| A CEOis the core statusof a company's management and plays an important role in major business decisions and strategic decisions.He not only leads the company's daily business decisions,but also is responsible for formulating the company's future business development strategy.A professional background CEO,his understanding of the company's technology,products,and business is far more profound than a non-professional background CEO.They will understand the company's R&D activities and R&D process more clearly.They will know more aboutthe status of the company technology in the industry and what needs to be updated in the future.They will strongly promote the company's production and R&D projects and strengthen the company's technological upgrading.In terms of R&D investment,they will provide the greatest possible support.For the analysis and understanding of investment projects,especially in the business or technical aspects that affect the investment decision-making of enterprises,these CEOs have more right to speak and they are easier to add their own understanding of business and technology.Thenthey overall analysis the impact and significance of these investment projects on the future development of the company,so they can truly make investment decisions play a substantive role and avoid investment or overinvestment as much as possible.This paper theoretically analyzes R&D and investment efficiency,and builds a model for R&D investment,R&D investment efficiency,and investment efficiency.It is based on China A-share listed company from 2007 to 2016 and manually queries the CEO's professional background data and other data from GTA database,then obtains 3,395 observations and divides into state-owned enterprises and private enterprises.This paper attempts to conduct empirical analysis of 3,395 full samples.The purpose of empirical analysis is to study the relationship between CEO professional background and R&D investment,the relationship between CEO professional background and R&D investment efficiency and the relationship between CEO professional background and investment efficiency.At last this paper have the following conclusions: Firstly,a professional background CEO will promote the company's R&D investment.Such results also apply to private enterprise samples and state-owned enterprise samples.Secondly,a professional background CEO willstrengthen the effect of R&D on R&D output.Such results also apply to private enterprise samples and state-owned enterprise samples.Thirdly,a professional background CEO will reduce the company's R&D investment efficiency.Such results are in the private enterprise samples and state-owned enterprises samples are different;Lastly,a professional background CEO will improve the company's investment efficiency,and this result is different between private enterprise samples and state-owned enterprise samples.A professional background CEO will promote the company's R&D investmentand improve the company's investment efficiency.But healso brings risks which will cause research and development investment efficiency becomes lower.When hiring a CEO,the company may wish to use the professional background as an indicator to select CEO to run the management company,instead of selecting a professional manager.However,R&D has considerable uncertainty and high risk.In a company with a professional background CEO,it is appropriate to strengthen supervision on R&D and avoid inefficient R&D investment to cause waste of resources for the company. |
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