The Research On The Impact Of Senior Executive's Risk Preference Of High-tech Industry On Corporate R&D Investment

In the promotion and implementation of the innovation-driven development strategy,technological innovation is increasingly becoming the core driving force for accelerating economic development and converting old and new kinetic energy.To optimize the combination of factors that drive rapid economic growth,promote the improvement of total factor productivity,and promote the development and transformation of the enterprise economy,we must rely on technology,which is constantly innovating.The high-tech industry is the "leader" of the development of China's innovative technology,shouldering the heavy responsibility of China's economic transformation and upgrading,and its technological innovation capabilities are closely related to R&D investment.Senior managers in the hightech industry are the "helmstors" of the industry's development and the decision-makers of organizational innovation activities.Each of their R&D decisions will have a certain impact on various stages of R&D activities.Because risk appetite is an important factor that influences individual decision-making behavior,the risk appetite of senior executives in the face of uncertain investment decisions has an important impact on R&D investment.Based on behavioral economics theory and prospect theory,this article starts from the perspective of “incomplete rationality” of senior executives and combines theoretical research on corporate governance to test whether the risk appetite of senior managers in the high-tech industry has an impact on R&D investment,and further explore the impact of senior managers' risk appetite on R&D investment under different leadership structures,thus providing rational suggestions for optimizing R&D investment in the high-tech industry.This paper selects the data of listed companies in the high-tech industry from 2014 to 2018,and uses research methods such as theoretical analysis and empirical analysis to deeply study how the risk appetite of senior managers affects R&D investment in high-tech industries.The research results show that among listed companies in the high-tech industry,there is a positive correlation between the risk appetite of senior executives and the company's R&D investment.Through further research,it was found that when the leadership structure of listed companies in the high-tech industry is a senior executive who also serves as chairman,the positive correlation between the risk appetite of senior executives and the company's R&D investment is weaker.This paper studies the impact on R&D investment in high-tech industry from the perspective of decision-makers' risk appetite and company leadership structure,and expands the related research on the influencing factors of R&D investment.