Managerial Power,R&d Investment And Enterprise Performance

In the 21st century guided by science and technology,as an important driving force of economic growth,technological innovation is the decisive force for the country and enterprise to win market competitiveness and the source of enterprise performance growth.To some extent,the establishment of R&D innovation strategy is influenced by the power,cognition and ability of managemant,which will ultimately affect the enterprise performance.Existing studies have verified the influence of managerial power on enterprise performance,but the internal mechanism and influence path between them are not clear,and there is still a "black box".This article believes that managerial power may affect the formulation of enterprise innovation strategy decisions,which in turn affects enterprise R&D investment and ultimately affects enterprise performance.And the characteristics of managerial ability may regulate the intermediary effect of managerial power,R&D investment and enterprise performance.Based on this,the sample of this article is the data of A-share listed companies in Shenzhen and Shanghai Stock Exchange from 2007 to 2016.The article draws on the research paradigm of "governance mechanism-strategic choice-behavioral outcome",introduces R&D investment as intermediary variable,and takes managerial ability as adjusting variable.Based on strategic decision theory,Stewardship Theory,managerial power theory,and existing literature,this article construct a theoretical model to verify the main effect of managerial power on enterprise performance,and the moderating effect of managerial ability on the intermediary effect between managerial power,R&D investment and enterprise performance,which provides an in-depth analysis of the impact of managerial power on enterprise performance.Drawing on the mediation effect test process and the adjusted mediation effect test procedures of Wen Zhonglin and Ye Baojuan(2014),and drawing the conclusions of this paper based on the empirical regression results:(1)there is a significant positive correlation between managerial power and enterprise performance,which indicates that the more powerful management,driven by sense of responsibility and sense of achievement,will make full use of all resources to improve enterprise performance in the process of strategic decision-making.(2)there is a significant positive correlation between managerial power and R&D investment.That is,the more power,the more decision-making power of the management,and tend to venture capital,the more emphasis on R&D innovation to achieve long-term development of enterprises.(3)R&D investment has an intermediary effect between managerial power and enterprise performance,and it is part of intermediary effect.In addition,this article also verifies that the intermediary effect is still established in the subsequent period because the R&D investment still has an impact on enterprise performance during the subsequent period.(4)There is a positive adjustment effect of managerial capacity on the mediating effect of managerial power,R&D investment and enterprise performance.The adjustment path is the first half of the mediation effect.That is,the more ability of the powerful management is,the more attention it pays to improve enterprise performance by increasing R&D input.Finally,based on the results of empirical test,this article puts forward the corresponding countermeasures and suggestions for promoting enterprise innovation,improving the performance of enterprise,and strengthening the management of managers.