The Relationship Among The Top Management Team Characteristics,R&D Expenditure And Firm Performance In China’s High-tech Enterprises

In today’s era of globalization of knowledge economy,knowledge is an important driving force for social development.With the advent of the era of knowledge economy,the strategic focus of the enterprise began to shift from the traditional competition for external strategic resources to cultivate and develop the enterprise’s internal strategic resources.With the wave of economic globalization,science and technology innovation is the main driving force of economic growth.For an enterprise,in order to deal with the highly competitive market,we must through research and development activities to achieve technological innovation advantages,thereby enhancing business performance.Throughout the study of predecessors,the focus is mainly on the research of executive team knowledge background,social relations and corporate performance between the direct research,and related to the characteristics of executive team through what way to influence the performance of enterprise research less,Especially in the context of today’s technology era,from the perspective of corporate R&D strategy to study the characteristics of executive team and corporate performance less.According to the theory of high-level echelon,the executive team members of different companies are different in terms of their qualifications,age and tenure.Therefore,they will adopt different attitudes towards R&D investment.This paper chooses the high-tech enterprises as the research sample,and studies the logical relationship between the characteristics of the executive team,the R&D expenditure and the enterprise performance on the basis of the high-level echelon theory,the theory of technological innovation,the principal-agent theory and the human capital theory.How does the management of the team influence the performance of the firm and whether it will affect the firm’s performance through R&D expenditure as an intennediary variable.This paper takes 279 listed high-tech enterprises from 2012 to 2014 as the research object,and establishes the multiple regression model to analyze the influence of executive team characteristics on enterprise performance and R&D expenditure respectively,and further test whether the characteristics of executive team will be through R&D expenditure To have an impact on corporate performance.The empirical results show that:(1)the level of education and the term of senior management team have a significant positive impact on the performance of enterprises,and the age has a significant negative impact on business performance,and the influence of team size and enterprise performance is not passed(2)The level of education and the term of the executive team have a significant positive impact on R&D expenditure,and the age has a significant negative impact on R&D expenditure,while the effect of team size and R&D expenditure is not significant;(3)further examination of the intermediate effect,the level of education,age and tenure of the senior management team,and the level of the education team.R&D expenditure can be used to influence the performance of this intermediary variable.Through the empirical analysis and testing,and ultimately for the better development of high-tech enterprises put forward the relevant countermeasures.High-tech enterprises should establish high-quality and efficient management team,in general,improve the quality of the team and management level,and make full use of the favorable factors of the executive team to play the leading role of R&D activities in the development team to enhance business performance The At the same time,high-tech enterprises in order to maintain market position and core competitiveness,we need to increase investment in research and development,continue to develop high value-added new products to enhance the company’s performance,and ultimately achieve the goal of maximizing business value.