An Empirical Study Of The Influence Of CFO Background Characteristics On Corporate R&D Expenditure

Under the stage of high-quality economic development,it is self-evident that enterprise technolofgy innovation is important to stimulate economic endogenous power,optimize industrial structure and enhance international competitiveness.As the backbone of China's enterprise innovation,listed companies have achieved good results in mastering the core technologies,improving scientific research capabilities,and breaking through technological blockades in the past 30 years.However,the level of innovation inves(tment and innovation capability of listed companies in China still has a significant gap with developed countries as a whole,and it is difficult to stimulate innovation output and results with high quality.Therefore,how to promote and optimize corporate R&D expenditure decisions has become a hot topic of common concern in both the practical and theoretical circles.Among them,the decision mechanism for discussing R&D expenditure from the characteristics of executive team and operation has become the latest research trend.Based on the high-level echelon theory,corporate executives have a significant direct impact on the formulation of the company's various strategic decisions,and CFO as a core member of the senior management team,its background characteristics can undoubtedly affect the enterprise's research and development expenditure decisions.In view of the fact that the existing literature has not been able to systematically reveal the relationship between the background characteristics of CFO and the R&D expenditure of enterprises,this paper chooses to use it as an empirical analysis.Collecting 2,151 data from listed companies in the main board manufacturing industry in 2013-2017,taking the research and development expenditure as the dependent variable,setting the asset-liability ratio as the independent variable with the CFO's seven background characteristics such as CFO age,CFO qualification and CFO term.Seven variables,such as return on assets and asset size,are control variables,and a model of the relationship between CFO background characteristics and R&D expenditure of manufacturing enterprises is constructed,and empirical analysis is carried out.The results show that when CFOs are male and CFOs enter the directors,enterprises will tend to invest more R&D expenditures;CFO age is negatively correlated with corporate R&D expenditures;CFO tenure,CFO annual salary and CFO holdings are positively...