| In recent years,our country puts innovation driving in a very important strategic position,as the main body of the market economy,enterprises are the key link in the national innovation system.In China's multi-level capital market system,after a period of hot scenes in the new over-the-counter board market,the disadvantages are gradually revealed,the phenomenon of new over-the-counter board enterprises turning to the stock market is more and more frequent,R&D investment is the main manifestation of the company's innovation and development capabilities,and it is one of the important examination factors in the process of new over-the-counter board enterprises turning to the stock market.According to the capital structure theory,the high-level echelon theory and other basic theories,as well as the relevant literature at home and abroad,we can see that the financial risk and the characteristics of the senior management team will have different effects on the R&D investment decisions of enterprises.Therefore,in combination with the current background,this thesis studies the impact of financial risk indicators on the R&D and innovation of successful companies on the new over-the-counter market,and further explores the role of executive team characteristics in regulating the relationship between financial risk and corporate innovation.In order to understand the content of the research more deeply,this thesis first reviews the literature on financial risk,R&D investment and the characteristics of senior management team.I choose to measure the financial risk from the perspective of corporate solvency,and select the long-term solvency and short-term solvency proxy indicators for in-depth study.The characteristics of the senior management team are divided into four aspects in detail: age,education,team size and R&D background.The thesis uses data from 85 transfer companies in 2014~2018 as a research sample,and uses SPSS and Stata software to conduct empirical tests on the proposed hypotheses and models.It mainly studies the proxy indicators of financial risks namely asset-liability ratios and current ratios,the relationship between them and the intensity of corporate R&D,and the characteristics of the executive team as a moderator were introduced into the model to explore its moderating role.Through a series of studies and tests,the following conclusions are drawn:(i)the company's asset-liability ratio negatively affects the company's R&D investment intensity,and the company's current ratio positively affects the company's R&D investment intensity,the overall explanation shows thatthe higher the financial risk level of an enterprise,the more it will inhibit the company's R&D innovation;(ii)From the perspective of regulation,the average age of the senior management team and the team size have enhanced this inhibition,while the average education background and R&D background of the senior management team have weakened this inhibition.Based on the above research results,this thesis holds that: first of all,enterprises should do a good job in strategic planning,balance the financial risk and R&D investment,reduce the financial risk of enterprises as much as possible,pay attention to the investment in R&D innovation,and give full play to the decision-making role of the senior management team between the two.Secondly,the enterprise should timely control the risk from the perspective of liabilities and liquidity,and optimize the senior management team,create a suitable environment for enterprise innovation,and improve the innovation ability and market competitiveness of the enterprise.Finally,from the government's point of view,we can increase the subsidy for enterprise innovation projects,provide impetus for enterprise innovation,and achieve the incentive effect.The conclusion enriches the relevant research and empirical evidence in the field of new third board and R&D investment of enterprises,and has reference significance for new third board enterprises with the intention of turning board. |
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