| In this fast-developing 21 st century,innovation is the fundamental driving force for the growth and growth of each country's industries.At present,the global market has focused on improving the innovation capability and scientific research level of enterprises.China has already formulated strategic goals for improving the level of independent innovation and R&D capabilities of enterprises.The country has made this major strategic decision to ensure the sustainable development of the country and enterprises.From building an "innovative country" to "mass innovation,innovation",the nation has set off a wave of innovation.During the National "Two Sessions" in 2019,the government work report pointed out that we must persist in innovation,lead development,foster new and dynamic kinetic energy,further promote the innovation of mass entrepreneurship,and propose a series of measures to encourage innovation,fully demonstrating the past ten years.The country has always emphasized the strategic importance of innovation.For enterprises,conducting research and development activities is the necessary way to acquire and enhance the level of innovation and technology,especially for information technology companies.In the existing research literature on innovation,scholars generally believe that the ability to innovate is often based on their profitability,external market environment and national policies.Most of the previous research literatures are based on the perspective of organizational governance structure to study its relationship with innovation ability.According to the research in this paper,enterprises need sufficient funding sources for innovation activities,and the redundant financial resources of enterprises are just the key to R&D innovation.Resources.The amount of resources is the key to the ability of companies to build and maintain core competencies,including financial and other resources.Listed companies in the information technology industry that rely on high-tech innovation research and development must have corresponding resources as support.For information technology enterprises,technological innovation requires high cost and high investment.Once the enterprise capital chain has problems or there is not enough enterprise resources to support it,it is difficult to obtain research and development results.Because R&D innovation has the characteristics of income uncertainty and output lag,it is difficult for enterprises to develop R&D and want to conduct external financing.What it needs more is the company's own financial funds.Therefore,the amount of financialresources of the enterprise will directly affect whether the enterprise can carry out scientific and technological innovation.Therefore,it is of great practical significance to study the relationship between the financial redundancy resources of enterprises and the R&D and innovation of enterprises.As an important human resource of the enterprise,the senior management team of the enterprise has been deeply concerned by researchers.As people pay more attention to human capital and the competition becomes more intense,enterprises pay more attention to the research and construction of the management team.More importantly,the company's innovative investment decisions are ultimately determined by the executives.In the market competition,the internal and external environment of the enterprise is very complicated.The executives generally judge and make decisions through their own experience and their own values.Personal background,experience,education and personality are closely related.This paper selects the experience data of 339 listed companies in the information technology industry in Shanghai and Shenzhen,and obtains 1695 observations.With the help of principal-agent theory,high-level echelon theory and resource-based theory,the paper analyzes relevant documents and uses financial redundancy as an explanatory variable.The variables being interpreted,the executive characteristics were used as the regulatory variables,and the control variables were added for multiple regression analysis.Introduce the characteristics of senior management,link the characteristics of senior management with financial redundancy and enterprise innovation,explore the role of executive characteristics in the relationship between financial redundancy and enterprise R&D innovation,and empirically analyze the relationship between the three.It shows that:(1)financial redundancy plays a significant positive role in promoting enterprise innovation;(2)executive characteristics play a regulatory role in the relationship between financial redundancy and enterprise innovation: positive adjustment of female proportion in senior management team The relationship between financial redundancy and enterprise innovation,that is,the high proportion of women in the senior management team,will enhance the positive correlation between financial redundancy and enterprise innovation;the senior management age negatively adjusts the relationship between financial redundancy and enterprise innovation,that is,executives The older the age,the less the financial redundancy will promote the innovation of the enterprise;the average education level of the executives negatively adjusts the relationship between financial redundancy and enterprise innovation,that is,the average academic qualification of the senior management team will weaken the financial redundancy and enterprise innovation.Positive relationship.In the past,the research conclusions on the relationship between financial redundancy and enterprise innovation failed to reach an agreement.The research in this paper provides evidence for the positive effect of financial redundancy.Therefore,in today's extremely fierce market competition,the management of the enterprise has to be strong.The pioneering spirit and innovative spirit should pay attention to the redundant resources of enterprises,rationally and effectively allocate and utilize financial redundancy,seize opportunities,seize opportunities to carry out enterprise R&D and innovation activities,build core competitiveness of enterprises,and realize leap-forward development of enterprises.Guarantee future sustainable management. |
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