An Empirical Study On The Impact Of The Executive Innovation Cognition On Enterprise R&D Investment

In the context of the knowledge economy and the integration of the global economy,if enterprises want to survive and develop in the intensified market competition,they must improve their innovation capabilities,master core technologies,and build their own advantages and solid overall strength.Innovation is the key to maintaining the core competitiveness of enterprises,and R&D investment is the decisive factor for the success or failure of enterprise innovation.Rational allocation of scientific and technological resources can improve the technical level of enterprise equipment and technology,and bring direct economic benefits to enterprises.Therefore,the important role of R&D activities in the development of enterprises has aroused both domestic and foreign scholars' interest in R&D investment related issues.However,the research of most scholars is mostly limited to the internal governance mechanism and external objective environment of enterprises,and there are few related literatures studying the influencing factors of R&D investment from the perspective of cognitive psychology of management members,especially management teams.Especially with the continuous deepening of market economy reform,the capital market has been continuously improved and developed.The separation of ownership and management has made the management team gradually become the actual controller of most enterprises,and will definitely have a significant impact on the innovation activities of its organizations.Based on the theory of Upper Echelons,the foundation of attention,the theory of resource dependence and the theory of system theory,this study uses the empirical data of China's GEM listed companies from 2014 to 2016.First,exploring the relationship between executive innovation cognition and enterprise R&D investment,and then incorporating executive human capital and social capital into the above main effects for further research.Finally,based on the integrated effect of human capital and social capital,from the overall perspective of enterprise R&D system,the paper studies the influence of the interaction moderating effect of executive human capital and social capital on executive innovation cognition and enterprise R&D activities.Through empirical analysis,the following conclusions are drawn: executive innovation cognition has a positive effect on enterprise R&D investment,and executive human capital helps positively moderating the relationship between innovation cognition and R&D investment,while executive social capital negatively moderating the relationship between innovation cognition and R&D investment,and with the increase of social capital,the positive moderating effect of human capital on innovation cognition and R&D investment is obviously weakened.Further research found that after removing a small number of state-owned enterprises,although the dual negative moderating effect of executive social capital has been weakened to some extent,the conclusion is still established.This study provides a new perspective for understanding the factors affecting R&D activities of enterprises in the context of current economic transformation and deepening reforms.It also provides new evidence for understanding the internal relationship between executive cognition,human capital,social capital and enterprises R&D activities.