| China is in a critical stage of transition to an innovative country.As an important role in promoting national development,its innovation capability determines the future development space of the enterprise and its competitiveness in the industry.Many companies listed on the GEM are biomedical and computer companies which are highly innovative.These companies have stronger innovation and research capabilities than some traditional industries.Although they are small,they are promoting industry progress and innovation.Judging from the data obtained,the expenditure of corporates R&D by various companies is very different.There are many factors that affect the expenditure of R&D of enterprise.As the core of the enterprise,executives usually make decisions of the enterprise.Therefore,this paper chooses to explore how executives influence corporate innovation investment from the perspective of executive background characteristics.This paper selects the average age,the proportion of male members,the average academic qualification,the average tenure and the proportion of members with overseas background as the background characteristics indicators of the top management team.The GEM listed companies are selected as the research samples from 2013 to 2017,and the ratio of R&D expenditures to operating income is selected as an indicator of enterprise innovation.The method of this study is nonbalanced panel regression analysis.After the research,it is concluded that:(1)the average age of the top management team is negatively correlated with the innovation investment of the enterprise;(2)the proportion of male members in the top management team is not significantly correlated with the innovation investment of the enterprise;(3)the average academic qualifications of the top management team is significantly positively correlated with the innovation investment of the enterprise;(4)the average tenure of the top management team is significantly related to the “inverted U-type” of the enterprise innovation investment,and the “watershed” of tenure is 3.5 years,that is,when the average tenure of the executive members is less than 3.5 years,Enterprise innovation investment increases with the increase of tenure;when the average tenure of top management members is more than 3.5 years,the innovation investment of enterprises decreases with the increase of tenure;(5)the proportion of members with overseas background in the top management team is significantly positively correlated with the innovation investment of enterprises.This paper uses a combination of theoretical and empirical research methods to explore the impact of executive background characteristics on corporate innovation investment.This paper includes six chapters.The first chapter is the introduction.The main content of this chapter contains the background and research significance of the topic,and introduction of the main content,research framework,research methods,innovations and deficiencies of the article.The second chapter is a research review.This chapter summarizes the research of domestic and foreign scholars on related issues.It will summarize the domestic and international literatures from the background characteristics of corporate executives,the factors affecting the innovation input of enterprises,and how the background characteristics of top management team affect the innovation input of enterprises.The third chapter is theoretical analysis and research hypothesis.This chapter will carry out theoretical analysis and logical deduction from the four aspects of Innovation Theory,Human Capital Theory,Upper Echelons Theory and executive background characteristics on enterprise innovation investment,and then propose research hypothesis.The fourth chapter is research design.This chapter will mainly introduce the selection of samples,the source of data acquisition and the processing methods.Based on the research hypothesis proposed in the previous chapter,the regression model will be constructed and relevant indicators will be selected.The fifth chapter is empirical analysis.This chapter uses the preliminary processed data for regression analysis to obtain regression results.This chapter mainly includes two parts.The first part selects the proportion of R&D expenditure to operating income as an indicator to measure the intensity of enterprise innovation investment,and explores the impact of the selected five executive background characteristics on enterprise innovation investment.The second part will select the proportion of the company's R&D expenditure to the average of the total assets of the year as an indicator to measure the size of the company's innovation investment,and conduct a test of robustness.Finally,summarize the empirical results and draw conclusions.The sixth chapter is the research conclusions,policy recommendations and future research outlook.Based on the research results,suggestions are made from three perspectives: enterprises,investors and regulators.(1)For enterprises,it is necessary to maintain a reasonable age structure of the top management team,balance the gender ratio of the team,raise the threshold of management qualifications,maintain the flexibility of team members,and increase the proportion of overseas talents;(2)for investors,by observing the background characteristics of corporate executives,they can have an understanding of the company's ability to innovate;(3)for the regulator,they must improve the enterprise information disclosure system so that investors can accurately and comprehensively understand the information of enterprise managers.The innovation of this paper lies mainly in two points.First,the research object selected in this paper is the GEM listed company.Most of the previous researches focus on large enterprises and enterprises in the developed capital markets in the West.Nowadays,the development of the GEM is getting better and better.This paper has obtained different conclusions from previous studies.The result is more realistic for China's small and medium-sized entrepreneurial enterprises.Secondly,this paper adds the overseas background of corporate executives to the characteristics.The indicators make the description of the managers more comprehensive,which is the innovation point of the research content. |
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