The Impact Of Top Management Team Characteristics On R&D Investment Of Manufacturing Companies Listed On The GEM

The nineteen major reports point out that innovation is the first driving force to lead the development.From the transformation from "made in China" to "created in China",manufacturing industry has always been concerned by all walks of life.The GEM listed companies in manufacturing industry are the main battlefields of R&D and product innovation,and R&D investment is the basic guarantee for enterprise innovation.As the highest decision-making body of the enterprise strategy,the top management team is the key factor affecting the R&D investment of the enterprise.Therefore,based on data analysis of Listed Companies in gem,this study explores the role of top management team's human capital characteristics and executive incentive characteristics in R&D investment decisions,and puts forward reasonable suggestions and Countermeasures Based on this.In this paper,831 groups of data of 2014-2016 in GEM listed manufacturing companies as samples,selects 14 indicators to measure corporate R&D strength,executive human capital characteristics,incentive characteristics,through empirical analysis to verify the research hypothesis,the results of the empirical analysis.The results showed that:(1)The team average age,age heterogeneity,education heterogeneity and research investment negatively related to the average level of education,with science and engineering background,team size and the proportion of executives overseas background will positively promote enterprises to increase investment in research and development,the influence of executive tenure,tenure heterogeneity,the proportion of women and the political background of R&D investment is not significant.(2)Both executive compensation incentive and equity incentive have significant positive impact on R&D investment.Finally,the empirical conclusions show that the government should set up special R&D fund for enterprises and attract overseas talents,enterprises should optimize the TMT structure,establish an effective incentive mechanism and communication mechanism,executives should improve their own level of technical level,focus on innovation and other countermeasures.