| In the new era of Xi Jinping,innovation has become the first driving force leading the vigorous development of various undertakings in China and the strategic support for building a socialist modern economic system with Chinese characteristics.However,in the process of carrying out innovation activities,due to the spillover of results,the attributes of "public goods","free rider" phenomenon and information asymmetry and other factors,there is a phenomenon of "market failure" in innovation activities,and the enthusiasm of enterprise innovation investment is frustrated.Government intervention come on the stage,when market failure occurs.Therefore,the development of innovation activities require government intervention,such as government subsidies.However,whether the government subsidy given by the state can promote enterprises to invest in innovation and whether enterprises will really use government subsidy to innovate are closely related to how executives make decisions and how to manage enterprises.As the strategic decision-making center of the top management team,the CEO's personal characteristics directly determine the functions of the whole management,and have an important impact on the innovation decision-making of the enterprise.Therefore,this paper attempts to study the relationship between government subsidy and enterprise innovation investment and the moderating effect of CEO characteristics on this relationship based on the data of enterprises listed on GEM in China.Based on the literature review and empirical research,this paper puts forward research hypotheses based on market failure theory,stakeholder theory,externality theory,information asymmetry theory,resource-based theory and high-level echelon theory,and chooses the unbalanced panel data of GEM listed companies from 2009 to2016 for empirical research ?The results show that:(1)Government subsidy has an incentive effect on enterprise innovation investment;(2)CEO age has an inverted "U" effect on the regulation between government subsidy and enterprise innovation investment of GEM listed companies.(3)The gender of CEO is the incentive effect thatwomen can significantly promote the innovation investment of GEM listed companies;(4)CEO with high educational background can significantly promote the promotion effect of government subsidy on enterprise innovation investment;(5)CEO with overseas background can significantly promote the promotion effect of GEM listed companies' government subsidy on enterprise innovation investment;(6)CEO with R&D technology background can significantly promote the effect of government subsidies on innovation investment of GEM listed companies.The main innovation of this paper lies in: on the basis of the existing literature,which is mostly about government subsidies and enterprise innovation investment,the characteristics of senior management team and enterprise innovation investment,we select the listed companies on GEM as the research object,and study the relationship between government subsidies,CEO personal characteristics and enterprise innovation investment.In terms of theoretical significance,this study is conducive to describing the relationship between government subsidy,CEO characteristics and enterprise innovation investment,providing new economic evidence for understanding the relationship among them,broadening the theoretical basis of relevant research on Influencing Factors of enterprise innovation behavior,enriching the research on the relationship between government subsidy and enterprise innovation behavior,and the role of CEO characteristics in regulating the relationship between government subsidy and enterprise innovation investment.As far as practical significance is concerned,this paper examines the relationship between government subsidy and enterprise innovation investment by empirical method,examines the moderating effect of CEO characteristics on the relationship between them,and then puts forward policy suggestions from two aspects: government's choice of subsidized objects and enterprise's selection or employment of CEO,so as to promote the effect of government subsidy,guide enterprises to make more effective use of government subsidy for innovation investment and further serve the country.The improvement of home innovation ability adds to the building blocks. |
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