| With the development of society and the advancement of science and technology,China's economy has begun to enter a new normal.In the 2018 "Government Work Report",in the proposal for government work,it is proposed to accelerate the construction of an innovative country.Grasp the world's new round of scientific and technological revolution and industrial transformation,deepen the implementation of innovation-driven development strategy,and continuously enhance economic innovation and competitiveness.It can be said that technological innovation will be a new impetus for China's future economic growth.R&D investment is a key link in the innovation process.As of 2017,China's current total R&D investment has reached the second place in the world.The amount of investment as a main component is close to 80%,which fully reflects the company's innovation system.The importance of it.R&D investment has also been recognized as the foundation and key to improving the core competitiveness and innovation capabilities of an enterprise.Based on the concept of exploratory innovation and exploitative innovation proposed by March(1991),R&D investment can be subdivided into two types: exploratory R&D investment and utilization R&D investment.Based on the differences in the nature of the two,how to rationally allocate limited resources between the two R&D investments is an important strategic decision of the company.Then,as the ultimate strategic decision-maker of the enterprise,the senior management team's characteristics such as age,gender,and education level will affect the company's exploratory R&D investment and utilization R&D investment? What is the result of the impact?Based on the high-level echelon theory,human capital theory,socialization theory and information decision theory and the existing literature review,this paper divides R&D investment into exploratory R&D investment and utilization R&D investment,and deeply discusses the characteristics of senior management team to enterprise R&D.Based on the impact of investment,research hypotheses are proposed and related models are constructed.The sample of GEM listed companies in 2011-2017 was selected as the panel data.The results of the study indicate that the gender and education level of the executive team have a significant positive impact on exploratory R&D investment and have no significant impact on the utilization of R&D investment;the average age of the executive team is for exploratory R&D investment and utilization R&D investment.Both have a significant negative impact,and the smaller the average age of the executive team,the more inclined to conduct exploratory R&D investment;the executive team's professional background has a significant positive impact on exploratory R&D investment and utilization R&D investment,and the executive team The higher the members with R&D and technical work experience,the more inclined they are to conduct exploratory R&D investment;the gender heterogeneity of the executive team and the heterogeneity of education level have not significantly affected the exploration R&D investment and utilization R&D investment.Sexual testing;executive team age heterogeneity has a significant negative impact on exploratory R&D investment and utilization R&D investment,and the greater the age heterogeneity,the more inclined to conduct exploratory R&D investment;the executive team's professional background heterogeneity There is a significant positive impact on exploratory R&D investment and utilization R&D investment,and the more diversified the professional background of the team,the more inclined to conduct exploratory R&D investment.The paper further uses the nature of ownership as a group basis to return the state-owned enterprises and non-state-owned enterprises respectively.The comparative analysis shows that state-owned enterprises are subject to more control in all aspects,and their senior management team has more constraints in making strategic decisions.The power of decision-making is limited,making the impact of state-owned enterprise executive team characteristics on corporate R&D investment less obvious.The innovation of this paper is to explore the impact of executive team characteristics on corporate R&D investment from the perspective of R&D behavior decision-makers,and to subdivide R&D investment into exploratory R&D investment and utilization R&D investment,expanding the existing research perspective.In addition,this paper selects the fixed effect panel negative binomial regression model in the generalized Poisson model to model the data,and the research method is relatively novel. |
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