Research On The Influence Of Executive Team Characteristics Of Listed Manufacturing Companies On Corporate R&D Investmen

The outline of the "Fourteenth Five-Year Plan" proposed that innovation should be the core of China’s overall modernization drive and that science and technology self-reliance should be the strategic support for national development.Scientific and technological innovation is the key to enhance China’s international competitiveness and inject new vitality into China’s economic development in the context of the continuous promotion of economic globalization.Enterprises are the main body of scientific and technological innovation in China,and R&D investment is the basic guarantee of scientific and technological innovation of enterprises.How to guide enterprises to attach great importance to R&D activities and promote enterprises to improve the level of R&D investment is of great significance to ensure the development of enterprises and help the country realize the transformation from "Made in China" to "Invented in China".As the core of enterprise management,the senior management team determines the future development strategy and direction of the enterprise and has a critical impact on the enterprise’s R&D investment.Compared with the manufacturing power,the level of R&D investment of manufacturing enterprises in China still needs to be improved.Therefore,it is necessary to study the relationship between the characteristics of the senior management team of listed companies in manufacturing industry and the R&D investment of enterprises.Based on this,this paper,after combing and summarizing the relevant literature and theoretical basis at home and abroad,uses the relevant data of A-share manufacturing listed companies in 2012-2020 to conduct an empirical analysis of the impact of the characteristics of the senior management team on the enterprise’s R&D investment,and further analyzes the impact of the nature of property rights on the relationship between the two and the regulatory effect of financial redundancy,and draws the main research conclusions in this paper:(1)The characteristics of the senior management team have a significant impact on the R&D investment.Among the homogeneity characteristics,the proportion of women and average age are significantly negatively correlated with R&D investment,while the average education level,the proportion of executives with overseas backgrounds and the proportion of executives with R&D and design backgrounds are significantly positively correlated with R&D investment;Among the heterogeneity characteristics,age heterogeneity and education level heterogeneity are significantly negatively correlated with R&D investment,while executives’ overseas background heterogeneity and professional background heterogeneity are significantly positively correlated with R&D investment.(2)The nature of property rights affects the relationship between the characteristics of the senior management team and the enterprise’s R&D investment.(3)Financial redundancy plays a significant regulatory role between the characteristics of the senior management team and the relationship between the enterprise’s R&D investment.For different characteristics of the senior management team,the regulatory effect of financial redundancy is also different.According to the research conclusion,the following suggestions are put forward: enterprises should reasonably optimize the composition structure of the executive team;enterprises should attach importance to internal financial redundant resources and improve relevant supervision mechanisms;the government should continue to deepen the reform of state-owned enterprises,introduce corresponding preferential policies,and guide enterprises to increase research and development investment.