A Study On The Relationship Among Top Management Team Characteristic,R&D Investment And Technological Innovation Performance

With the depth development of globalization,the Chinese market is gradually integrated into the global market.In order to gain competitive advantages in the international market,it is necessary to accelerate technological development and innovation and build an innovation-oriented country.The 18 th National Congress of the Communist Party of China clearly puts forward that it is necessary to implement an innovation-driven development strategy and place innovation at the core of Chinese overall development.Enterprise is not only the main force of innovation in China,but also the micro-unit of social and economic development.The research on firm technological innovation performance has been widely concerned by scholars.At present,most scholars' research on the factors influencing technological innovation performance ignores the influence of managers with bounded rationality.As decision-makers of corporate strategies and business activities,executives need to quickly identify opportunities,accurately judge the business environment,and formulate technological innovation strategies.Due to the limitation of personal cognitive ability,the management decisions of enterprise need to be made by Top Management Team(TMT).There are studies on the impact of TMT on technological innovation,which mainly measure technological innovation activities based on R&D investment,and examine whether TMT influence technology innovation decisions.However,few studies pay more attention to whether TMT characteristics could influence technological innovation performance through r&d investment.Therefore,this paper attempts to explore the relationship between TMT,R&D investment and technological innovation performance,in order to enrich relevant research.Based on the relevant literature and theory,we study the influence path of TMT characteristics on technology innovation performance,according to the analysis framework of “TMT characteristics-strategic choice-enterprise performance”.Besides,we select R&D investment as mediating variable,and propose the mediating effect model of TMT characteristics affecting technological innovation performance throughR&D investment.Using STATA14.0 analysis software,we empirically test the relationship among TMT characteristic,R&D investment and technological innovation performance with a sample of A-share listed firms in Shanghai and Shenzhen from 2012 to 2017.The results are as follows.First,TMT characteristics have a significant impact on technological innovation performance.Among them,the proportion of female executives and average age have a significant negative impact on technological innovation performance.The average tenure,proportion of production or research professional background,and proportion of overseas background in TMT have a significant positive impact on tecnnological innovation performance.Secondly,TMT characteristics have a significant impact on R&D investment.Among them,the average age of TMT has a significant negative impact on R&D investment.The average education level,average tenure,proportion of production or research professional background,and proportion of overseas background in TMT have a significant positive impact on R&D investment.Thirdly,R&D investment has a significant positive impact on technological innovation performance.Fourthly,R&D investment plays a mediating role between TMT characteristics and technological innovation performance.Among them,R&D investment plays a part of mediating role between the average age,average tenure and proportion of production or research professional background in TMT and technological innovation performance.R&D investment plays a fully mediating role between proportion of overseas background in TMT and technological innovation performance.Finally,based on above research discoveries,the following suggestions are put forward for the improvement of enterprise technological innovation performance.In the first place,improve the stability of TMT members.Secondly,on the premise of guaranteeing the stability of TMT,try to make TMT "younger".Thirdly,focus on introducing executives with overseas and production or research professional background.Fourthly,increase R&D investment and improve conversion efficiency.