The Adjustment Effect Of TMT Heterogeneity On R&D Investment And Corporate Performance Relationship

With the development of the market economy, the competition between enterprises is more and more big, if you want to long-term and stable development, the enterprise must carry out innovation activities, it not only requires a lot of spending on research and development at the same time also need to be optimized resource configuration, monitoring risk, enables the input to the corresponding transformation for the enterprise’s actual profit, so as to improve the performance level of the enterprise. Executive team in risk aversion, the role of the decision making has increasingly prominent, so the R&D input, senior management team and corporate performance of the three inner link, for the development of enterprises has certain practical significance. This article reviews the research and development investment and enterprise performance, senior management team andR&D, and senior management team characteristics and performance of the enterprise related literature, puts forward the concept of TMT heterogeneity, and based on the theory of innovation, enterprise performance theory and the theory of high ladder team of TMT heterogeneity of R&D investment and performance relationship adjustment are analyzed in theory, on the basis of hypothesis is put forward. In manufacturing of a-share market listed companies disclosure of the relevant data from 2010 to 2012 as sample has carried on the empirical analysis, we validate the heterogeneity of executives variable adjustment. The final result is pointed out that:(1) executives age heterogeneity can positively regulate the relationship between R&D investment and enterprise performance, increase the degree of age heterogeneity leads to relationship between R&D investment and enterprise performance level enhancement, executives age heterogeneity is pure adjustment variables.(2) the executive education level heterogeneity negative to adjust the relationship between R&D investment and enterprise performance, senior management team the heterogeneous enhancement of education level corresponding to weaken the relationship between R&D investment and enterprise performance, the heterogeneity of education level is pure adjustment variables.(3) executives term heterogeneity on the relationship between R&D investment and enterprise performance did not play a regulatory role, only directly affect the enterprise R&D investment, positively correlated with relationship.(4) the executive team size between R&D investment and enterprise performance relationship is also no adjust action, only was significantly positively related to relationship with the enterprise performance. Finally, according to the result of empirical analysis, this paper puts forward the following Suggestions: increase the R&D input intensity, improves the management level of the research and development, in turn, improve the efficiency of R&D, considering executive team members demographic characteristics, establish efficient management team, and suggested that the government should give policy guidance, enterprises expand r&d, multi-angle jointly promote the development of the enterprise, improve the level of performance.