A Study On The Relationship Between R&D Investment And Enterprise Performance Moderated By Personal Characteristics Of Senior Management Team

From the perspective of core competence theory,R&D can help enterprises to obtain the core technology,improve product technology content and improve the effciency of enterprise production,in this ways,the enterprises can obtain the advantages of the competitors,shape the enterprise's core competitiveness.The goals of the enterprise is profitable,the input-output efficiency must to fully take into account when taking the distribution and use of the enterprise's resource,R&D spending is no exception.Present studies have fully confirmed the positive influence of R&D input on business performance.Enterprise senior managers is the key of enterprise development decision,some differences on the managers'personal characteristics can make an impact on the company's operating direction,input and output efficiency.Managers take an important role in R&D activity,their personal characteristics influencing the the input and output efficiency of R&D activities by influence the decision-making level and management level.Based on this background,this paper studies the relationship between r&d investment and enterprise performance under the motivation of executives personal characteristics has practical significance.This samples are selects the A shares listed on the Shanghai stock exchange and Shenzhen stock exchange in equipment manufacturing industry from 2007 to 2016,studies the relationship between r&d investment and enterprise performance under the motivation of executives personal characteristics has practical significance.Article mentality is as follows:first of all,analyze the research background and research status at home and abroad,building the basic framework of the research.Secondly,analyze the enterprise performance,R&D investment,executives personal characteristics and the theory of those three variables,expound the theoretical basis of the article,the research paradigm.Then,build hypothesize,select the sample and data sources,and to build the model for empirical analysis.The analysis using STATA software measurement to do descriptive statistics analysis,correlation analysis,regression analysis and robustness testing.The results show that the intensity of R&D investment in the equipment manufacturing industry in our country listed company is low;R&D investment has delayed action on enterprise performance;Executives age in the whole sample and non-state-owned enterprises sample negative adjustment leading R&D and issue a negative relationship of enterprise performance;Senior professional technical background in non-state enterprises is to adjust the R&D samples with leading phase two of the positive relationship between enterprise performance;Executive education in the whole sample and non-state-owned enterprises is to adjust the R&D samples with leading phase two of the positive relationship between the corporate performance.Finally,in view of the research results,this paper puts forward related Suggestions and points out the article deficiency and prospects.