Research On Relationship Of Top Management Team Characteristics,R&D Investment And Enterprise Performance

In the new normal economy,companies have more initiative to do research and development activities.Companies further promote the improvement from its innovation through the R&D achievements transformation.Now,the existing research results mainly focused on the direct impact on enterprise performance of senior management team characteristics and R&D investment.Most of the existing research results select companies listed on the main board and small and medium-sized boards as their main research object,but the literatures of further study of the role of the senior management team characteristics on business performance from intermediary variable transmission mechanism are still very lacking.This article select R&D input as the breakthrough point,and select the gem listed companies as the research object,according to view of the senior management team characteristics-behavior-results,through the empirical test to study how the senior management team characteristics Affect enterprise performance through R&D work,to Make contribution to the construction of senior management team.First,this article make systematic and detailed arrangement of the existing literatures on the study of the selected factors at home and abroad.And make systematic and detailed explanation of the definition and development of modern economic theories such as high ladder team theory,theory of human capital and technological innovation theory.Then set up nine hypothesis,to mainly discuss the R&D function.Secondly,build the three-step regression model for article study according to the fixed-effects model of panel data and the research methods of mediation effect,and select the gem listing company as the main object of study,using the model to do the empirical test.Through the descriptive statistical analysis and the inspection of mediation effect on the articles selected samples,we can make the conclusion of this article among the Intermediary variables of research in this article,the term of senior management team only affect the enterprise's R&D input,and the size of senior management team only affect the enterprise performance,but the age of the senior management team can affect both enterprise's R&D input and enterprise performance.Further more,the age characteristics of the senior management team Indirect influence enterprise performance through the enterprise R&D investment,the enterprise's R&D is the intermediary variable.Finally,we can get revelation at the end of the article.We suggest gem companies actively respond to the new normal of the economic development,and maintaining efficient and reasonable executives age structure,shaping corporate culture and building learning organization,increasing the enterprise R&D investment,and trying their best to strengthen and improve the information disclosure of senior management team members on the annual report of enterprise.