| According to the report of the 19th national congress,innovation is the first driving force for development and the strategic support for building a modern economic system.The manufacturing industry is the main body of the national economy.With the rapid development of information technology,the speed of knowledge updating,and the intensification of market competition,Chinese manufacturing industry is facing a complex development environment and a rare opportunity for development.It is particularly important to improve the technological innovation level of the manufacturing industry.In this paper,519 listed companies of Chinese manufacturing industry are divided into two types,the higher one and the lower one by asset-liability ratio.And the regression analysis is carried out to study the relation of CEO openness and R&D expenditure,as well as the regulation effect of earnings quality(performance risk,market competitive intensity)on the two.Considering the influence of property right,the above relations are further discussed based on the property right.The study shows that when asset-liability ratio is low,CEO openness has a positive correlation with R&D expenditure,but there is no significant correlation between CEO openness and R&D expenditure when asset-liability ratio is high.Earnings quality can regulate the relation between CEO openness and R&D expenditure.That is:when asset-liability ratio is low,performance risk can play a negative regulation effect on the relationship between CEO openness and R&D expenditure.However,performance risk has no obvious regulation effect when asset-liability ratio is high.When asset-liability ratio is low,the market competition intensity has a positive regulating effect on the relationship between CEO openness and R&D expenditure,and the market competition intensity stil]plays the same role when asset-liability ratio is high.Based on the property rights analysis,compared with the state-owned enterprises,in private enterprises,CEO openness has a stronger positive impact on R&D expenditure,and performance risk has greater impact on the relationship between CEO openness and R&D expenditure.Also,the market competition intensity has a greater impact on the relationship between CEO openness and R&D expenditure.The results of this study provide a reference for the company that is interested in technological innovation to select managers,and to make R&D investment decisions by the company's capital structure and earnings quality.Furthermore,it is helpful for the government to guide and support innovative investment.It also enriches the theoretical research on the personality characteristics of managers and technological innovation. |
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