| The report to the 19th National Congress of the Communist Party of China pointed out that innovation is the primary driving force for development and the strategic support for building a modern economic system.With the continuous development of market economy,technological innovation has become the core strategy to improve national competitiveness.In the current environment of vigorously developing strategic emerging industries and building an innovation-oriented country,enterprises,as an important part of the national innovation system,should actively shoulder the responsibility of promoting independent innovation,improving the level of science and technology,and creating new industries,so as to inject new vitality into the sustainable development of China's economy.As the leader and decision maker of the enterprise,the role of the top management team in enterprise technological innovation cannot be ignored.Most of the existing researches only examine the impact of homogeneity or heterogeneity of top management team on enterprise technology innovation,but lack a comprehensive investigation on the homogeneity and heterogeneity of top management team.Therefore,this paper empirically analyzes the influence of the characteristics of top management team on enterprise technology innovation from the two dimensions of homogeneity and heterogeneity,and puts forward suggestions and countermeasures based on the conclusions,which is of great significance for deepening the research results in this field and promoting enterprise technology innovation.Firstly,the thesis sorts out the concepts,theories and literatures related to top management team characteristics and enterprise technology innovation.On this basis,the thesis builds the influence mechanism of top management team characteristics on enterprise technology innovation,which holds that top management team characteristics affect the limited ability and motivation of decision making and then affect enterprise technological innovation,and theoretically analyzes the relationship between top management team characteristics and enterprise technology innovation from the perspective of homogeneity and heterogeneity.And then,the thesis selects 5794 listed companies of SME and GME between 2013 and 2017 as a sample of valid data,selects R&D natural logarithm expression for enterprise technology innovation index,with team size,average age,the proportion of female executives,average tenure,the average level of education,the proportion of executives with R&D background,the proportion of executives with overseas background,age heterogeneity,gender heterogeneity,tenure heterogeneity,education level heterogeneity,professional background heterogeneity and overseas background heterogeneity as the top management team characteristics expression index,and firm size,age,debt,profitability and government subsidies as control variables,and constructs multiple regression model.Later,the thesis analyzes the status quo of R&D investment and top management team,empirically examines the relationship between top management team characteristics and enterprise technological innovation,and examines the impact of property right and industry on the results by sub-sample regression.Finally,the thesis puts forward some suggestions according to the empirical results.The results of this thesis showed that:(1)On the whole,China's innovation index continues to rise,and enterprises R&D investment increases year by year.The average TMT has about 17 members,about 20%of whom are female executives,8%are executives with overseas backgrounds,and 25%are executives with R&D backgrounds.The average age is 48 years old,the average tenure is 43 months,and the average degree is above bachelor.The team has a medium degree of differentiation in terms of age,gender and overseas background,and a high degree of differentiation in terms of tenure,education level and professional background.The characteristics of top management team significantly affect the enterprise technology innovation.There is a strong positive correlation between team size,average tenure,the average level of education,the proportion of executives with R&D background,the proportion of executives with overseas background,professional background heterogeneity,overseas background heterogeneity and enterprise technology innovation.There is also a significant negative correlation between the average age,the proportion of female executives,age heterogeneity,gender heterogeneity,tenure heterogeneity,education level heterogeneity and enterprise technology innovation.(2)In terms of the property right nature,the R&D investment of both state-owned enterprises and non-state-owned enterprises increases year by year,and the R&D investment level of state-owned enterprises are higher than that of non-state-owned enterprises.In terms of team size,average age,average tenure,education level,proportion of female executives,proportion of executives with R&D background,tenure heterogeneity and overseas background heterogeneity,state-owned enterprises are also higher than non-state-owned enterprises.The property right nature will affect the relationship between top management team characteristics and enterprises technological innovation,which is manifested as that in state-owned enterprises the team size is significantly negatively correlated with enterprises technological innovation,the proportion of executives with overseas background is not correlated with enterprises technological innovation,and the age heterogeneity is significantly positively correlated with enterprises technological innovation.In non-state-owned enterprises,team size is significantly positively correlated with enterprises technological innovation,the proportion of executives with overseas background is significantly positively correlated with enterprises technological innovation,and age heterogeneity is negatively correlated with enterprises technological innovation.(3)In terms of industry categories,R&D investment in both the manufacturing and information technology industries are higher than the average level of the whole sample,and R&D investment in the information technology industry is higher than that in the manufacturing industry.In terms of education level,proportion of executives with R&D background,proportion of executives with overseas background,age heterogeneity,gender heterogeneity,tenure heterogeneity and overseas background heterogeneity,information technology industry is also higher than manufacturing industry.Industry category affects the relationship between top management team characteristics and the enterprises technological innovation,which is manifested as that in the manufacturing industry education level heterogeneity is negatively correlated with enterprises technological innovation,and in the information technology industry education level heterogeneity is positively correlated with enterprises technological innovation.In order to promote enterprises technological innovation,this thesis proposes the following suggestions based on the empirical results:(1)To optimize the team structure and improve the quality of executives.Specifically,it includes reasonably expanding top management team size,optimizing top management team age structure,maintaining top management team stability,strengthening top management team learning ability and attaching importance to the diversification of top management team background.(2)To strengthen the equity incentives for executives and give play to the role of the government in promoting enterprises technological innovation. |
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