Research On The Relationship Between Enterprise CEO Openness And Enterprise R&D Investment

In today's world,knowledge and technology play a vital role in the survival and development of a business.With the company's R&D activities,new knowledge and new technologies can be acquired,and technological innovation can be achieved.This will enable the company to gain a market monopoly position for a period of time,in which the company's unique products and quality services can create a certain competitive advantage for the company.This will lead to an increase in sales revenue and market share of the company,which will further improve the business performance of the company.R&D investment is the key to gaining competitive advantage for enterprises,and the factors affecting R&D investment of enterprises are multi-level and multi-dimensional.Around this issue,scholars have carried out a lot of related research from the individual level to the organizational level around the external environment and internal environment.Executives such as CEOs are not completely rational,and their decision-making behavior is more likely to be influenced by psychological factors and cognition.At the same time,the company's R&D activities also have high risks and long cycle problems.Corporate executives are in the interest of protecting their own interests and are not willing to take on the risks that may arise from R&D activities,so they will choose investment decisions that avoid certain risks.So,how will a more open CEO make R&D investment? At the same time,venture capital institutions often rely on their resource advantages in several aspects such as capital and experience to gradually become an indispensable institution in the process of listing.However,since the sign of the protection of the rights and interests of venture capital institutions is the exit after the successful listing of the enterprise,can the venture capital institution still help the growth of the enterprise after the successful listing of the enterprise?Conducive to business growth? According to the current research of scholars,on the one hand,venture capital institutions can make up for the resource gaps encountered by enterprises in innovation and entrepreneurial activities by virtue of their various advantages,which enables enterprises to grow rapidly.On the other hand,the relevant data show that venture capital institutions can effectively compensate for the resource gaps that enterprises may encounter in carrying out entrepreneurial and innovative activities while helping innovation and successful listing of startup enterprises,and help entrepreneurs to grow rapidly.In practice,there is also evidence that venture capital institutions can promote innovation and guidance of science and technology and optimize economic structure in China.From the perspective of corporate governance,venture capital institutions as externalinvestors can effectively supervise management in the long run,but they may only partially solve the agency problem due to conflicts of interest,and the effect of supervision is not obvious.From this point of view,the theoretical research conclusions about the relationship between venture capital institutions and the development of venture enterprises have not been unified.Then,in this context,this paper is based on the research of more than 200 companies listed on the GEM in our country.The time interval of the study is 2015-2017,and the research on the relationship between CEO openness and R&D investment is studied.On the basis of defining and defining the openness of CEOs,we draw on and integrate the theory of high-level team and the theory of management autonomy.From the perspective of theory and evidence,the relationship between CEO openness and R&D investment,venture capital Whether the organization can intervene and the degree of involvement of venture capital institutions will study whether there is a regulatory role between CEO openness and corporate R&D investment.Through the research in this paper,we can see that: Firstly,the research results of this paper show that: First,CEO openness and enterprise R&D investment intensity show a positive correlation,that is,the higher the degree of CEO openness,the longer-term enterprise based on the enterprise For development considerations,resource allocation will be implemented to increase investment in R&D.Second,the involvement of venture capital institutions has a significant positive adjustment effect on the relationship between CEO and R&D investment,and the higher the degree of intervention,the stronger the adjustment effect.Among them,the involvement of venture capital institutions is through the impact on the CEO's management autonomy,which in turn affects the CEO's strategic decision on corporate R&D investment.The above research conclusions deepen the research understanding of the relationship between CEO openness and enterprise R&D investment,and further study the influence mechanism of venture capital institution's intervention on enterprise development,thus deepening the theoretical significance and practical significance of this paper.