The Influence Of Top Management Team Composition On Enterprise Innovation Performance

In recent years,the international economic development situation has become increasingly fierce.The development situation of economic and social globalization,informatization and multi polarization of the world economy has promoted the continuous improvement of the level,quality and speed of international economic development.Under this international development trend,if enterprises do not comply with the national development strategy trend,improve their innovation ability and lead enterprises to take the path of sustainable development,they will be eliminated by the industry and the market.Therefore,this paper attempts to take high-tech enterprises as the research object,through the construction of multiple regression model to explore the relationship and interaction between senior management team and enterprise innovation performance,so as to provide reference and guidance for enterprises to improve their own innovation performance.This paper combines the high-level echelon theory and group decision-making theory to explore the relationship between senior management team and enterprise innovation performance.Firstly,this paper introduces the research background,and introduces the research value and methods,main research contents and innovation points of this topic in detail;Secondly,literature review is carried out for this subject,and the research hypotheses of this paper are put forward based on the theoretical basis and existing literature.Taking the senior management team from 2009 to 2020 as the research object,based on the intermediary effect of financing constraints and enterprise risk-taking,this paper studies the impact of senior management team on enterprise innovation performance.The empirical results show that:(1)the older the senior management team is,the higher the education level,the richer the professional background,the greater the proportion of men in gender and the longer the term of office are all positively affecting the innovation performance of enterprises;(2)The influence of senior management team’s age and education level,professional background,gender and tenure on enterprise innovation is mainly through three paths:R&D investment,financing constraints and risk-taking;In other words,R&D investment,financing constraints and risk-taking play an intermediary role in the relationship between senior management team and enterprise innovation performance;(3)The level of marketization,the nature of property rights,R&D background and the nature of the industry positively regulate the relationship between the age,education,gender,professional background of the senior management team and enterprise innovation performance;At the same time,it provides a reference for the rationality of the selection and allocation of high-tech team members,as well as the prospect of high-tech team members in the future.