A Study Of The Impact Of Academic Experience On Corporate Performance By Executive Teams

In recent years,the influence of executive traits on business activities has become a hot topic in the academic community,especially the impact of senior management team traits on corporate performance has attracted the attention of many domestic and foreign scholars and achieved fruitful results.However,there are few literature studies on the impact of the academic experience characteristics of the senior management team on the performance of the enterprise,so this paper is based on the background of the era of "literati going to the sea",taking the data of The 5 years from 2015 to 2019 of the Shanghai and Shenzhen A-share listed companies in China as an observation sample to explore the impact of the academic experience of the senior management team on the performance of the enterprise,in order to provide a certain theoretical reference for the construction of the senior management team of the listed company in China and the improvement of the performance level.In order to study this problem,this paper first analyzes the impact of academic experience on market performance and financial performance,and makes a comparative analysis,and finds that academic experience can significantly improve the market performance of enterprises,but has little impact on financial performance;Secondly,the mediating role of R&D investment is explored,and it is found that academic experience will promote enterprises to increase R&D investment and thus further improve the positive effect of academic experience on market performance,but will inhibit the positive effect of academic experience on financial performance;Then join the group regression to explore the regulatory role of property rights heterogeneity,and found that executives with academic experience have a significant role in promoting the long-term performance of private enterprises,but have no significant impact on the performance of state-owned enterprises;this paper also constructs a regulated intermediary model to explore the regulatory role of heterogeneity in the institutional environment,and the study finds that in a good institutional environment,academic executives will further expand enterprise R&D investment,thereby promoting the improvement of enterprise market performance.It will also further inhibit the positive effect of academic experience on corporate performance,and finally this paper further examines the impact of academic experience of executive teams on corporate innovation performance.This paper enriches the research dimensions of the academic experience of the senior management team on the performance of the enterprise,reveals the internal influence mechanism between the two and the external influences such as the heterogeneity of property rights and the heterogeneity of the institutional environment,and expands the relevant theories of academic experience on the performance of the enterprise,which improves the theoretical basis for The further introduction of academic executives,the improvement of corporate governance and the increase of the intensity of R&D investment in Chinese enterprises.