The Impact Of Top Management Knowledge On The Relationship Between R&D Investment And Firm Performance

In China,owners and managers are often not the same person,the executive power of an enterprise is transferred to the top management,then top management teams become the main target.And in the era of knowledge economy,the knowledge assets of senior management team and their structural characteristics directly affect their management.However,how to make the top managers give full play to their knowledge capital and avoid individual opportunism in the status of enterprise housekeeper,which puts forward new requirements for the enterprise management mechanism.This paper is based on the Upper Echelons Theory,from the perspective of agency theory,analyzes the impact of executive knowledge on R&D investment and firm performance.In this paper,we examine top management knowledge in the relationship between R&D input and firm market performance based on the sample of Chinese listed companies during 2011-2014.Draw the following conclusions:(1)Technology knowledge assets play a partial intermediary role between R&D investment and enterprise market performance,and improve and perfect the theory of enterprise innovation.(2)Executive knowledge plays a significant positive regulatory role in the process of R&D input into technical knowledge assets,and reinforces the process of commercializing technology knowledge assets.(3)In the management mechanism of an enterprise,incentive mechanism plays a significant positive adjustment to the regulation of executive knowledge;the proportion of domestic and foreign shareholders of regulatory mechanism plays a positive role in regulating the knowledge of executives.The separation of the two posts plays a negative regulatory role.Here,the asymmetry of regulation plays a new role in the management mechanism of enterprises in China.The research conclusion of this paper deepens the understanding of the relationship between technological knowledge assets and management mechanism theoretically.The Upper Echelons Theory and the agent theory are combined organically,from the point of view of TMT knowledge,this paper comprehensively reveals the impact of R&D investment on firm performance,and further improves the theory of enterprise performance allocation.Meanwhile,the promotion of performance also has important practical significance.