The Relationship Among Innovation Attention Of Top Management Team,R&D Investment And Corporate Performance

The private economy is an important part of China's economy.The development of private enterprises affects the adjustment and transformation of the country's economic structure and has attracted widespread attention from all walks of life.However,with the profound changes in the international competitive landscape and China's economic development entering a new normal,the international and domestic market environment and the relationship between supply and demand have undergone tremendous changes,and the development of private enterprises has gradually fallen into trouble.Some scholars have pointed out that the past success of private enterprises mainly depends on various factors such as the severe shortage of market supply,the personal acuity of business owners,and low labor costs.This extensive development model has been unable to adapt to new market demands and environmental changes.Private enterprises urgently need to transform and upgrade and look for new competitive advantages.And innovation plays a significant role in updating corporate strategy and gaining competitive advantages.The academic community generally believes that the transformation and upgrading of private enterprises means that they must improve their innovation capabilities.Existing research shows that among many factors that affect the innovation ability of enterprises,R & D investment is the main decisive factor,and continuous R & D investment is the prerequisite and guarantee for improving innovation ability.On the one hand,the existing literature on the factors affecting corporate R & D investment is mainly based on macro perspectives such as the industrial foundation view,the resource foundation view,and the system foundation view.Emphasizing The impact of objective factors such as industry structure characteristics,enterprise heterogeneous resources,and institutional environment on corporate R & D investment.However,the existing literature does not deeply study how these objective factors translate into the micro-psychological process of corporate decision-making.On the other hand,the high-level echelon theory points out that the executive team is the key subject that influences the strategic decisions,behaviors and results of the enterprise.The psychological characteristics behind their personal characteristics are the cognitive basis of their decisions.However,the corresponding research is mainly limited in demographic characteristics,and the demographic characteristics cannot accurately reflect the cognitive characteristics of the senior management team,and there are large errors,which departs from the basic assumptions of the senior echelon theory.Based on the analysis of the above two points,based on the high-level echelon theory and the basic concept of corporate attention and the specific context of China,this article selects 246 private A-share manufacturing companies in China from 2013 to 2016 as the research objects.The situation principle explores the relationship between innovation attention of senior management team and R & D investment and corporate performance,taking into account the impact of specific situations,this paper introduces executive power(combination of two positions)and environmental dynamics as moderators to test their impact on the above relationship.Then,using Nvivo 11.0 and stata 15.0 software to test the research hypotheses,the results show that the innovative attention of the executive team has a positive impact on corporate R & D investment and corporate performance;R & D investment has a positive impact on corporate performance,and R & D investment plays an intermediary role between the executive team's innovation attention and corporate performance;Executive power(two roles combined)is positively regulating the relationship between innovation attention and R & D investment of the executive team,and positively regulating the relationship between R & D investment and corporate performance;Environmental dynamics have a modest role in regulating the relationship between R & D investment and corporate performance.This study systematically studies the relationship between corporate executive team attention,R & D innovation strategy,and corporate performance,expands the research content of the basic concept of attention,and unlocks the micro-cognition and mental foundation of corporate strategic behavior.The role of situational factors in this mechanism is explored.The research in this article not only enriches the high-level echelon theory and the basic theory of corporate attention,but also provides ideas for the cross-research on organizational strategic decision-making and R & D innovation.It provides a new perspective for solving the lack of corporate innovation capabilities and highlights the senior management level The important role in guiding the innovation process has important theoretical and practical significance for promoting corporate innovation and accelerating the transformation of China's economic structure.