Research On The Linkage Between TMT Demographic Characteristics And R&D Investment In High-tech Enterprise Of China

To sustain continuous competitive edge, a company has to be innovative. How to improve the performance of innovation has become a common issue among companies, academic world and government sectors. Being the most important human resources of a company, the value, insight and cognitive pattern of executives can affect the technical innovation of a company. With the mental profile replaced by population characteristics, the high order theory has studied the relationship between characteristics of executives and the research investment of a company.Studying the relationship between characteristics of executives and the research investment of a company so as to propose for the building of executives team, the better incentive system of executives team and the improvement of innovation ability of a company, with the combination of theory study and empirical, based on the study of high order theory, innovation theory and principal agent theory, the paper has studied the public new high-tech companies of manufacturing, new energy and information technology industries. In the study, the independent variables are the age, tenure of office and education background of executives, the dependent variable is the research investment of a company, the mediating variable is the incentive system of executives and the control variables are industries, company scale, asset structure and actual controller. Using SPSS19.0, the linear-regression analysis of the related statistics indicate that:(1) the average age of executive has remarkable negative correlation with research investment of a co mpany and the education background, the average tenure of office of executives have significant positive correlation with the research investment.(2) There is no obvious relationship between research investment and the heterogenous characteristics of exec utives.(3)There is significant correlation between the executive compensation and the average age, education background and average tenure of office of executives; and the executive compensation work as a partial mediating variable between the average education level of executives and research investment. The comparison between state-owned company and non-state-owned company indicates that the model can explain the non-state-owned company conditions better. Non-state-owned companies have more autonomy on the selection and dismission of executives. So the suggestions of this paper are: No.1, to attach more importance to the overall quality of executives when building the innovative management team; No. 2, Intensify the reform of state-owned company so as to grant better mobility of its executives; No. 3, modify current incentive system so as to improve management efficiency.To follow the call upon the building of innovative companies, the paper has added empirical evidence on the micro level as for the effect the executive characteristics have on research investment.