The Effect Of Top Management's Academic Experience On Corporate R&D Investment And Performance

In recent years,the influence of executive characteristics on business activities has become a hot spot in academic community.In particular,the influence of the characteristics of the executive team on the enterprise's R&D investment has focused the attention of numerous domestic and foreign scholars,and they have achieved fruitful results.But there is little literature researching on the influence of the academic experience of top management on the R&D investment of enterprise.Therefore,this article explored the influence on R&D investment of chairman's academic experience characteristics with the samples of Shanghai and Shenzhen a-share listed companies from 2008 to 2016,based on the background of innovation.Further,we will discuss its impact on corporate performance.It is expected to provide some theoretical reference for the construction of senior management team and the improvement of performance level of China's listed companies.We first review the relevant literatures and economic theories of domestic and overseas,and then make a theoretical analysis of the concepts and relationship between the chairman's academic experience,R&D investment and enterprise performance.And through the empirical analysis of 2017 listed companies in Shanghai and Shenzhen a-shares,we found that listed company chairmen may get a stronger motivation for research and development from academic experience,and then get a better business performance.Meanwhile,listed company chairmen who have stronger information processing ability and analysis ability may significantly improve R&D conversion rate and enterprise performance.Finally,the study also found that compared with other types of chairman,the chairman with academic experience may improve the long-term performance of the company by increasing R&D investment.