Research On The Mediating Effect Of R&D In High-tech Enterprises On The Background Characteristics Of Senior Managers And Enterprises Value

In today's society,the important innovation is self-evident,and high-tech enterprises take technological innovation as their core competitiveness.As the core leadership group of an enterprise,the top management team determines the strategic decision-making of the enterprise,affects the business activities of the enterprise,and then affects the value of the enterprise.Therefore,the background characteristics of high-tech enterprise's top management team influence its behavior decision-making,thus affecting the enterprise value.This paper is based on the above research background to explore.This paper chooses 417 high-tech enterprises in the GEM from 2013 to 2017 as the research sample,and uses the thinking mode of "characteristics behavior results" to study the mechanism of top management team background characteristics affecting R&D investment decision-making and enterprise value.Combining with the relevant theoretical analysis,the relationship between the background characteristics of senior managers,R&D investment and corporate value is deeply analyzed.Taking R&D investment as intermediary variable,background characteristics of top management team as independent variable and enterprise value as dependent variable,a multiple regression model is established and the corresponding test process is used.Statistical software is used for data analysis.The intermediary effect is analyzed by relevant parameters,and robustness test is carried out.The results of this study show that R&D investment has some mediating effects on the age of senior management team,the tenure of senior management team,the education of senior management team,the proportion of female senior managers in senior management team,the proportion of technical members in senior management team,the age heterogeneity of senior management team,the tenure heterogeneity of senior management team and corporate value.R&D investment has no intermediary effect between members' political background and firm value.Finally,according to the results of empirical research,this paper provides reasonable suggestions for the composition of senior management team members in high-tech enterprises.