Study Of Impact Of Vocational Background Heterogeneity Of Executive Team To R&D Investment

Innovation is the first driving force for the development of the society is the strategic support for building a modern economic system.Putting forward along with the " widespread entrepreneurship and innovation",caused a wave of the innovation of the whole society.China's economy has entered a critical transition,innovation become the key strategic power.Enterprise also is such,want to be with economic and social development needs,not innovation would be difficult to foothold in the fierce market competition.Innovation development is a high-risk and high investment,long cycle and slow return of challenging strategic decision,is the key to cultivate the core competitiveness,and enterprises based on the essential core power in the competitive market.High-risk attribute restricted the innovation research and development,however,the investment enthusiasm of many enterprises,senior management team as one of the most influential decision enterprise group,and they began to form in the past experience of cognitive basis,largely determine its behavior way,and important influence on enterprise R&D investment decision,therefore,the senior management team professional background heterogeneity influence on R&D,developed for senior management team to make better investment decisions is of great significance.This article obtains from the perspective of executive team professional background heterogeneity,financial redundancy at the same time should be broughtinto the research framework,consider the human resource and financial resource for the internal mechanism of R&D,and nature of property rights should be brought into the research further.Taking the companies listed on GEM from 2012 to 2018 as research samples,this paper examines the executive team professional background heterogeneity and the relationship of corporate R&D input,and based on the regulation of financial redundancy effect explore the executive team professional background heterogeneity with the enterprise research and development in the mechanism of the relationship and further explore three conduction paths in different nature of the property.Research results show that the senior management team of professional background heterogeneity reflects the senior management team members in the cognitive basis,information and resources for differences,play a complementary role,which is beneficial to alleviate conservative attitude of R&D spending,improve enterprise innovation activities.Financial redundant provide loose financial environment for research and development activities,to better play to the senior management team professional background heterogeneity of complementary effect,promote the research and development innovation.Compared to distinguish the property rights,state-owned enterprises,family business and the senior management team in family enterprises professional background heterogeneity effect on R&D spending to promote stronger,and the effectof the regulation of financial redundancy in family business is more significant.Practical significance of this paper lies in the enterprise should reasonable hiring executives,optimize the senior management team,a modest increase executive team professional background heterogeneity,enterprises should reasonably allocate financial redundancy,timely grasp the opportunity for R&D and innovation,realize the leap-forward development of the enterprise.