding strategy effect, make the right decisions in research, long-term goal, the immediate interests coordination security R&D expenditure and listing corporation, increasing scientific input of innovation, to build the core competitiveness, improve organizational performance.