Research On The Influence Mechanism Of Top Management Team's Functional Background On R&D Performance Of Large Enterprises

Innovation is an important force driving the country's economic and social development.At present,China is in the midst of economic reforming.In the face of the disappearance of demographic dividends,the decline in the advantages of technology and the rise of international unilateralism,the development of China's economic needs to be driven by innovation but not factors or investment.As the main force of innovation,the R&D activities of enterprises are not only the core driving force for their survival and development in the fierce market competition,but also an important force driving the country's economic development and social progress."Innovation" has therefore become a hot topic in academia.What's more,corporate governance is an important area in many researches on innovation.According to the principal-agent theory,the top management personnel are the agents of the business enterprises,which bear the important responsibility of strategic decision-making and implementation.The decision-making behavior of the top management team on the enterprise R&D activities will determine the level of R&D performance of the enterprise.But rich corporate practice shows that even in the same industry,top management teams from different companies have different levels of attention to innovation and R&D investment.According to the basic research framework of the high ladder team theory: “ top management team traits –corporate behavior– corporate performance”,top management team's demographic traits can influence the performance of the company by affecting corporate behavior.This paper starts with the functional background of the top management team and studies its role in enterprise innovation.At present,although the empirical research on the top management team has made positive progress,the mechanism of the influence of the top management team's functional background on the R&D performance of the company remains to be further studied.This study is based on the data of 398 Shanghai-Shenzhen A-share listed technology-intensive large-scale enterprises from 2013 to 2016.Through text analysis and other aspects,we analyze the relationship between the function background of top management team and the R&D performance of largescale enterprise,from the perspective of attention to innovation and R&D investment.The impact of R&D has certain theoretical and practical significance for strengthening the technology research and development of large enterprises in China.The conclusions of this study are as follow:(1)In large enterprises in technology-intensive industries,the higher the proportion of output executives in the top management team,the higher the R&D performance of the company;The higher the proportion of the production or peripheral executives in top management team,the lower the R&D performance of the company;the higher the heterogeneity of the executive team's functional background,the lower the R&D performance of the company.(2)The attention to innovation and R&D investment play the mediating role between function background of top management team and R&D performance.(3)There is a significant interaction between the attention to innovation and the R&D investment on R&D performance.Research shows that in order to promote enterprise innovation,the proportion of output executives in the senior management team should be increased,and the heterogeneity of the executive team's functional background should be appropriately reduced to reduce differences and conflicts,which is conducive to the concentration of energy(Attention to innovation)and resources(R&D investment)carry out research and development activities.In addition,companies should increase their attention to innovation,and ensure that “words and actions are consistent”,that is,to strengthen R&D investment at the same time,which is really beneficial to corporate R&D.