| R&D is the important way of promoting sustainable competitive advantage. R&Dis a continuous process, after the initial investment need to all aspects of the resourcesof reasonable configuration, can turn into the final performance for the enterprise. In thecomplicated and changeable environment, individual choice is to have limitations in thedecision making process. At present, in most companies, top management team hasreplaced the entrepreneur individual, becomes the enterprise strategic decision maker.The main work of this paper are: first overview relevant literature of R&Dinvestment and enterprise performance, top management team heterogeneity and R&Dinvestment, top management team heterogeneity and corporate performance, the focusof this proposed research. Then, based on high-level echelon theory, regulation of thetop management team heterogeneity effect on R&D investment and enterpriseperformance analyze theoretically and present hypotheses. Finally, By taking Chineselisted companies from2010-2012disclose R&D data as an sample, this paper analyzestheoretically and proposes suggestions and prospects based on the test results Empiricalstudies mainly adopt descriptive statistics, multivariate regression analysis, fullyidentify the moderating effects of various executives heterogeneity variables.The results showed that:(1) Age of heterogeneity between R&D investment andbusiness performance positively regulates the role that R&D investment relationshipswith enterprise performance increases with age of the top management teamheterogeneity increases, executives of age heterogeneity is pure moderating variable.(2)The level of executive education heterogeneity between R&D investment and corporateperformance plays a negative role in the regulation, that the relationship between R&Dinvestment and corporate performance will be with the top management teamheterogeneity increases with educational level decreases, the level of educationheterogeneity is pure regulating variable.(3) The term of office executive performs asignificant positive correlation with R&D investment, executive tenure directly affectsR&D investment, executive tenure do not play a role in the regulation of between R&Dinvestment and corporate performance.(4)The top management team scale hassignificant positive correlation with business performance, team size directly affects theenterprise performance, executive team size between R&D investment and enterpriseperformance has no moderating effect.Finally, according to the results of empirical analysis, this paper presents somerelative suggestions as follows: change the way of research and development, improve the level of research and development management. Strengthen and encourage guidanceof the government policies to enterprise. Attach great importance to the enterprise topmanagement team of construction. These three suggestions combine so as to improveenterprise performance. |
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