Relationship Between Heterogeneity Of Chairman And General Manager And The R & D Investment Of Manufacturing Enterprises

Nowadays,the international competition is becoming increasingly fierce,and the product life cycle is becoming shorter and shorter.Therefore,the reform and innovation have become the driving force of the development of this era.Facing the rapid change of technological progress,how to realize the transformation and upgrading of traditional manufacturing industry in our country is imminent.The plan of "made in China 2025" clearly puts forward the strategy of "powerful manufacturing nation",and promotes the core competence of the manufacturing industry.However,to achieve the goal of "manufacturing power",it is necessary to achieve industrial upgrading and enhance core competitiveness through technological innovation.In the process of enterprise technological innovation,R&D investment is the source of innovation.Therefore,the research on the impact factors of R&D investment is particularly important.Then,chairman and general manager as the top decision makers of the ladder team,will their heterogeneity impact on R&D investment in manufacturing enterprises? Are there any differences in the effects of heterogeneity on R&D investment under different ownership systems?Throughout scholars' historical study,few scholars have studied the impact of R&D investment on the starting point of the heterogeneous human capital of the chairman and general manager of the executive team.Therefore,based on the heterogeneity of chairman and general manager,this paper attempts to test the impact of heterogeneity on manufacturing enterprises R&D investment,and the relationship between them in different ownership nature.Firstly,this paper reviews the previous research literature at home and abroad,staring from the principal-agent theory,the heterogeneity of human capital theory,upper echelons theory,technological innovation theory and organizational behavior theory,to analyze the effect of TMT heterogeneity on the R&D and performance of enterprises.Then,in view of the R&D investment activities are more concentrated in the manufacturing industry,selecting samples of A-share listed manufacturing companies from 2012 to 2015 in Shanghai and Shenzhen stock market,we divide heterogeneity of the chairman and general manager into non power heterogeneity and power heterogeneity,and the non power heterogeneity is subdivided into age heterogeneity,education heterogeneity,occupational background heterogeneity,the power heterogeneity is subdivided into political status heterogeneity,the founder status heterogeneity,tenure heterogeneity.After that,we use multiple regression method to examine the relationship between heterogeneity and R&D investment.We also tests whether there are differences in the relationship between heterogeneity and R&D investment in different ownership nature.The paper shows that:(1)chairman and general manager's political status heterogeneity has significant negative effect on the R & D investment;(2)the chairman and general manager's tenure heterogeneity has significant positive effects on the R&D investment;(3)the relationship between Chairman and general manager's age,education,occupational background,founder status heterogeneity and R&D investment is not significant;(4)the enterprise ownership plays a role of conditional variable between the chairman and general manager's age heterogeneity,occupational background heterogeneity,political status heterogeneity,tenure heterogeneity and the R&D investment.In order to improve the corporate R&D investment,this paper puts forward the following suggestions:(1)manufacturing companies should manage the difference and similarity of the executive team characteristic,and enhance team cohesion;(2)Improve the company's selection mechanism for professional managers,and improve the usefulness of R & D decisions.