| Driven by the gradual strengthening of global market competition and continuous improvement of science and technology,innovation capability has become a key factor in maintaining the survival and development of enterprises and upgrading the national economy.The general manager is an important decision-making body of a company’s R&D activities and has a direct impact on the improvement of the enterprise’s innovation ability,which can not be neglected.Therefore,clarifying the impact of general manager individual micro-characteristics on R&D investment and ensuring adequate and steady R&D funding are important bases for improving the innovation capability of enterprises.The related researches mostly explored the general manager’s decision-making behavior under the condition of personnel stability,and paid attention to the influence of the general manager’s personal characteristics on the R&D investment from a static perspective.However,with the gradual development and improvement of human capital market in our country,executives turnover incidents more and more frequently.From 2010 to 2015,the number of general manager’s departure in China’s A-share listed companies nearly doubled,even exceeding the frequency of CEO’s outgoing in US companies.Based on that,this dissertation studies the influence of the general manager’s behavioral decision on the R&D investment under the general manager’s departure situation,and provide theoretical support for the company to manage innovation activities.Based on the sample of A-share listed companies in China during 2007-2015,this paper,using t test and regression analysis,empirically tests whether the negative impact of R & D exists before the departure of the general manager in the corporate governance practice of our country,explain the motivation and further verify the important role that the reasons for leaving of the general manager(whether foreseeable in advance),industry attributes(whether high-tech industry),behavioral motivation(“want or not”)and personal power("can or not")four factors play in the negative behavior of R&D of the general manager.The findings are as follows:(1)The general manager’s departure is negatively related to the company’s R&D investment of the previous year;(2)The purpose of the negative R&D investment before the general manager’s departure is to allow resources to beallocated to their perks,in order to seek the growth of personal interests;(3)When the general manager can predict the outgoing event or the company is a non-high-tech enterprise,the negative relationship between the outgoing event and R&D investment is established.Otherwise,thus isn’t established;(4)When the general manager does not hold company shares,his/her self-interest motivation is stronger and cuts down the R&D investment.Otherwise,does not reduce.(5)The general manager who does not serve as chairman,has the ability to reduce R & D investment,and so the negative relationship between the outgoing event and R&D investment is established,Otherwise,thus isn’t established.Based on the above conclusions,this article puts forward the following suggestions for the company’s governance practices: First,strengthen the supervision in advance when the general manager reduce R&D investment before his/her outgoing.Second,establish an effective secrecy mechanism for the appointment and removal of general manager,to avoid leakage of information.Third,improve the general manager equity incentive system,to mitigate managerial entrenchment issues in the context of departure.Fourth,reasonably set up the post of chairman and general manager with the company stage of development. |
