Chairman-General Manager’s Power Gap,Market Environment And R&D Investment Of Listed Companies

Enterprise innovation research and development has been the focus of academic and practical attention.Enterprise R&D investment can directly affect the ability of independent innovation of enterprises,and effectively enhance the core competitiveness of enterprises,is an important decision that enterprises want to stand out in the industry and remain invincible.As the core decision maker of the company,the background characteristics of the top management team will directly affect the stability and effective collaboration of the team,and have an important impact on R&D investment decisions.In addition,the market environment of enterprises is different,for example,the degree of market competition is different and the degree of marketization is different,and the demand for R&D investment is not the same.Previous studies mainly focus on influence of top management team on a specific individual characteristics of executives of corporate R&D investment in different market environment under the influence of modern research however,higher-order theory shows that has important strategic decisions affecting the overall characteristics of the top management team of enterprises.Therefore,we can not help but consider how the overall characteristics of the executive team have a bearing on R&D investment decisions under the influence of the market environment.This paper first summarizes the relevant literatures at home and abroad,analyzes how the background characteristics of the executive team will affect the R&D investment of listed companies,how the market environment will affect the R&D investment of listed companies and how the market environment will regulate.And then put forward the hypothesis,the establishment of the corresponding model,select the appropriate variables for empirical testing.We use theoretical analysis,then empirical research,finally we got the following conclusions:(1)The power gap between Chairman and general manager will inhibit the level of R&D investment of listed companies,and the greater the gap between Chairman and general manager,the greater the negative impact on R&D investment of listed companies.(2)Product market competition will significantly influence the power gap between Chairman and general manager on R&D investment of listed companies,if other conditions are not changed,the higher the degree of product market competition,the term differences,educational differences,and differences in the development of political resources of chairman-general manager into the smaller the inhibition.(3)The degree of marketization will significantly influence the power gap between Chairman and general manager on R&D investment of listed companies,if other conditions are not changed,the higher the degree of marketization,the term differences,educational differences,and differences in the development of political resources of chairman-general manager into the smaller the inhibition.Finally,based on the full text of the theoretical and empirical analysis,we put forward the conclusions of this paper and the corresponding policy recommendations,also put forward the shortcomings of this paper and the direction of future research.