Research On The Relationship Between Top Management Team Characteristics And R&D Investment Of Listed Companies

With the gradual disappearance of the demographic dividend and the tightening of material resources,all levels of society are increasingly aware the significance of the innovation.The call that Our party and government issued for building an innovative country,an innovative society,innovative talents rose the wave of mass entrepreneurship and innovation,moreover try to achieve the emergence of creativity with the improvement of R&D intensity,and to open up new kinetic energy development and the revival of old kinetic energy through innovation.In this process,listed companies as the main battlefield of technology and service innovation,increased R&D investment,which is beneficial to promote supply-side structural reforms,enhance to development momentum and market competitiveness,conducive to smooth transformation and upgrading of China’s economy,promote the rational allocation and efficient use of innovative resources,and meet people’s growing needs for a better life.Therefore,it has been widely concerned by the academic and practical circles,and the research on the influencing factors of research and development(R&D)investment is still in the ascendant.In the previous research on enterprise R&D investment,the researchers started from the internal and external environment which influences the strategic choice of enterprises,and analyzed a series of macro-national policies,laws,micro-enterprise performance,liabilities,which can directly or indirectly affect enterprise innovation.Also they gradually shift the perspective to the main body of the investment decision-making-top management.However,the discussion on the top management team and the team characteristics is not deep enough and sufficient,and more attention is paid to the single field of electronic information technology and manufacturing industry,which leads to different research conclusions and cannot meet the needs of social development and enterprise innovation.Therefore,it is essential for improving research in related fields to pay attention to the demographic characteristics of the executive team on the R&D investment of enterprises.At the same time,the top management team members as the actual business management managers are inevitably affected by the principal-agent relationship.As a relative salary incentive system,the pay gap will alleviate the agency contradictions,which are all issues worthy of attention.According to this,based on the literature review and related theories,this paper puts forward the research hypothesis of top management team characteristics and enterprise R&D investment,which incorporates demographic characteristics and pay incentives into a research framework,trying to explore the human resources in line with China’s national conditions and constructing a relational model between variables.Taking the disclosure data of A-share listed companies in Shanghai and Shenzhen in 2014-2017 as samples,the research hypotheses were tested from the two dimensions of demographic characteristics and pay gap through data processing,correlation test and regression analysis.The results show that:(1)the top management team’s demographic characteristics have a significant effect on the R&D investment of the enterprise.Among them,the average degree education,technical occupation background of the top management team and the R&D investment are positively correlated.The average age of the top management team and the R&D investment are negative correlation;(2)The internal pay gap of the top management team is positively correlated with the R&D investment;(3)Further research found that the characteristics of private enterprise top management team have more obvious effects on enterprise R&D investment.According to the research conclusions,it can provide a basis for the rational construction of the top management team of Chinese enterprises,the effective and perfect incentive mechanism,and the innovative development of enterprises.