| Science and talent make our enterprises more powerful. Technology plays an important role in the competition of markets. However, the development of science and technology needs to constantly improve the R&D investment structure and adjust the direction of R&D investment. Whether the nation or enterprises. Chinese R&D investment has lagged far behind the developed countries in the world. Increasing R&D investment is the key to strengthen our international competitiveness. However, it doesn’t prove that the more R&D investment, the better business performance of the enterprises. R&D investment is high-risk and the earnings is lagged, so with the increase R&D investment of enterprise, R&D execution effect results in more and more attention. In recent years, many scholars try to research this from different perspectives. However, since the limitations of the research methods and data, this part of research stay in a simple level. Top Management Team (TMT) play an important role in the process of R&D activities and their behavior determines the inputs and implementation arrangements of the R&D activities. Its behavior is partly determined by demographic characteristics. Therefore, this article from the perspective of the TMT characteristics, research the relationship between the enterprise R&D input and output efficiency.This article based on the 2010-2012, a total of 3 years has R&D information disclosure of listed companies in Zhejiang province as a sample for empirical analysis. First of all, we sorted out associated literature about R&D input, R&D output results and the TMT characteristics comprehensively. Secondly, we respectively analyzed the relationship between R&D input and output efficiency and the relationship between TMT characteristics and R&D input, On this basis, we analyzed the two paths of TMT impact on R&D input and R&D output efficiency, The theory is tested and analyzed empirically based on "Upper-echelon Theory" and "Schumpeter innovation growth theory". The study found, (1) R&D investment and R&D output efficiency have a significant positive correlation and has a lag effect; (2) the degree, technical background, scale and male sex ratio of TMT and R&D input presence of a significant positive correlation; (3) The average degree, technical background of TMT on the relationship between the R&D input and output efficiency of R&D has a significant positive adjustment, namely in the R&D investment amount in certain circumstances, the higher the TMT average education level, the higher the proportion of skilled executives within the TMT, the more closely the relationship between R&D input and R&D output efficiency; (4) the gender of TMT on the relationship between R&D investment and R&D output efficiency has played a significant negative regulatory role. It explain the more male executives, the worse the efficiency of R&D activities performed have. Finally, this paper presents relevant policy recommendations. Firstly, companies should increase investment in R&D and enhance the implementation efficiency of the R&D. Secondly, companies should focus on building TMT, pay attention to gender ratio, stress on continuing education, pay emphasis on technical background, build a rational and effective TMT of highly qualified. |
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