| In today’s world,competition is essentially the competition of technology and science and the competition of talents.As China’s entering into the new normal economy,the reform and development has become the theme of the times.And the technological innovation will undoubtedly the fundamental way for enterprises to get better and faster development."Talent" falls on "people",which is the main body of scientific and technological innovation,and plays an important role in the development of science and technology and economy.In order to improve the core competitiveness of enterprises,to create greater value for enterprises,how to play a synergistic effect of talent and technological innovation has become the focus of attention.As the decision maker of the enterprise,the senior management team is not only an important factor of human capital,but also a core group that influences the strategic choice and performance.Since1984,"top management theory" put s forward the individual members of the executive team(age,gender,educational background,etc.)will affect the strategic choice of enterprises,research on the relationship between characteristics of TMT and enterprise performance became the focus of attention.For a long time,the domestic and foreign scholars focused on executive characteristics of a direct impact on business performance,and achieved fruitful results,but there are few in-depth study on how TMT characteristics affect corporate performance literature.Therefore,based on the background of the times,taking R&D investment as the starting point,this paper selects the Shanghai and Shenzhen A shares of high-tech listed companies as the research objects,researches the main line along the characteristics of "behavior",an empirical study of TMT characteristics through the mechanism of the impact of corporate performance of R&D investment,in order to provide theoretical guidance for the construction of our senior management team Chinese high tech enterprises.This paper first reviews the human capital theory,advanced management theory and this paper.This paper first reviews the relevant theories and research literature,and carry on the three mechanisms of the theoretical analysis of the characteristics of TMT characteristics,R&D investment and corporate performance.According to the Shanghai and Shenzhen A shares of high-tech listed companies,this paper selects 1928 samples from year 2010 to 2015 and establishes the regression model,then makes the empirical analysis of the direct impact of the characteristics of top management team for R&D investment and enterprise performance,and further studies the mediating effect of R&D investment.The results indicates that:(1)The team size,age and education characteristics have a positive effect on the enterprise performance;there isn’t an obvious correlation between gender and corporate performance.(2)There is a positive correlation between the team size,educational level and the proportion of male executives and R&D investment;the average age of top management team negatively affects R&D investment.(3)R&D investment plays an intermediary role in the relationship between team size,education level and the enterprise performance,and plays a partial mediating role in the relationship between TMT characteristics and the company performance.And the R&D investment of state-owned high-tech enterprise plays an intermediary role between team size,age characteristics and corporate performance,the R&D investment of the private enterprise plays a partial mediating role between age level and firm performance.At last,according to the empirical results,this article puts forward some suggestions from the aspects of human resource management,R&D strategy and government support. |
