Research On The Influence Of Top Management Team Characteristics On Enterprise Digital Investment

In recent years,the objective environment of Chinese enterprises is becoming more and more complex,and the competition is becoming increasingly fierce.In the complex and changeable environment,whether the top management team can effectively use the relevant information to make scientific decisions also determines whether the enterprise can survive and develop smoothly.Digital technology is profoundly changing our lives.Whether the enterprise can make digital investment in time,introduce relevant digital technology and improve the competitiveness of the enterprise has become the key to the good development of the enterprise.The human capital of an enterprise is an important factor for the success of an enterprise.As an important part of the human capital of an enterprise,the top management team has a great influence on the daily production and operation activities and the making and implementation of important decisions because of its power and responsibilities.Digital investment is an important decision for enterprises.Enterprises need to make digital investment timely to drive digital transformation to cope with the increasingly fierce market competition environment.Therefore,the research on the driving factors of digital investment has certain research significance.At present,there is no comprehensive research on digital investment.Most of the existing researches focus on the relationship between digital investment and performance,while there are few researches on the driving factors of digital investment.Since the theory of top echelon was put forward,many scholars at home and abroad have studied the characteristics of top management team from different perspectives,and scholars at home and abroad have confirmed the influence of top management team characteristics on decision-making.But few scholars have studied the relationship between the characteristics of top management team and digital investment.Therefore,this paper studies the relationship between the characteristics of the top management team and the digital investment from the perspective of whether the characteristics of the top management team will have an impact on the digital investment,and distinguishes the nature of property rights to study whether there are significant differences between the characteristics of the top management team and the digital investment in different ownership enterprises.Taking A-share listed companies as research samples,this paper finds that the average age of top management team has a negative impact on digital investment,and the proportion of female executives,average education level,proportion of executives with overseas background and heterogeneity of professional background have a positive impact on digital investment.In different ownership enterprises,the average tenure and tenure heterogeneity of top management team have significant differences on the impact of digital investment.Finally,according to the above empirical analysis results,this paper draws the conclusion,and puts forward some suggestions for the construction of top management team and the promotion of digital investment and digital transformation of listed companies in China.Enterprises can promote digital investment by appropriately reducing the average age of top management team,appropriately improving the education level of top management team members,the proportion of female executives,the proportion of executives with overseas background,and improving the heterogeneity of professional background of team members.And in terms of tenure characteristics,we should also consider the different impact of tenure characteristics on digital investment in enterprises with different property rights.At the end of the paper,it points out the limitations in the research process and the future research prospects.