Research On The Characteristics Of Senior Management Team,Innovation Activities And Their Influencing Factors

Since the 21 st century,China's R & D expenditure as a proportion of GDP has increased significantly,and the innovation driven strategy has made remarkable achievements.We should still be aware that there is still a certain gap between China's investment in innovation activities and the old industrial countries such as the United States,Japan,Germany and so on.In addition,although the number of patent applications in China has achieved blowout growth,the quality of patents still needs to be improved.At present,the national policy attaches great importance to the development of innovation to an unprecedented level.Among them,the innovation activities at the enterprise level have a significant impact on the development of enterprises or the overall social situation,and the research on innovation activities at the enterprise level has full practical significance.Based on this,this paper attempts to explore the driving factors and influencing factors of innovation activities under the high-level echelon theory.Specifically,this paper does the following work: first of all,based on the high-level echelon theory,this paper tests the impact of the characteristics of the senior management team on enterprise innovation.Around this issue,this paper respectively tests whether the gender ratio of the senior management team,the size of the senior management team,the average age of the senior management team and the average education background have a promoting or inhibiting effect on enterprise innovation,considering that the CEO is in charge of individual management This paper also studies the influence of CEO's personal characteristics on the company's innovation activities.Secondly,on this basis,this paper specifically analyzes whether the characteristics of the senior management team have an impact on the innovation activities when the company is in the state of financing constraints.In this paper,the financing constraints of the company are divided into four levels,and each type of characteristics of the senior management team is examined on the company Whether the impact of innovation activities is regulated by financing constraints;thirdly,this paper explores the impact of executive incentive on executive innovation activities.On the one hand,this paper examines whether executive cash incentive can regulate the investment of executive innovation activities;on the other hand,it measures the sensitivity coefficient of options(VEGA system)by collecting the equity incentive schemes of listed companies from 2011 to 2018 Number and delta coefficient)to examine whether the risk-taking effect of option incentive on senior executives further affects the company's innovation spending;further,this paper studies whether regional cultural diversity,regional cultural inclusiveness and regional population mobility have a certain regulatory effect on the innovation decision-making of senior management teams;in the robustness test part,this paper uses Replace the indexes of the explained variables,delay the explained variables for one period for retest,select appropriate instrumental variables and use 2SLS regression and replacement regression methods to test the robustness of the basic conclusions.Through the above research,the conclusion is as follows:(1)There is a significant relationship between the characteristics of senior management team and innovation activities.Specifically,first,the higher the proportion of women in the senior management team,the more cautious the company is in carrying out innovation activities.When the CEO is a woman,the innovation activities of the company are inhibited;second,the more the number of senior management team,the more capable and active the company is in carrying out innovation activities;third,the higher the average age of the senior management team,the more cautious the company is in carrying out innovation activities,which are implemented at the CEO level.CEO The higher the age of,the greater the inhibition of the company's innovation activities;fourth,the higher the average education level of the senior management team,the more active the company is in innovation activities.Similarly,the education level of CEO also has a positive impact on the enterprise's innovation activities.(2)When the company is in a state of severe financing constraints,senior executives' decision-making of innovation activities is restrained.Specifically,the inhibition effect of higher proportion of female members and higher average age factors on innovation activities has been further strengthened,and the promotion effect of larger team size and higher average education factors on innovation activities has been significantly weakened.(3)Management incentive(including cash incentive and equity incentive)effectively reduces the agency problem,and has a significant role in promoting the innovation activities of executives.Considering the cash incentive,the inhibition effect of the higher proportion of female members and the higher average age on innovation activities in the senior management team has been alleviated to some extent.The larger team size and the higher average educational background of the senior management team further enhance the promotion of innovation activities.At the same time,the equity incentive also increases the sensitivity of senior management wealth to corporate risk(VEGA),which makes executives tend to take risk activities,and then increase investment in innovation activities,and this role is mainly reflected in the first two phases of equity incentive.(4)In the further study,we find that the higher the cultural diversity,the higher the regional cultural inclusiveness and the more the regional population flow into the company,the more positive impact on the innovation activities of the company,which proves that the abstract factor of culture plays a certain role in the decision-making of executives.Compared with the previous research on high-level echelon theory,this paper examines the role of financing constraints,executive incentives,culture and other factors in it,making the research more practical and innovative.The shortcomings of this paper are as follows:First,although this paper has done a number of regulatory factors research,there are many other important factors(such as institutional factors,legal factors)may also have an impact on innovation activities,limited by the length of the article and the author's energy can not be further reflected in the article;Second,the level of research on innovation needs to be further explored,and the relationship between more cutting-edge innovation research,such as knowledge spillover of innovation and the characteristics of senior management team needs to be further explored.Third,the mechanism of the role of the characteristics of senior management team has not been further studied.Follow up research can further explore the intermediary effect of the characteristics of senior management team on corporate innovation,so as to better understand the theory of senior echelon.