Research On The Influence Of Management’s Risk Preference On Enterprise’s R&D Investment

In the complex and tense global changes,new technologies and industrial changes are subtly changing the structure of the world economy.China’s economic and social development has entered the "14th Five-Year Plan" period.Innovation and development have played a primary role in China’s economic and social development and improvement of people’s livelihood.In China’s innovation and development team,enterprises play a key role as micro-subjects,and enterprises can enhance their core competitiveness through R&D innovation.Since the process of R&D and innovation activities is relatively complex and requires a lot of money and time,how to effectively control the factors that affect the R&D and innovation of enterprises has become the focus of research.R&D and innovation decisions need the support of the enterprise management,and the management’s risk attitude will affect the enterprise’s R&D decision-making.This paper selects A-share listed companies in Shanghai and Shenzhen from 2010 to 2019 as the research sample,based on the theory of technological innovation,high-level echelon theory,principal-agent theory,and information asymmetry theory,with management risk preference as the starting point,using theoretical analysis and empirical testing to target The impact of management risk preference on enterprise R&D investment is studied,and the moderating effect of financing constraints and property rights on the relationship between the two is examined.The study found that:(1)The influence of management risk preference on R&D investment of enterprises has an inverted "U"-shaped nonlinear relationship,that is,the higher the level of management’s risk preference,the greater the R&D investment intensity of enterprises.After the level of risk appetite reaches a certain level,as the level of management’s risk appetite continues to increase,the company’s R&D investment will gradually decrease.(2)Financing constraints positively adjust the inverted U-shaped curve impact of management risk preference on R&D investment of enterprises,that is,compared with companies with low financing constraints,the inverted U-shaped curve impact of management risk preference on R&D investment of enterprises is in It is more pronounced in companies with high financing constraints.(3)The nature of property rights positively moderates the inverted U-shaped curve impact of management risk preference on enterprise R&D investment,that is,compared with non-state-owned enterprises,the inverted U-shaped curve impact of management risk preference on enterprise R&D investment is more significant in state-owned enterprises.In view of the above research conclusions,this paper puts forward the following countermeasures and suggestions:(1)Enterprises should define the role of managers according to the industry characteristics and future development goals,and reasonably construct the management team structure;(2)Enterprises should cultivate management’s innovative consciousness and create corresponding risk-taking environment;(3)The government should act as a guide for R&D and innovation,increase its support for R&D and innovation of enterprises,improve the financing environment for R&D of enterprises,and balance the support for R&D and innovation among enterprises with different property rights.