The Moderating Effect Of Executive Heterogeneity On The Releationship Between R&D Investment And Corporate Performance

With the continuous development of national economy,the expenditure of Chinese residents in the field of medical care has been increasing.China has become the world's fastest growing pharmaceutical market.The huge market demand brings the good development opportunity to our country medicine manufacture enterprise.Pharmaceutical manufacturing industry is one of the industries with the most investment in research and development.The research and development of new drugs and new technologies is the core and key for pharmaceutical manufacturing enterprises to maintain their competitiveness.However,no matter the scale of r&d investment or the proportion of r&d investment in the operating income of China's pharmaceutical manufacturing enterprises are far lower than the world-famous listed pharmaceutical enterprises.According to social identity,information decision,growth,top echelon,dissipative structure theory,with the relevant data of listed pharmaceutical manufacturing enterprises in our country as the research sample,respectively from the perspectives of the age,gender,educational background and team size of the senior management team,discuss its effect on the relationship between r&d investment and enterprise performance,the optimization of pharmaceutical manufacturing enterprise management structure and improve the level of r&d input and output has a certain guiding significance.Firstly,this paper defines the concepts of enterprise research and development,executive team,heterogeneity of executive team,enterprise performance and regulatory effect,so as to determine the research scope.Then of social identity,and information decision-making theory carries on the preliminary induction and collation,social identity theory believe that differences between members of the executive members of communication disorders increase due to the internal conflicts of interest,and represented by information decision theory related theory argues that the difference between within the team from the multiple perspectives analysis question,can make more efficient and reasonable decisions;Then,according to the corresponding theoretical basis and research status at home and abroad,the research hypothesis of the influence of the heterogeneity of four different aspects of senior management team on the moderating effect of the relationship between r&d investment and enterprise performance is proposed.Finally choose pharmaceutical listed companies in 2013-2017 relevant financial data,using SPPSS software hierarchical regression analysis was carried out on the relevant variables,the empirical research conclusion is: Age and educational background heterogeneity can positively adjust the relationship between R&D input intensity and enterprise performance,while gender heterogeneity does not play a regulating role in the relationship between R&D input and enterprise performance.Team size can positively improve enterprise performance while playing a regulating role in the relationship between R&D input and enterprise performance.At the end of the paper,the author put forward the research direction in the future.