Top Management Team Background Characteristics,R&D Input And Enterprise Performance

The theory of high-level management reveals the research on the background characteristics of top management team.After that,most scholars at home and abroad have studied the relationship between the background characteristics of top management team and enterprise performance,while few have studied the mechanism between the background characteristics of top management team and enterprise performance.Top management team has the decision-making power and control power of enterprise management,which determines the company's strategic decision-making.It is an important human resource guarantee for the enterprise.It can have a decisive impact on the development of the enterprise.At the same time,the top management team is affected by the background characteristics of the top management team in the decision-making process.In addition,domestic and foreign scholars mostly take the main board and small and medium-sized board market as the research object,and have less involvement in the GEM market.GEM market was established in 2009,and has developed for 10 years.As a capital market with high technology-intensive,it has high operational risk,and pays more attention to R&D investment in the process of operation.The fierce market competition makes enterprises more dependent on the senior management team.Based on this,this paper takes the panel data of the GEM market from 2012 to 2017 as a sample,and takes R&D investment as an intermediary variable to study the mechanism of the background characteristics of top management team and corporate performance.Based on the theory of high-level management,human capital theory,technological innovation theory and strategic leadership theory,this paper defines and analyzes the background characteristics,R&D investment and corporate performance of senior management team.First of all,this paper selects the data of the GEM market,from the perspective of R&D investment,divides the background characteristics of the independent variable executive team into male proportion,average age of senior management team,average degree of senior management team,average tenure of senior management team and professional technology.In the background,an empirical study was conducted on the background characteristics of the executive team and the R&D investment and the background characteristics of the executive team and the performance of the company.Secondly,this paper uses the mediation effect test to empirically study whether the intermediary variable R&D investment has a mediating effect between the executive team background characteristics and corporate performance.Finally,this paper divides the whole sample into state-owned enterprises and non-state-owned enterprises,and further studies the differences in the mediating effects of R&D investment under different property rights.The empirical results show that:(1)The average age of senior management team is not related to corporate performance.The male ratio of senior management team is negatively correlated with average tenure and corporate performance.The average academic qualification and professional technical background of senior management team are positively correlated with corporate performance.(2)The proportion of male,average age and average tenure of senior management team is negatively correlated with R&D investment,while the proportion of average academic background and professional and technical background of senior management team is positively correlated with R&D investment.(3)The intermediary variable R&D investment affects the enterprise in the background characteristics of the senior management team.Part of the mediation effect in the performance process,the background characteristics of the executive team will influence the performance of the company through R&D investment.(4)Under the GEM market,the R&D investment of state-owned enterprises and non-state-owned enterprises has different mediating effects on the background characteristics of executive teams and corporate performance.Based on the empirical results,we propose policy recommendations from the four aspects of building a suitable corporate executive team,improving the internal evaluation system of senior executives,promoting R&D investment,and improving the disclosure of senior executives to promote the long-term development of GEM companies.