Research On The Relationship Between Top Manager Team Characteristics And Enterprise Value Based On The Mediating Effect Of R&D Investment For Information Technology Enterprise

With the progress of information technology,information technology has become an essential part of today's economic life and social activities.As a typical representative of the information technology industry,information technology enterprises need a lot of technological innovation and research and development.If the information technology enterprises want to get great development in the incentive market competition,it is necessary to increase the R & D investment.Therefore,the quality of R & D investment decision is directly involved in the survival and development of the information technology enterprises.As the maker and executor of the strategic decision of the enterprise,the different values and cognitive modes of the senior managers of the information technology enterprises affect the formulation of the strategic decision of the enterprises to a certain extent.The different strategic decisions affect the economic benefits of the enterprises and then bring up the value of the enterprises.In this context,it is of great practical significance to explore the role of the top manager team characteristics of information technology enterprises to influence the R&D investment decision and then influence the value of the enterprise.Based on the above background,the research selects a sample of 114 information technology enterprise listed in Shanghai and Shenzhen as A-share firms since 2012 to2016,and the“characteristic-behavior-result”thinking mode is used to study how the top manager characteristics influence R&D investment decision and business performance.According to the related theory analysis and the industry characteristics of the information technology enterprises,this research divides the executive team characteristics into the background features and the constraints characteristics,and the background features are considered from two aspects of the characteristics of homogeneity and heterogeneity.R&D investment is used as a mediator variable,top manager characteristics are used as independent variable,and enterprises' value is used as dependent variable in this paper.Bootstrap is used to verify the mediating effect of investment efficiency.SPSS18.0,Eviews7.0,and Mplus software are used to process data and analyze data.The estimated value of confidence interval is to find the mediating effect.At the same time,in order to ensure the reliability of the researchresults,this research replaced the measurement index of enterprise value for robustness test.The research conclusion shows that R&D investment exerts mediating effect between age and enterprises' value,between heterogeneity of executive tenure and enterprises' value,and between tenure and enterprises' value.While the level of education,the heterogeneity of senior executive age,proportion of female executives,the proportion of independent directors and the CEO duality can't affect the enterprises' value through the R&D investment.Finally,some practical suggestions are put forward in view of the conclusions of this research.It is of practical significance for the information technology enterprises to build a reasonable management team structure,improve the quality of R&D investment decision,create the best economic benefit and maximize the value.