| The study on enterprise performance theory caused more attention among researchers.Two of them caused most attention, one is the effect of constitute features of TMT onenterprise performance, and the other is the effect of Research and DevelopmentExpenditure on enterprise performance. But the combination of the two studies is veryseldom. Their comprehensive influence on enterprise performance is a vacancy in the fieldof theory.Constitute features of TMT is the structure features of TMT. Factors like age,education, scale, as well as salary are included in the features of the structure. Thesefactors could influence enterprise performance from all kinds of way. And these factorsalso affect Research and Development expenditure of the enterprise, Research andDevelopment expenditure in turn will affect enterprise performance. Thus, we should studythese three factors together.This paper uses Shenzhen Listed manufacturing company from2009to2011asresearch object, study the relationship between TMT constituent features, R&D investmentand enterprise performance. Through the study we discovered some important results asfollows: the manufacturing company increase R&D investment could contribute to theenterprise financial performance; there is a negative relationship between TMT age andenterprise performance, and has a positive correlation between R&D investment andenterprise performance; the level of TMT education and salary are not correlated withenterprise performance directly; the TMT size has a positive effect on enterpriseperformance, and the effect on the relationship between R&D investment and enterpriseperformance is positive, but this effect is very unstable; the level of TMT salary also has apositive effect on R&D investment and enterprise performance. This shows that the TMTconstituent features, R&D investment have significant effect on enterprise performance.TMT constituent features have certain effect on the relationship between R&D investmentand enterprise performance. |
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