Research On The Impact Of Entrepreneurial Characteristics And R&D Investment On Corporate Value

With the advent of the era of knowledge economy, enterprises increasingly recognized the importance of R&D investment. R&D can make enterprises increase the market value of the future, enhance the enterprises' core competitiveness in the fierce competition in the market, it has been an important guarantee for enterprises gain sustainable competitive advantage. As a business leader, Entrepreneurs have the mission to make enterprise' strategic plan, and make a decision. Then, face with the high investment, high risks, uncertainties' corporate R&D activities, the role of the entrepreneur cannot be ignored. Therefore, this paper focuses on the relationship between entrepreneur characteristics, R&D investment and enterprise value in the current economic development situation, hoping to provide useful inspiration for modern enterprise management.This paper selects 240 manufacturing companies that have disclosed information on research and development on the Shenzhen Stock Exchange from 2012 to 2014 as empirical analysis, On the basis of discussing the influence of enterprise R&D investment on the enterprise value, we also examines the influence of the interaction between entrepreneur's characteristics and R&D investment on enterprise value. The results show that R&D investment has a positive impact on the promotion of enterprise value. The interaction between entrepreneurial age, educational background,technical background and other demographic characteristics and R&D investment has no significant effect on the enterprise value. The interaction between the entrepreneur's political association and R&D investment has a negative impact on the enterprise value. The interaction between the wealth of the entrepreneur and R&D investment has a negative impact on the enterprise value. Based on the results of this study and the status of R&D activities in China, We have the following inspiration,First of all, we should further increase investment in R&D funds to promote enterprise value; Secondly, try to maintain a reasonable proportion of entrepreneurial ownership;Finally, enterprises should focus on the establishment of appropriate political affiliate strategy.