The Impact Of TMT Characteristics On Enterprise Technological Innovation

China's economy has entered a new normal,one of the main characteristics of the new normal is from factor driven,investment driven to innovation driven,which requires enterprises to continuously increase investment in innovation.For the Gem manufacturing companies,they don't have much advantages compared to big businesses,so they must pay more attention to technological innovation in order to survive and develop in the fierce market competition.Enterprise technology innovation depends on Entrepreneurs,the innovation strategy is made by the TMT,and TMT is influenced by executive team members' psychological structure when making innovation decisions.This psychological structure is closely related to the characteristics of top management members,such as their qualifications,salaries and differences among top management members.Therefore,it is necessary to study the impact of TMT characteristics on enterprise technological innovation.Based on the theory of top echelon and the theory of innovation,this paper takes China's 2011-2015 listed companies of gem manufacturing industry as the research sample,5 general demographic characteristics of TMT and 3 heterogeneous characteristics of TMT are chosen as explanatory variables,the enterprise's R&D input are taken as the measure index of the technological innovation.On this basis,firstly,we study the influence of TMT general demographic characteristics on the technological innovation of the enterprise;secondly,we examine the relationship between TMT heterogeneous characteristics and the technological innovation of the enterprise.At the end,all the samples are divided into groups according to the different scale and cash flow level for further research.The results shows that :(1)The average education level of the executive team,the average salary of the top management team and the improvement of the management team's autonomy are beneficial to the technological innovation of Gem manufacturing companies,while the proportion of women in the senior management team and the overseas background of the top management team have no significant influence on the technological innovation of the enterprise.(2)The overseas background heterogeneity of the TMT has a significant positive correlation with the technological innovation of the enterprise,while the difference in salary and the difference in the education level of top management team has a negative impact on enterprise technological innovation.(3)Under the situation that other conditions are unchanged,the size of the enterprise is different,and the influence of the executive team characteristics to thetechnological innovation of the enterprise is different.Meanwhile,under different cash flow levels,the impact of TMT characteristics on technological innovation is also different,and the characteristics of TMT in enterprises with high cash flow level have a more significant impact on technological innovation of enterprises.