| In the fierce market competition environment,R&D activities as a source of technological innovation,has become the enterprise to acquire the core strengths,the key of survival and development.More and more enterprises realize the important role of research and development activities and enhance the enterprise's market competition ability to a strategic high level.With the development of research and practice,there are increasingly more studies related to this area.The R&D costs are mostly devoted into factors which focus in analysis and influence the financial outcomes and R&D investment strategy of the enterprise,such as market forces and policy conditions,enterprise profitability,scale of the enterprise,corporate governance internal and external environmental factors.However,as an active strategic choice for enterprises,R&D expenditure is not only affected by the internal and external environment,but also is subject to the individual characteristics and cognitive model of enterprise strategic decision makers.CEO,as the core of enterprise investment decision makers,has no doubt that its own characteristics will have an important impact on Enterprise R&D activities.It has been found that CEO does have an effect on the R&D investment,but there is no consistent conclusion that which characteristic factors would influence the results and to what extent the impact of these characteristic factors would affect the company's R&D investment in scope.At the same time,there is little literature which do research on the relationship between the characteristics of CEO and R&D investment and take the different nature of property rights under the two relations into account.In this paper,listed companies to disclose R&D expenses as a sample,the CEO of cognitive tendencies,values,knowledge base as a starting point to explore the different characteristics of different CEO of listed companies on investment in R&D costs.Does the company's R&D expenses increase when CEO holds more shares?Whether the CEO for the executive appointment will reduce the company's R&D expenses?The relationship between CEO features and R&D expenditure is different from the state-owned enterprises and private enterprises?Firstly,this paper reviews the research status at home and abroad,secondly of CEO Characteristics and research and development expenses investment involved in the correlation analysis theory are summarized,then the CEO Characteristics and research and development expenses investment relationship carries on the theoretical analysis,process involves theoretical analysis including upper echelon theory,principal-agent theory,hypothesis and the empirical research to the correlation between variables to validate,through theoretical and empirical analysis,we draw the following conclusions:(1)compared to CEO without ownership of the company,CEO Holdings Company R&D investment more,and CEO higher the stake,the company R&D investment more;(2)CEO age,the company R&D investment is less,and this phenomenon is more obvious in the state-owned listing Corporation;(3)CEO.The higher the company R&D investment more,and this phenomenon is more obvious in the state-owned listing Corporation;(4)CEO in the longer term,the company R&D investment more,and this phenomenon is more obvious in the private listing Corporation;(5)compared with the administrative appointment CEO by internal authority hiring CEO prefer more investment in R&D expenses.According to these conclusions,this paper presents relevant suggestions,should improve the company CEO equity incentive effect,promoted and bold use of young,highly educated management personnel,at the same time to formulate reasonable CEO tenure,and accelerate state-owned listed company CEO appointed to the chief.This paper is divided into six parts.The first part is the introduction,which puts forward the research background,research ideas and the framework of this paper.The second part is the literature review at home and abroad,analyzes the influence factors of the investment of R&D expenses,and summarizes the different research results about the influence of CEO characteristics on the investment of R&D expenses.The third part is the theory of CEO Characteristics and corporate investment in research and development expenses analysis,explains the concept of research and development expenses and composition,factors that influence corporate investment in research and development expenses are analyzed,summed up the enterprise R&D investment motives,and the upper echelon theory,principal-agent theory,manager's power theory and rational expectations hypothesis in this paper,also focuses on the analysis of the relationship between CEO Characteristics and corporate investment in research and development expenses,distinguish between different types of ownership,the five hypotheses are put forward.The fourth part is the CEO Characteristics and R&D costs into the empirical analysis of the correlation and to disclose the development costs for the listed companies as the research sample,using descriptive statistics,regression analysis and other methods,to test the proposed hypotheses.The fifth part is the conclusions and policy recommendations,summarized the research conclusions of this paper,put forward some relevant suggestions for improvement,and pointed out the shortcomings and deficiencies in the research.The main features of this paper are:(1)The current research on the R&D expenses CEO characteristics and corporate investment CEO only focus on the features of the data itself,while ignoring the impact,the different nature of property rights for the relationships between,which leads to the inconsistency of CEO characteristics and corporate R&D investment related research conclusions,and based on the Chinese special system background,thinks it is necessary to base on the previous studies,considering China's capital market are state-owned and private owners of-these two kinds of different listing Corporation,because the ultimate control of the human type is different,the company R&D investment will be affected by the characteristics of CEO,this paper from the perspective of property right the relationship of CEO and corporate R&D investment research,the research can enrich the related field in a certain extent,has the important theory Theory and practical significance.(2)There is little relationship between literature research CEO ownership and corporate investment in research and development costs,this study to the incentive theory based test in our country listed company CEO shareholding and corporate investment in research and development expenses between,to reveal the incentive effect of managerial ownership on the R&D cost investment,rich R&D investment research literature. |
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