Emprical Study On The Background Characteristics Of Senior Management Team And Risk Taking On Innovation Investment

In the era of increasingly fierce market competition and diversified business operation,innovation and R&D investment have become the key to maintain the vitality of enterprises,determining the profitability and development direction of enterprises.Improving the level of innovation is an important way for enterprises to obtain market competitive advantages.Because of the inherent high-risk characteristics of innovation investment,the necessity of risk taking is self-evident.As for risk taking,previous literatures mainly focus on the financial field,studying the background characteristics of senior executives and the insufficient risk taking of Banks.When some financial institutions are faced with market risks,they prefer to avoid or control risks rather than comprehensively manage them and have the courage to make breakthroughs and innovations.As the decision-maker and executor of the enterprise,the senior managers directly determine the risk level of the enterprise.Due to the complexity of the internal and external environment,executives lack comprehensive cognitive ability in all aspects.The specific background characteristics of managers will lead them to have different understandings of the collected information based on their own existing concepts.Therefore,senior executives have their own unique preference for the level of corporate risk taking.Based on different risk preferences,executives make different risk decisions,so the proportion of innovation investment is different.Therefore,the background characteristics of senior executives will affect the level of enterprise risk taking,and then affect the level of enterprise innovation.Based on this,this article on Upper echelon Theory(Upper Echelons and found),the Innovation Theory(Innovation going)as the research basis,from the intermediary role,considering risk in 2012 to 2016,our country small and medium-sized boards of listed companies as the research object,investigates the senior management team characteristics of Innovation through risk-taking investment mechanism,so as to corporate executives can break the bondage of inherent factors and Innovation and development to provide the reference to make the right decisions.The research results show that :(1)the professional background and tenure of the senior management team are positively correlated with the innovation investment of the enterprise,while the age of the senior management team is negatively correlated with the innovation investment,while the gender and education level of the senior management team have no significant influence on the innovation investment.(2)among the influences of the background characteristics of the executive team on risk taking,except that the gender and education level of the executive team did not pass the significance test,the age of the executive team was negatively correlated with risk taking,while the professional background and tenure of the executive team were significantly positively correlated with risk taking.(3)according to the non-parametric Bootstrap method to test the mediating effect of risk taking,risk taking plays a partial mediating role between the age,professional background,tenure and innovation investment of the senior management team,but not between the gender,education level and innovation investment of the senior management team.Finally,on the basis of empirical analysis,combined with the economic reality that some lack of core competitiveness,this paper puts forward reference significance from the aspects of reasonable construction of senior management team and "control" risk level,so as to realize the development of enterprise innovation investment.