| With the implementation of innovation driven development strategy and market competition,innovation has become the main theme of today's social development.To survive and develop,enterprises must reform and innovate,increase investment in R& D(Research & Development),R&D,learn new technologies,explore new ways,create new products,and continuously enhance their competitive advantages.As an important part of enterprise innovation,R&D represents the technological innovation capability of enterprises,can promote technological progress of enterprises,improve technological innovation capability of enterprises,and increase enterprise value.Therefore,R&D input is a feasible index for enterprise innovation evaluation.At present,more and more scholars at home and abroad are working to study the factors that affect R&D input.The mainstream view is that near retirement CEO will give up a more adventurous long-term investment strategy(such as R&D)and focus on improving its short-term interests.In the family and its business,CEO is more concerned about the control over the family and the continuation of the family dynasty.Therefore,the CEO's career horizons in family businesses is characterized by particularity.This paper attempts to take family business as an example to study whether the length of CEO's ruling career will affect enterprise innovation.Based on the sample information from family businesses in CSMAR private listed companies from 2012 to 2016,this paper studies the impact of CEO's career horizons on business innovation.The results show that there is a significant negative correlation between the CEO's career horizons and the R&D in the family business.It shows that the retirement CEO in family businesses is more focused on the preservation and egoism of their short-term interests than the retirement ones.It pays more attention to the trans generation control and altruism of enterprises.Therefore,it is more inclined to invest R&D,so as to improve the innovation ability of enterprises and maintain the development of family dynasties.This paper also CEO background from the family business of different research background(such as whether CEO family members,CEO is founder of enterprises or the next few generations of family members,whether CEO from another familyinheritance)the influence of CEO's career horizons on Enterprise Innovation.The results show:the negative impact of family member CEO's career horizons on R&D is more significant than non family members of CEO;the negative impact of corporate founder CEO's career horizons on R&D is more significant than the next generation.;the negative impact of CEO's career horizons on R&D is more significant than that inherited from non family members..It shows that in family businesses,family members CEO will have more urgent desire to control their generation across the family than CEO is a non family member.The continuity desire of CEO is more urgent than the next generation of family members CEO.Therefore,CEO with different backgrounds in the family business is more willing to make investment decisions that are beneficial to the development of the enterprise after the end of their administration.In addition,this paper finds that different scale of enterprises will have different effects on enterprise innovation ability.The results show:a significant positive correlation with R&D,enterprise scale to enterprise innovation performance significantly,the larger enterprises have more resources,will have more resources to support enterprise R&D,in order to enhance the innovation ability of enterprises,encourage enterprises to obtain better development.This paper provides a more reasonable reference for the selection and appointment of CEO in the source of innovation,which enables enterprises to take into consideration the needs of future strategic decisions when hiring managers.Especially for family businesses,for the sake of family business' s cross generation control and the continuation of family dynasty,we should consider comprehensively the employment of CEO. |
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