| In 2015,the fifth plenary session of the 18th central committee of the communist party of China put forward the five concepts of "innovation,coordination,green,open and sharing",and the word "innovation" takes the lead,becoming the main direction and focus of China's current development.In 2016,premier li keqiang pointed out in the government work report that by 2020,the intensity of investment in enterprise innovation and research and development will be increased to 2.5%,and the economic growth brought by science and technology will reach 60%.At the same time,the leading role of enterprise innovation should be strengthened,the innovation-driven development strategy should be implemented,and China will become an innovation-oriented country and a talent powerhouse.In particular,as trade frictions between China and the United States continue to deepen,the international environment is complex and volatile,the domestic economy is in a downward trend,and some industrial core technologies are under the control of others.Innovation has become the core force for China to maintain its international competitiveness.Ayyagari(2011)and Comaggia(2013)through the study found that:from the micro level,the enterprise as the main body of independent innovation,through inno-vation behavior not only can enhance their competitiveness,dominant in the market,have a positive impact to the enterprise's long-term performance,at the macroeconomic level to the sustainable development of the country also has significant improvement.Griliches(1979)also pointed out in his research that innovation input can improve the production efficiency of enterprises,especially in the manufacturing and information technology enterprises with higher loudness in research and development.In April 2018,zte was sanctioned by the United States,which made more people see the gap between China and the United States in high-end technologies.At the same time,it made more enterprises realize that the only way for sustainable development of enterprises is to move to the high-end market through technological innovation,and innovation and development is the main driver of national productivity growth.Then,what factors influence the innovation investment decision of enterprises?Scholars at home and abroad conducted in-depth research and discussion from multiple perspectives,and finally found that the main factors affecting enterprise innovation investment are:marketization process,enterprise size,financing constraints,financial development,property rights system,etc.(Chen guohong et al.,2008;Xie weimin and fang hongxing,2011;Wen jun et al.,2011;Li houjian,2013),but the above research results are based on the premise that enterprise managers are rational managers pursuing the maximization of utility.Simon(1955)and Becker(1962)have carried out studies from the perspectives of sociology,economics and psychology respectively,and the studies have shown that there is no completely rational person and managers are all limited rational or even irrational.This indicates that there are congenital differences and acquired influences in the cognitive process and ability of human beings,so the managers of enterprises tend to reflect the characteristics of limited rationality in the decision-making process,which leads to the defects in the above theories of innovation influencing factors.Hambrick(1984)found in his study that the composition characteristics and management background of the senior management of an enterprise determine the performance level and strategic choice of the enterprise to some extent.Corporate executives,especially corporate ceos who play a core role in the executive team,largely determine the corporate moral atmosphere(Zahra and Priem,2005).Through research,Barker and Mueller(2002)found that there was a significant correlation between the difference in r&d investment intensity and the characteristics of corporate CEO.Hackbarth(2008)finds that the decision-making behavior and performance of an enterprise are largely influenced by the CEO.Furthermore,the heterogeneity of the CEO results in 29.2%to 38%of the performance difference(Mackey,2008;Hambrick and Quigley,2014).From the above studies,it can be seen that the CEO has always played an important role in the enterprise decision-making.The personal characteristics of the CEO have a huge impact on the enterprise decision-making,which determines the performance of the enterprise and even the success or failure of the strategy implementation.Visible for the innovation of the enterprise investment decision,corporate CEO is the key to the decision-making agent,then the CEO's early experiences of different "imprinting" will restrict their personal quality and impact on enterprise innovation investment decisions,in the innovation input,innovation output differences on some aspects,such as,or even further affect the future performance of the enterprise.Therefore,based on the branding theory,this paper focuses on the impact of the "branding" formed by the different life experiences of corporate ceos before their employment on the decision-making of their innovation investment,and probes into the effect mechanism of the different life experiences of corporate ceos on the innovation investment behavior of enterprises from the perspectives of input and output.And what impact will the different life experiences of the CEO have on the future development of the company through the innovative investment behavior of the company?In the current economic situation of our country,the answer to the above questions undoubtedly has important theoretical significance and practical value.This article selects the a-share listed as sample,in order to have high management decision-making in the listed companies,the CEO of the different life experiences as the research object,follow the input(innovation investment intensity)-output(innovation investment performance)-economic consequences(enterprise)value and returns on equity research train of thought,based on A high ladder team theory and the theory of brand to study enterprise CEO different life experiences(military experience,overseas experience,the institutional experience)impact on enterprise innovation investment decisions.Combined with the different nature of property right,state-owned enterprises and non-state-owned enterprises,enterprises of different size(large,medium and small enterprises),enterprise locates the geographical position(east,and west)and enterprise set up time(young and mature enterprises),a thorough analysis of different enterprises CEO experience differences and relationship between enterprise innovation investment decisions.In order to systematically analyze enterprise CEO different life experiences influence on enterprise innovation investment decisions,in this paper,first of all,in terms of innovation investment,deeply analyze the CEO three different life experience whether restricts the enterprise innovation investment intensity,enterprises to further divided into state-owned enterprises and non-state-owned enterprises in large,medium and small enterprises,east Midwest enterprise,young and mature enterprises,delving into the CEO relations between different life experiences and strength of enterprise innovation investment whether there is any difference in different enterprises;Secondly,in terms of innovation output,whether the different life experiences of the CEO lead to the differences in the performance of innovation investment,and further analyze whether there is an intermediary effect between the life experience of the CEO and the performance of enterprise innovation investment by using the intermediary effect.Finally,in terms of the economic consequences of innovation decisions,this paper studies whether the different life experiences of ceos will have different impacts on the future performance of enterprises(enterprise value and stock returns)by promoting or restraining the innovation investment intensity of enterprises,and further analyzes the differences among the three relations in non-enterprises based on the research results in chapter 5.By studying the above three aspects,it is expected to effectively identify the potential costs and benefits brought by ceos with different life experiences to the innovation investment of enterprises,and put forward corresponding countermeasures to improve the future performance of enterprises.The research framework of this paper is as follows:chapter 1,chapter 2,chapter 3 and chapter 4 are the first level.Chapter 5,chapter 6 and chapter 7 are the second level.Chapter 8 is the third level,the main conclusions and policy recommendations of this paper.Through the above theoretical analysis and empirical test,the paper finally draws the following main research conclusions:(1)In terms of investment in innovation,CEO's military experience,overseas experience and life experience in the system all have significant influence on the innovation investment intensity of enterprises.First,CEO's military experience is negatively correlated with the innovation investment intensity of enterprises.Secondly,the experience of CEO returnees is positively correlated with the innovation investment intensity of enterprises.Finally,there is a significant negative correlation between CEO experience and innovation investment intensity.Further,from the micro level,this chapter divides enterprises into state-owned enterprises and non-state-owned enterprises,large and small enterprises,eastern and western enterprises,young enterprises and mature enterprises.Through the regression results of the relationship between the two in different enterprises,it is found that:first,in non-state-owned enterprises,small enterprises,central enterprises and young enterprises,the promotion effect of CEO's overseas experience on the innovation investment intensity of enterprises is not obvious or even exists.And CEO military experience and CEO system through strength of enterprise innovation investment of inhibitory effect was enhanced significantly,due to this type enterprise is largely in the early stage of development,a lot of money for mass production of existing products and expand the market,and are more susceptible to financing constraints,so the innovation investment is not positive,second,the state-owned enterprises,large and medium-sized enterprises,the eastern enterprises,mature,because this type of enterprise usually has the perfect rules and regulations,the more higher management level and advanced machinery and equipment,personnel quality and stronger financing ability,well-funded,In order to better develop,enterprises of this type tend to develop new products to expand market share,or develop new technologies to reduce existing costs.Therefore,the inhibiting effect of CEO's military experience and CEO's experience in the system on the innovation investment intensity of enterprises is weakened to varying degrees.The effect of CEO's overseas experience on the innovation investment intensity was significantly enhanced.Third,western province enterprises,under the influence of regional factors,enterprise development degree is low,financing constraints,make enterprise CEO regardless of what kind of experience with r&d investment in innovation aspects are very cautious,CEO of three kinds of life experience and the strength of enterprise innovation r&d investment coefficients is negative,and relevant relations were not significant.(2)In terms of innovation investment output,the CEO's military experience,overseas experience and life experience within the system all have significant influence on the performance of enterprise innovation investment.First,the CEO's military experience is negatively correlated with the performance of enterprise innovation investment.Secondly,the experience of CEO returnees is positively correlated with the performance of corporate innovation investment.Thirdly,CEO experience is positively correlated with the performance of corporate innovation investment.According to the different nature of property right can be divided into state-owned enterprises and non-state-owned enterprises,it can be seen in non-state-owned enterprises,to the enterprise innovation performance produce inhibition,the CEO of military experience of correlation coefficient is less than the CEO military experience in state-owned enterprises and the correlation coefficient of enterprise innovation performance,and CEO of overseas experience and the CEO system experiences two types of experience and promote the enterprise innovation performance improvement enterprise innovation performance of correlation coefficient is greater than the correlation coefficient between state-owned enterprises,suggests that CEO had a different experience in non-state enterprises more significant promoting effect on firms'innovation performance.Further through the intermediary effect model test the strength of enterprise innovation investment in CEO life experience and the relationships between enterprise innovation investment efficiency,the regression results show that the strength of enterprise innovation investment in CEO military experience and CEO overseas experience and the existing partial intermediary effect between enterprise innovation investment performance,as CEO system through to the enterprise innovation investment intensity and enterprise innovation performance is opposite influence relations,namely the CEO with system experience through its own network has a promoting effect on enterprise innovation output,but the CEO system experience in the investment projects when the choice,They tend to avoid the innovation projects with high risks and uncertain results.Therefore,there is no positive mediating effect between the innovation investment intensity of enterprises and the innovation investment performance of enterprises within the CEO system,but a reverse covering effect.It shows that in the innovation investment decision of an enterprise,the life experience of the CEO has the same influence on the innovation input and innovation output,and the innovation investment intensity has a positive partial mediating effect between the life experience of the CEO and the innovation performance of the enterprise.(3)In terms of economic results of innovation investment,the empirical test on enterprise value and market response shows that:first,there is a significant positive correlation between enterprise innovation investment intensity and enterprise value,but there is a lag period of one year.The experience of enterprise CEO in the army will reduce the enterprise value through the enterprise innovation investment intensity;The overseas experience of CEO can enhance the enterprise value through the investment intensity of enterprise innovation,but it has the hysteresis;The investment intensity of the CEO system through enterprise innovation will also reduce the enterprise value.Secondly,the investment intensity of enterprise innovation can improve the future stock returns of enterprises,but it also has a lag period of one year.CEO's military experience and CEO system experience reduced stock returns through enterprise innovation investment intensity,while CEO's overseas experience increased stock returns through enterprise innovation investment intensity,but also had hysteresis.Based on the principles of chapter 5 of the classification of the enterprise,further,the enterprise can be divided into state-owned and non-state-owned enterprises,small and medium-sized enterprises,east Midwest,young and mature enterprise four types of different categories,respectively analysis under the environment of different enterprises CEO life experience through the enterprise innovation investment intensity to the enterprise value and the influence of stock returns.The regression analysis shows that:first,the innovation investment intensity of enterprises can improve the enterprise value and stock returns in both state-owned enterprises and non-state-owned enterprises,but the degree of improvement in state-owned enterprises is greater than that in non-state-owned enterprises.And only in non-state-owned enterprises,the CEO's military experience and CEO system experience can reduce the enterprise value and stock returns by inhibiting the enterprise innovation investment intensity,while the CEO's overseas experience can improve the enterprise value and stock returns by promoting the enterprise innovation investment intensity in both state-owned enterprises and non-state-owned enterprises.Secondly,in large and medium-sized enterprises,the CEO's military experience and CEO system experience will reduce the enterprise value and stock returns of large and medium-sized enterprises through inhibiting the innovation investment intensity of enterprises,while the CEO's overseas experience will improve the enterprise value and stock returns of large and medium-sized enterprises through promoting the innovation investment intensity of enterprises.In small enterprises,the CEO's military experience and CEO experience within the CEO system can enhance the enterprise value and stock returns of large and medium-sized enterprises through inhibiting the innovation investment intensity of enterprises,while the CEO's overseas experience can reduce the enterprise value and stock returns of large and medium-sized enterprises through promoting the innovation investment intensity of enterprises.Third,in eastern and central enterprises,the CEO's military experience and CEO system will reduce the enterprise value and the stock return of the enterprise through inhibiting the enterprise's innovation investment intensity,while the CEO's overseas experience will increase the enterprise value and the stock return of the enterprise through promoting the enterprise's innovation investment intensity.In western enterprises,the CEO's military experience and CEO system experience will enhance the enterprise value and the enterprise's stock return through inhibiting the enterprise's innovation investment intensity,while the CEO's overseas experience will reduce the enterprise value and the enterprise's stock return through promoting the enterprise's innovation investment intensity.Fourth,the investment intensity of enterprise innovation can only improve enterprise value and stock returns in mature enterprises.In young enterprises,only the CEO experience within the system has a significant correlation with the enterprise value and the enterprise stock return through restraining the innovation investment intensity,and the rest experience will not have a significant impact on the enterprise value and the enterprise stock return through the impact on the enterprise innovation investment intensity.In mature enterprises,the CEO's military experience and CEO's experience in the system can significantly reduce the enterprise value and the stock return of the enterprise through restraining the innovation investment intensity of the enterprise.Meanwhile,the CEO's overseas experience can significantly improve the enterprise value and the stock return of the enterprise through promoting the innovation investment intensity of the enterprise.Based on the above research,this paper mainly innovates in the following three aspects:(1)Since Hambrick(1984)put forward the theory of high ladder team,scholars have been studying the influence of different characteristics of enterprise management(such as gender,education background,age,professional background,etc.)on enterprise decision-making.Although some scholars have studied the influence of different life experiences of senior executives on corporate decisions,there are few relevant literatures and they are mainly based on psychological theories.This paper introduces the imprinting theory of biology into the research on the influencing factors of enterprise innovation investment,and analyzes the influencing mechanism of different life experiences on enterprise innovation investment from the two aspects of ability imprinting and cognition imprinting.Through the introduction of interdisciplinary theory,it enriches the empirical evidence of the influencing factors of enterprise innovation and deepens the theory of high ladder team.(2)Based on brand theory,this study analyzes the impact of CEO's life experience on enterprise innovation investment,and selects the institutional experience with Chinese characteristics for analysis.As the identity within the system is the product of China's special national conditions,in the current context of the transformation of state-owned enterprises,more and more managers with "inside the system" experience go to the corresponding "outside the system" enterprises.This study follows the path of enterprise innovation investment from input and output to economic consequences.At the same time,combining with enterprise heterogeneity,it specifically analyzes the influence of CEO experience on enterprise innovation investment decision,in order to enrich the managerial empirical evidence of the influencing factors of enterprise innovation and deepen relevant research on behavioral economics.(3)Most studies on the correlation between the heterogeneity of senior executives and the investment decision of enterprise innovation are only based on the direct impact of the two,and there are few studies on whether the heterogeneity of senior executives has an impact on the future market performance of enterprises through its impact on the investment intensity of enterprise innovation.In this paper,by introducing the CEO life experience and the strength of enterprise innovation investment interaction,combined with the enterprise heterogeneity,fully explores the CEO different life experiences through the enterprise innovation investment intensity to the enterprise future value and the impact of stock returns in the future,enrich the managers heterogeneity effect on enterprise innovation investment decision of related literature.From theory to empirical test model analysis,this paper follows the train of thought for studying the input-output-economic consequences,progressive transformation and interlocked,got some academic value and practical significance to new conclusions and new ideas,enrich the theory of enterprise innovation and the related research of behavioral finance theory,so as to research in the impacting factors of innovation investment to provide a new research Angle of view,at the same time for the human resource management of listed companies and strengthen the enterprises of different types of CEO selection guide.And hope that corporate CEO can realize the existence of the "brand effect",to understand their own "brand" investment decision-making behavior,the influence mechanism of innovation,can make use of its advantage in the " imprinting",inhibit the disadvantages brought by the "imprinting" at the same time,thus improve enterprise in the process of enterprise management innovation investment level bring more benefit for the enterprise and country. |
PDF Full Text Request