| In the era of rapid development of market economy and increasingly fierce competition,if enterprises want to occupy a place and be in a leading position,they must continue to innovate.Only innovation can improve the competitive advantage of enterprises.Technological innovation as the leading force to promote the transformation and development of enterprises is the key way to promote the reform and development of enterprises and maintain their competitive advantages.Innovation is also an enduring research hotspot in academia.Therefore,the research on technological innovation is of great significance both theoretically and practically.The high-level management theory proposed by Hambrick and Mason in 1984 believes that the characteristics of executives affect the strategic choice of the company and thus the value or related performance of the company.As the core member of the senior management team,the CEO plays a key role in the strategic choice of the company.At the same time,the members of the senior management team are not homogeneous.Therefore,this article selects the CEO as the research object to explore the impact of executive characteristics on the company’s investment in technological innovation.This study introduces enterprise risk taking as an intermediary variable,and follows the mechanism of influencing factors of enterprise risk taking-enterprise risk taking level-influencing consequences.According to the high-level management theory,principal-agent theory,technology innovation theory,strategic leadership theory and other existing research,the data of A-share listed companies in Shanghai and Shenzhen in manufacturing industry and information technology industry from2007 to 2016 are selected,and the data are processed by Stata,SPSS and excel statistical software,and the empirical analysis is carried out by multiple linear regression,step-by-step test and bootstrap method.The results show that:(1)there is a significant negative correlation between CEO’s age and technology innovation investment,indicating that the older the CEO is,the less the enterprise’s technology innovation investment is;while CEO’s education level,CEO’s autonomy,and CEO’s shareholding are all significantly positive correlation with technology innovation investment,indicating that the higher the CEO’s education level,the more autonomy,or holding the company’s shares,can be in a certain process To promote the technological innovation of enterprises;(2)there is a negative correlation between theage of CEO and the risk-taking of enterprises,that is,the older CEO has a lower risk-taking level of the enterprise;the education level of CEO,the autonomy of CEO and the risk-taking of enterprises are significantly positive correlation,which shows that improving the education level of CEO or giving more autonomy to CEO can improve the risk-taking level of enterprises However,there is a positive correlation between CEO’s ownership and firm’s risk-taking,but it is not significant;(3)Corporate risk-bearing has a significant positive effect on corporate technological innovation investment;(4)Corporate risk-bearing plays a partial intermediary role between CEO age,education level,CEO autonomy,and technological innovation investment,but the The relationship between shareholding and investment in technological innovation has not played an intermediary role.The contribution of this article is to enrich the relevant research on the characteristics of managers and corporate technological innovation from the perspective of corporate risk-taking,not only to make up for the vacancy in theoretical research,but also to select the executives of the company,encourage them,and how to promote corporate innovation based on the conclusion 3.To improve the competitive advantage,the corresponding countermeasures and suggestions are proposed: first,choose young and promising CEOs reasonably and optimize the age structure;second,build a learning organization to improve the overall education level;third: strengthen equity incentives and formulate reasonable Effective incentive mechanism;Fourth: Establish a reasonable management structure,appropriately increase the autonomy of the CEO,and reduce decision-making constraints;Finally,pay attention to the role of corporate risk-bearing,reasonably control the level of corporate risk-bearing,and effectively promote corporate technological innovation. |
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