An Empirical Research On Team’s Characteristics, R&D Investment And Financial Performance Of Cultural Enterprises

With increasingly fierce competition among enterprises in the 21 st century, technical innovation plays an important role in enhancing the core competitiveness of enterprises. As makers of R&D investment and policies, the core enterprise management team is a valuable intangible asset, which is an important factor that affects corporate financial performance. Since 1984, Hambrick & Mason firstly proposed the "upper echelons theory",the academics have paid close attention to the correlation between Characteristics on business team and financial performance.At present, the study on the independent correlation between the financial performance and team’s characteristics from foreign scholars is very rich.They divided team’s characteristics into homogeneous and heterogeneous characteristics,then bassed on two classes to carry out research, but the conclusions are not the same even opposite.There are many factors causing this controversy, difference between different industries is the factor.The scholars always focused on the listed companies on main board currently, so there are few studies on specific industries, including research on the cultural industry. As an emerging industry, cultural industries play an increasingly important role in the economic development of countries.According to the report, we can find that the contribution of national cultural industries to economic increment is improved significantly, while research and R&D investment have more important role in the development of cultural enterprises.Therefore,the study on the correlation between team’s characteristics, financial performance and R&D investment is a practical and useful subject.Firstly,the paper describes the background and significance of this research.Secondly,according to the time series of domestic and foreign,the paper reviews related research.Based on human capital theory, decision theory and the upper echelons theory, the paper defines related concepts on team’s characteristics, then analyzes the relationship between R&D investment and financial performance theoretically and propose six hypotheses. By selecting 80 cultural listed companies annually from 2010 to 2013 as samples, the paper use statistical knowledge to analyze the data,including descriptive statistics, correlation analysis,multicollinearity test, regression analysis and robust test. The empirical results show that:prior to joining the R&D investment, the correlation is not significant, after the introduction of the R&D investment, the correlation between mean level of education, age heterogeneity and financial performance is positive significantly, heterogeneity and level of education is negative significantly, which indicates that the cultural characteristics of the corporate team is not an independent role in the company’s financial performance, but through theinfluence of corporate R & D investment. Finally, this paper summarizes and analyzes the conclusions and then propound a few suggestions on equipping for core team members of Chinese cultural industry.Lastly,the paper points out deficiencies that exist in this study.