| At present,China’s economy is in an important period of transition from high-speed development to high-quality development,and innovation is an important driving force for this transformation.High-tech enterprises gather a large number of innovation elements and are the main body of innovation activities.With the development of the new scientific and technological revolution,the mode of connecting supply,consumption and demand of scientific and technological economy has undergone significant changes.To create new wealth,high-tech enterprises must keep up with the pulse of the new cycle of scientific and technological economy,maintain a sense of danger and a leading position in innovation,and take the initiative to find the breakthrough point of disruptive innovation.The CEO has the fundamental responsibility for the operation and management of the enterprise,and the innovation activities of the enterprise are closely related to the decision-making of the CEO.Top ceos are quick to react and have keen insight that ordinary people cannot match.They are able to make substantial adjustments to the business model when the market changes or is about to change.They are able to identify potential innovation opportunities and are good at seizing opportunities to create new markets and improve the innovation level of high-tech enterprises.In this context,based on theories such as high ladder team,this paper takes A-share high-tech listed companies in Shanghai and Shenzhen from 2008 to 2020 as research samples to study the influence of personal characteristics of ceos of high-tech enterprises on innovation activities,and studies the influence of high-tech enterprises with different property rights on the relationship between personal characteristics of ceos and innovation activities from the perspective of heterogeneous property rights.The study found:(1)Young ceos,male ceos,highly educated ceos,ceos with research and development,technology and design work background,ceos with academic background,and ceos with high self-confidence have a significant promoting effect on R&D input and output activities of high-tech enterprises.Ceos in the early stage of their tenure have a significant promoting effect on R&D input activities of high-tech enterprises.It has no obvious effect on R&D output activities.(2)From the perspective of property rights heterogeneity,when the explained variable is R&D investment,the increasing proportion of state-owned capital strengthens the promoting effect of young ceos,male ceos,highly educated ceos and ceos with academic backgrounds on R&D investment of high-tech enterprises.It has no significant effect on the positive correlation between ceos with R&D,technology and design background and R&D investment of high-tech enterprises,and weakens the promotion effect of ceos with high confidence at the beginning of their tenure on R&D investment of high-tech enterprises.When the explained variable is R&D output,the increasing proportion of state-owned capital weakens the promoting effect of young ceos,highly educated ceos,ceos with R&D,technology and design background,ceos with academic background and ceos with high confidence on R&D output of high-tech enterprises.It has no significant effect on the positive correlation between male ceos and R&D output of high-tech enterprises.As the main effect is not significant,it is impossible to verify the effect on the relationship between CEO tenure and R&D output of high-tech enterprises.According to the above research conclusions,the paper finally puts forward the following management suggestions for Chinese high-tech enterprises:(1)Employ young and promising ceos reasonably.Young ceos can promote R&D investment,while older ceos can promote R&D output.State-owned high-tech companies aiming to increase R&D investment can pay more attention to hiring younger ceos,while private high-tech companies aiming to increase R&D output can pay more attention to hiring older ceos.(2)Give play to the innovation advantages of male ceos.State-owned high-tech companies aiming to increase investment in research and development could put more emphasis on hiring male ceos.(3)Select ceos with high education level.State-owned high-tech enterprises aiming at increasing R&D investment should pay more attention to hiring ceos with high education,while private high-tech enterprises aiming at increasing R&D output should pay more attention to hiring ceos with high education.(4)Appropriately extend the tenure of CEO.(5)Employ ceos with technical,R&D and design background.Private high-tech companies aiming to improve their R&D output should pay more attention to hiring ceos with technical,R&D,design and other working backgrounds.(6)Select ceos with academic backgrounds.State-owned high-tech enterprises aiming to increase R&D investment should pay more attention to hiring ceos with academic experience,while private high-tech enterprises aiming to improve R&D output should pay more attention to hiring ceos with academic experience.(7)Hire a CEO with high confidence.Private high-tech companies aiming to increase R&D investment and output should pay more attention to hiring ceos with high confidence.. |
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