| With scientific progress and social development,China steps into the “new normal” phase,change will undoubtedly become the main theme of this era,and technological innovation will be the core strength as a driving force for enterprise reform and development.GEM listed companies are high-growth enterprises or high-tech enterprises,Market competition is fierce,So technological innovation is even more critical.Then the CEO as the core of corporate executives,Does CEO's age,education,technical background of the demographic characteristics will affect enterprise's technological innovation performance? And how it affects the performance of technological innovation?In 1984,Hambrick and Mason present high-level management theory.Throughout the domestic and foreign scholars' study,research on the direct impact of managerial individuality and team characteristics on business performance has yielded fruitful results,but the research on the performance of technological innovation is still relatively small,and research focus on the main board.There is little literature on the indirect impact of CEO characteristics on the performance of technological innovation by analyzing the transmission mechanism of intermediary variables.As China's GEM companies are mostly high-growth and high-tech-based enterprises,Which determines the impact to CEO of the enterprise R&D investment decision-making and the impact of corporate performance than the board's listed companies higher.so,In this paper,R&D investment as the starting point for research,select the GEM listed companies and the main line” characteristic-behavior-consequence”,an empirical analysis of the human capital of CEO impact on the enterprise performance through R&D mediator,in order to give advice for the construction of the top management team in the GEM companies.Based on the theory of high-level management,Principal-agent theory,Technological Innovation Theory and Strategic Leadership Theory,this paper studies the influence of CEO characteristics on the innovation behavior and the performance of technological innovation.On the basis of the theoretical analysis,This paper selects 2013-2015 GEM listed companies as panel data,R&D investment as the entry point,using the method of mediating variables,CEO characteristics are broken down into CEO age,educational background,professional background and autonomy,with enterprise R&D investment to measure business innovation behavior,with the number of patent applications to the enterprise's performance of technological innovation performance.The relationship between CEO characteristics and technological innovation performance is studied,as well as the relationship between CEO characteristics and R&D investment.Finally,the method of mediating variables is used to study,discusses the role of R&D investment in the relationship between CEO characteristics and enterprise technological innovation performance.The empirical results show:(1)CEO's age has no significant effect on the performance of technological innovation,while the academic background,professional background and autonomy have significant positive effects on the performance of technological innovation;(2)the regression analysis shows that CEO's age does not have a significant impact on R&D investment,while CEO's educational level,professional background and autonomy showed significant positive correlation with R&D investment;(3)this paper tests the mediator effect in order to prove whether R&D is the mediator between CEO characteristics and technological innovation performance.The result shows that the academic background,professional background and autonomy have indirectly impact on enterprise technological innovation performance only partly through the R&D investment.At last,on the basis of summarizing the empirical results,this article makes some suggestions for the GEM executive team construction and the development of enterprise in the future,and puts forward the outlook for the research deficiencies. |
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