A Study On The Influence Of Board-senior Management Team Vertical To Difference On Enterprise Innovation Performance

Human resource is the first resource of enterprise development,and the top management team is the core layer of enterprise management,which determines the survival and development of enterprises,especially the manufacturing enterprises with innovation as the main body.In the fierce market competition environment,the demographic characteristics of the senior management team have a profound impact on the strategic decision-making and innovation performance of enterprise innovation and the sustainable development of the enterprise.Since the theory of high echelon team was put forward,there have been a large number of literatures about the relationship between human capital characteristics of top management team and innovation performance.However,through literature review,it is found that although the demographic characteristics of top managers do affect innovation performance of enterprises,the impact may also be mediated by some intermediary variables.Through combing the existing literature,we found that in the study of the impact of the characteristics of senior management team on corporate performance,previous studies focused on the impact of corporate performance from individual method to group method and then to relationship method,among which individual method focused on the demographic characteristics of individual(mainly CEO Research)such as gender and age;group method focused on the demographic characteristics of the entire senior management team The relationship method focuses on the differences of population characteristics between individuals and other members of the group,but there are few literatures about the differences between groups of senior managers.Therefore,this paper mainly continues the previous research process in the research process,from the social relationship between individuals and groups in the relationship method to the social relationship between groups,to explore the board of directors At the same time,the paper analyzes the influence of the board of directors and senior management team on the innovation performance through the intermediary role of innovation input.This paper selects Shanghai and Shenzhen a 6304 observation values of more than 2100 manufacturing listed enterprises in the 2001 industry classification of China Securities Regulatory Commission listed on the stock market from 2011 to 2017 are samples.Based on the high-level echelon theory,principal-agent theory,social norms theory and technological innovation theory,the relationship between the vertical alignment of the board of directors and the senior management team of the company,the innovation input and innovation performance of the enterprise and the intermediary of innovation input are analyzed The conduction effect is discussed empirically.Regression analysis and intermediary effect test results show that:(1)there is a significant positive impact on the innovation performance of enterprises by the vertical effect of the board of directors and the senior management team;(2)there is a significant positive impact on the innovation input of enterprises by the vertical effect of the board of directors and the senior management team;(3)part of the impact of the vertical effect of the board of directors and the senior management team on the performance of enterprises is through Among the factors that affect the transmission of innovation input,innovation input is the intermediary factor between the vertical difference between the board of directors and the senior management team and the innovation performance of the company.The results not only enrich the research in the field of corporate governance,expand the research results between executives and innovation performance,but also provide a reference value for the selection of high-level talents and the team building of top management team.