Research On The Influence Of The Characteristics Of Senior Management Team On R&D Investment Of Listed Companies On The Growth Enterprise Market

Growth Enterprise Market is an important gathering place for technological innovation enterprises,and R&D investment is a necessary condition for consolidating the innovation ability and core competitiveness of enterprises.The senior management team is an important factor affecting the R&D investment of an enterprise.As the main organizer and promoter of the R&D and innovation activities of an enterprise,the decision-making power of R&D investment lies with the executives.Executives with different characteristics have different choices of innovation strategies.The characteristics of the senior management team will affect the company's R&D investment,and the specific impact mechanism is studied.Based on the high-level echelon theory and the principal-agent theory,taking the GEM listed companies from 2013 to 2018 as a sample,investigate how the characteristics of the senior management team affect the company's R&D investment,draw on the research conclusions of domestic and foreign scholars,and consider innovative and data availability,the senior management team refers to the general manager,president,CEO,deputy general manager,vice president,secretary of the board,etc.Make assumptions and tested the relationship between the five characteristics of the senior management team(gender,age,education,R&D background,overseas background)and R&D investment.The research conclusions are:(1)the proportion of female executives,the average age of senior management team and R&D investment are significantly negatively correlated;(2)the average education of the senior management team,the proportion of R&D background executives,and the proportion of overseas background executives are significantly positively correlated with R&D investment.The characteristics of the senior management team have a significant impact on R&D investment,which validates the high-level echelon theory.The background characteristics of the senior management team will affect the decision-making of business management.Further consider whetherequity incentives,as an important factor in corporate internal governance,have a regulatory effect on the relationship between the characteristics of executive team and R&D investment,the results show that:(3)equity incentives have a regulatory effect on the relationship between the characteristics of executive team and R&D investment,especially it is a significant adjustment effect on the proportion of female executives and the overseas background characteristics of the executive team,which verifies the important adjustment effect of equity incentives.The research enriches the theory of high-level echelon,supplements the research on the relationship between the characteristics of senior management team and R&D investment,and provides a reference for GEM listed companies to increase R&D investment,rationally construct,optimize the senior management team and improve the equity incentive mechanism.