The Research Of TMT Heterogeneity、R&D Intensity And Firm Performance

This paper selects the research samples from Shanghai and Shenzhen A-share market in 2010-2013 and uses them to build multiple linear regression, multiple nonlinear regression and hierarchical regression models. It examines the moderating role of Top Management Team(TMT) heterogeneity based on the study of exploring the impact of Research and Development(R&D) intensity on firm performance, the impact of TMT heterogeneity on R&D intensity. The results show that:(1)The impact of R&D intensity on firm performance is nonlinear, exists inverted "U"-shaped relationship and interval effect,in which high-tech enterprises have a greater critical point than non-high-tech enterprises;the on-state-owned holding enterprises exist inverted "U"-shaped curve relationship, but state-holding enterprises do not exist;(2)TMT age, tenure and occupational background heterogeneity will weaken the impact of R&D intensity on firm performance, and TMT level of education heterogeneity will enhance the impact, and TMT age, occupational background and level of educational heterogeneity is pure moderator variable, but TMT tenure heterogeneity is half a moderator variable, more further analysis showed that the TMT heterogeneity for R&D intensity and firm performance relationship does not exist quadratic curve moderating role.At the same time, based on empirical results and the characteristics of Chinese manufacturing industry listed enterprises, this paper puts forward relevant proposals to arrange R&D intensity and construct Top Management Team reasonably.