A Study On The Relationship Between Manager Characteristics,R&D And Corporate Performance

In the era of globalization of the knowledge economy,enterprises face constant challenges from the internal and external environment.R&D innovation is seen as the main source of power for enterprises to gain competitive advantage,especially for technology-intensive industries.Although R&D investment plays a key role in the development of enterprises,different companies still have great differences in their attitudes toward R&D investment.The fundamental reason is that enterprise managers control the R&D strategy choices of enterprises.Although R&D investment is an important way for enterprises to acquire new technologies and new methods and enhance their core competitiveness which is often accompanied by high risks.At this time,how managers treat R&D activities and long-term interests of enterprises depends entirely on managers.Factors such as their own cognitive level and values.In addition,in the context of the modern enterprise system,the “separation of the two powers” has also brought about a series of principal-agent problems.Equity incentives for executives are considered to be effective measures to solve such problems,whether such incentive systems function on the managers who have different characteristics is still worth much exploration.Based on this opinion,this study takes the technology-intensive industry as the research object,and regard the relationship between managerial characteristics and enterprise performance as the main line,meanwhile,R&D investment as the mediating variable,and the executive shareholding ratio as the moderating variable in the mediating-moderating mode.And Study the possible relationships between variables,deeply.This paper introduces the research background,significance and research content,firstly and then summarize the domestic and foreign literature on research manager characteristics,R&D investment,equity incentives and enterprise performance,to find the logical relationship between variables.And models and assumptions are proposed according to relevant theories.The author selects the panel data of 332 companies in China's technology-intensive industries from 2013 to 2017,and uses Stata 15.0 software to do the description of the variables,correlation analysis as well as test the theoretical models through multiple regression analysis.Conclusions are concluded as follows:(1)In technology-intensive industries,managers' age,tenure,education and business performance are positively correlated,but gender is negatively correlated with corporate performance;(2)in technology-intensive industries,manager age,term,education and R&D investment are positively related to R&D investment except gender;(3)R&D investment is positively related to corporate performance in technology-intensive industries;R&D investment plays partial mediation between managers' age,tenure,education and corporate performance;(4)In technology-intensive industries,the shareholding ratio of executives plays a positive role in regulating the age of managers and corporate performance,and this moderating effect works entirely through R&D investment;the shareholding ratio of executives plays a negative role in regulating the manager's tenure and corporate performance,and this moderating effect is entirely through R&D investment.Finally,based on the research results,relevant feasible suggestions are put forward to enterprises.At the same time,under the premise of analyzing the shortcomings and limitations of this research,the research prospects in this field are pointed.