Research On The Influnence Of Top Management Team Characteristics On R&D Innovation In China's Pharmaceutical Manufacturing Listed Companies

Pharmaceutical manufacturing industry is an important part of China's national economy,which is a combination of traditional industry and modern industry.For pharmaceutical manufacturing industry,R&D Innovation is an important factor to form the core competitiveness.However,the importance of R&D innovation in Chinese pharmaceutical industry is far from that in developed countries.And the low-end generic drugs are still the main products in China.Therefore,how to improve R&D innovation is of great significance in promoting the optimization and upgrading of China's pharmaceutical industry structure.The top management team(TMT),as the decision-maker of the company's strategy,plays a decisive role in developing R&D innovation activities.Top management team is the key factor that affects enterprise R&D innovation.This paper selects the listed companies in China's pharmaceutical manufacturing industry from 2014 to 2018 as the research object,combined with the upper echelon theory,human capital theory and other theoretical basis.This paper chooses team size,gender,age,education level,overseas background and other human capital characteristics as the measurement indicators of TMT's characteristics.By using correlation analysis and panel data regression analysis,this paper empirically analyzes the impact of the characteristics of TMT on R&D innovation.And then,it further analyzes the relationship of them in different sub-sectors and the adjustment effect of the executive compensation gap.The research results in this paper show that the characteristics of top management team significantly affect the R&D innovation in pharmaceutical manufacturing industry.The education level and overseas background play a significant role in promoting R&D innovation.And in different subsectors,there is a certain difference in the influence of the TMT's characteristics on R&D innovation.What is more,the compensation gap significantly regulates the relationship between the characteristics of TMT and R&D Innovation.Finally,according to the results of empirical analysis,this paper puts forward the countermeasures and suggestions to rationally optimize the construction of top management team and promote R&D Innovation in pharmaceutical manufacturing industry.