| Technological innovation is an important way to improve the quality of economic growth and strengthen supply-side structural reform.Nowadays,more and more managers pay attention to the scientific and technological innovation.Only by paying attention to R&D and improving the innovation ability,enterprises can be invincible in the fierce competition.Technology research and development is a strategy of the enterprise,and the top management team(TMT)is the decision-maker of strategies of the firm.How the TMT analyzes and interprets the firm's external environment is closely related to the firm's strategies.So,what is the relationship among TMT external attention,R&D and firm performance? As the world's largest economic transformation body,state-owned enterprises and non-state-owned enterprises compete and develop together in China.What effect will the nature of property right have on the relationship among the three? This paper attempts to contribute to both theory and practice.On the one hand,theoretically,this paper is an extension of the upper echelon theory and the attention-based view.On the other hand,practically,this paper is good for accelerating China's economic transformation and promoting supply side structural reform.Based on the upper echelon theory,the attention-based view,the technological innovation theory and the agency theory,this paper constructs a research model which takes the external attention and firm performance as the main line,the R&D investment as the intermediary variable,and the nature of property as the regulating variable.Then we put forward the hypotheses and measured each variable by referring to relevant literature.Finally,we conduct an empirical analysis on the data of 147 listed SMEs in Shenzhen from 2015 to 2017.The conclusions are as follows:(1)R&D investment is positively correlated with enterprise performance.(2)The TMT external attention has a positive impact on the R&D and firm performance.R&D investment plays a completely intermediary role between the TMT external attention and firm performance.(3)Compared with the R&D of non-state-owned enterprises,the R&D of state-owned enterprises has a greater role in promoting firm performance.(4)The TMT external attention of state-owned enterprises has a greater role in promoting firm performance through R&D.According to the conclusions,we put forward the following suggestions on administration and policy: on the one hand,the TMT of an enterprise should pay attention to the market demand,industry competition,technical environment,policy and other aspects in the external environment,increase R&D investment,and enhance the advantages and avoid the disadvantages according to the nature of the enterprise;on the other hand,the government should promote technological innovation and create a positive innovation atmosphere and improve the legal system.The topic selection and research content of this paper reflect the innovation respectively.In terms of topic selection,this paper takes TMT external attention,a psychological cognitive variable of TMT,as the entry point to discuss its internal influence mechanism on firm performance,enriches the existing research on the relationship between TMT and firm performance,and deepens the upper echelon theory and enriches the attention-based view.In terms of content,the research is in line with China's national conditions.Combining the principle of attention focus and the principle of situated attention,and based on the background of the co-development of the public sector and the non-public sector in China's economic transition period,we respectively discuss the mechanism of the TMT of state-owned enterprises and non-state-owned enterprises on enterprise performance.This is more in line with the reality in China. |
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