Tmt Shareholdings,characteristics And Company Innovation Performance

Innovation driven development is a major economic strategic in the future in China.Under the background of this policy,based on the sample of high and new technology public companies,this article explored the factors affecting the performance of high and new technology enterprise innovation.The influence factors of selection are the TMT shareholding level and TMT characteristics.The research adopts the combined method of theoretical analysis and empirical test.This paper examined the relevant relationship between TMT shareholding level and innovation performance.Further,the paper examines the moderating effect of TMT characteristics(the proportion of women,average age,average tenure,average educational level,professional experience heterogeneity)to the relevant relationship between TMT shareholding level and innovation performance.In order to better understand the results,this paper divide the sample into the monopoly industry group and non-monopoly industry group.Through theoretical analysis and empirical research,this paper draws three conclusions:(1)In high and new technology public companies,TMT shareholdings has a positive impact on both directly and indirectly innovation performance.Average age,average tenure and average degree of TMT has a negative moderating effect to the relevant relationship between TMT shareholding level and innovation performance separately;Professional experience heterogeneity of TMT has a positive moderating effect to the relevant relationship between TMT shareholding level and innovation performance.(2)In monopoly industries,TMT shareholding level has no significant impact on direct innovation performance,TMT characteristics show no significant moderating effect;Surprisingly,TMT shareholding level has a significant negative impact on indirect innovation performance.Furthermore,the proportion of women and professional background heterogeneity of TMT have a reverse moderating effect to the negative relevant relationship between TMT shareholding level and indirect innovation performance,Professional experience heterogeneity of TMT strengthens the negative relevant relationship between TMT shareholding level and indirect innovation performance.(3)in the non-monopoly industries,TMT shareholding level has a positive impact on both direct and indirect innovation performance,TMT average age,average tenure,average degree have negative moderating effect,TMT professional experience heterogeneity has a positive moderating effect.In terms of theoretical significance,this paper proves that in the high and new technology listed companies,TMT shareholding level has a positive impact on innovation performance,but the positive effect is only found in the non-monopoly industries.In terms of implication of the research,relevant departments should continue to implement equity incentive in the high and new technology enterprises to promote their innovation performance.For non-monopoly companies,TMT equity incentives should be combined with the characteristics of TMT so that innovation performance is better improved.