Effects Of Top Management Heterogeneity On R&d Investment Of Enterprise

On the background of knowledge-based economy and growing competition,R&D,as one of the most important innovation source of enterprise,provide motivation for companies to move forward and keep innovative.Obviously R&D investment is crucial,especially for pharmaceutical companies.But Chinese enterprises did not put much attention on R&D investment which R&D levels are lower than the average level of developed countries enterprises.Based on the upper echelons theory and similarity-attraction paradigm,Conbined with TMT vertical dyads heterogeneity perspective,this article discuss the relationship between them.It is meaningful for enterprise to build their executive team and promote the development of corporate R&D investment.This article,firstly,describe the definition of R&D investment and executives heterogeneity,especially regards position hierarchy as a importand role which use CEO-TMT heterogeneity as measurement.Not only summarise the R&D investment thoery and executives heterogeneity,but also analyse special system of our country.Then it come up with hypothesis.The result indicate that CEO-TMT age heterogeneity and CEO-TMT education level heterogeneity renegatively related to R&D investment intensity,while the CEO-TMT tenure heterogeneity and CEO-TMT career background heterogeneity are positively related.Moreover,this effect are more obvious in state-owned enterprises and in local state-owned enterprises than in private enterprise and in central state-owned enterprise.In summary,based on this analysis,this paper proposes some policy advice to promote R&D investment:first,enterprise should optimize the structure of management.Second,the government should issue some policy to lead enterprise carry on R&D investment.finaly the enterprise should scientific draw up R&D plan to cut cost.