The Influence Of The Characteristics Of Top Management Team On The Technological Innovation Of Enterprises

Enterprise technological innovation is affected by many factors.As the main makers and decision makers of the company's strategic policy,the senior management team plays a key role in the enterprise's technological innovation.As an important part of the company's internal governance structure,the incentive mechanism not only affects the behavior of the executive team,but also determines the extent to which the cognitive basis of the executive team is reflected in innovative strategic behavior.This paper defines the concepts of executive team,enterprise technology innovation and senior management incentive,And to study the characteristics of executive team,executive incentive and enterprise technological innovation,The relationship between executive incentive and technological innovation,The relationship between the two or the three,is reviewed in the literature at home and abroad.It is found that scholars at home and abroad study the influence of the characteristics of the senior management team on the technological innovation of enterprises from two aspects: the specific characteristics and the heterogeneity of the characteristics of the senior management team.Secondly,it uses the high-level echelon theory,bounded rationality theory and principal-agent theory to theoretically analyze the relationship between top management team characteristics and enterprise technological innovation and the adjustment effect of top management incentives,and put forward research hypotheses.In the empirical part,the high-tech enterprises listed on Shanghai and Shenzhen A-share market from 2013 to 2017 are selected as the research objects,and the fixed effect regression model is used to investigate the influence of the five characteristic variables of senior management team age,gender,education,tenure and technical professional background on enterprise technological innovation from the perspective of direct effect,and then further introduces the contextual variables of executive incentive,including salary incentive,equity incentive and on-the-job consumption.By introducing the interaction terms of incentives and executive team characteristics into the model,the significance of the interaction term coefficients is used to test the adjustment effect of these three types of executive incentives on executive team characteristics and enterprise technological innovation.The empirical results show that the age of the senior management team has a significant negative impact on the enterprise's technological innovation.The educationlevel,tenure of the senior management team and the proportion of executives with technical professional background have a significant positive impact on the enterprise's technological innovation.The proportion of female executives in the executive team has no significant impact on enterprise's technological innovation.Executive compensation incentive plays a significant regulatory role in the process that the age and education level of executive team affect the technological innovation.Whether there is equity incentive has a significant positive regulatory effect on the tenure of senior management team,education level,technology specialty and enterprise technology innovation.The degree of equity incentive plays a significant positive regulatory role in the process of senior management team's education level and technology specialty affecting enterprise technology innovation.The on-the-job consumption has a significant regulatory effect on the age,education level and technological innovation of the senior management team.In both state-owned and non-state-owned enterprises,the on-the-job consumption has a significant regulatory effect on the age of the senior management team and technological innovation of the enterprise.According to a sample test of whether there is executive equity incentives,in companies without executive equity incentives,on-the-job consumption has a significant regulatory role between the proportion of female executives in the executive team and corporate technological innovation.In companies with executive equity incentives,on-the-job consumption plays a significant role in regulating the age of the executive team and the level of education that affect the company's technological innovation.In order to solve the endogenous problems caused by the interaction between the characteristics of the senior management team and the technological innovation of the enterprise,We use the characteristics of the lagging senior management team to test the endogeneity of the current enterprise technological innovation,The results show that the influence of age,education level,gender and technical specialty of the lagging senior management team on the technological innovation has not changed.In the robustness test,the index of replacing the enterprise's technological innovation is selected to test the main effect of the executive team characteristics on the enterprise's technological innovation.The results are basically consistent with the previous empirical conclusions,that is,the conclusions obtained through the robustness test are reliable.