Research On The Relationship Between The Vertical Characteristics Of High-tech Enterprise Executive Teams And R&D Investment

Under the background of transition economy,High-tech Enterprises' R&D investment is a necessary path to guide technological innovation,it also can promote enterprise growth and realize sustainable development.As the main body of enterprise decision,the difference between the demographic characteristics and the position level of the top management team will inevitably affect the R&D investment intensity of the enterprise.Therefore,the research on the influence of the population distribution of top management team on the R&D investment based on the position-level difference is helpful to enrich the analytic framework of the upper Echelon theory and widen the research field and direction of the existing team heterogeneity on the enterprise behavior and strategic decision-making.In addition,considering the remarkable effect of the more than 30-year market economic system reform and the governance environment,this paper probes into the market-oriented process of enterprises and the regulative effect of the property right of enterprises.Using the Chinese unbalanced panel data of A listed companies in high tech enterprises during 2010-2015,this paper explores the influence of vertical dyad difference of the top management team(the difference in demographic characteristics between the chairman and other members of the top management team)on the implementation of enterprise innovation investment strategy based on the theory of Upper Echelons,Interpersonal Attraction,Social Normative and Information Processing.The empirical results included the following:first of all,the vertical dyad difference of age,tenure and education positively affect the corporate innovation,but the gender vertical difference plays an opposite role.Second,compared with the group of low marketization process and the state-owned enterprise,the influence of the executive team vertical differentiation of age,tenure and education on the enterprise innovation is more significant in the high marketization process and the private enterprise group.According to the above findings,this study has a certain reference value for understanding the innovative investment behavior of enterprises and the internal structure and interaction of top management team,as well as the formulation of macro policies.To be specific,when selecting top talents,the chairman who is older,longer term and higher education are more likely to be loved and recognized by team members,which can effectively improve the efficiency of innovation investment.What's more,enterprises need to strengthen the management of human resources,improve the distribution of the population characteristics of top management team,especially the proportion of managers' gender,and promote the positive role of"gender-promoting theory".Last but not least,the government needs to strengthen the development of relevant laws and policies on IPR protection in various regions,exert the leading role of the market,and stimulate the impetus of technological innovation of High-tech enterprises.