The Study On The Relationship Between Top Management Team Characteristics,market Orientation And Enterprises’ Technology Innovation

At present,China’s economic development is in a critical period of transformation,and the position of "innovation" in the national strategy has reached an unprecedented height.As the main body of micro innovation,enterprises can directly change the way of market competition through technological innovation,which is helpful for enterprises to build sustainable competitive advantages.According to upper echelons theory,the characteristics of Top management team(TMT)are the important influencing factors of enterprise innovation behavior.Based on this,this research has important theoretical and practical value to explore the relationship between the characteristics of senior management team and enterprise technology innovation and the impact mechanism.On the basis of literature review and mechanism interpretation,this paper selects the data of high-tech listed companies from 2016 to 2019 to build a panel regression model to study the impact of the background characteristics of TMT(research and development background of TMT,education background of TMT,overseas background of TMT)and enterprise technology innovation,and attempts to explore the regulatory role of market orientation.The research finds that:(1)The benchmark regression results show that the R&D background,education background and overseas background of TMT can significantly promote the technological innovation of enterprises.This conclusion is valid in both robustness and endogenous tests.(2)Market orientation has a significant positive moderating effect on the relationship between the education background of TMT,overseas background and enterprise technological innovation,but it fails to adjust the relationship between the R&D background of senior management team and technological innovation.(3)The heterogeneity analysis shows that,on the whole,compared with state-owned enterprises,non-eastern regions and non-manufacturing enterprises,the characteristics of TMT of non-state-owned enterprises,eastern regions and manufacturing enterprises can promote enterprise technology innovation more.This study combines the high-level echelon theory and the resource-based view to try to make up for the shortcomings of existing research,build a research framework of "background characteristics of TMT-enterprise technology innovation",and further explore the moderating mechanism of market orientation.Through the research on the background characteristics of TMT and the impact mechanism of enterprise technological innovation,it is helpful for enterprises to implement scientific policies in the process of technologica l innovation,realize the leap of enterprise value,enrich the relevant research on enterprise technological innovation,and provide decision-making reference for enterprises in terms of talent appointment and technological innovation.