Research On The Impact Of Academic Background Of Executives On Enterprise Innovation Performance Under The Perspective Of Analysts’ Attention

The "14th Five-Year Plan" points out that innovation should be strengthened in the overall situation of China’s modernization,and puts forward that scientific research institutions and universities can integrate resources with enterprises to realize the flow of scientific and technological talents.This policy promotes a large number of people with academic backgrounds to join enterprises as executives.At the same time,analysts’ attention has played an important role in promoting the development of the real economy with high quality in the capital market,and its importance has attracted more and more scholars’ attention.Based on the interaction of internal and external factors that affect enterprises innovation performance,this paper studies the analysts’ attention,the academic background of executives and the enterprises innovation performance in the same framework,which not only improves the research on the influencing factors of innovation performance,broadens the research on the economic consequences of executives’ characteristics,and enriches the research on the influence of external governance mechanism,but also helps to improve the recruitment mechanism of enterprises,strengthen the cooperation between enterprises and scientific research institutions,schools and other institutions and strengthen the emphasis on the analyst industry.Firstly,this paper establishes the research background,the theoretical and practical significance,and reviews the research status at home and abroad from different angles to seek breakthrough points.Secondly,it defines the concepts of academic background of executives,enterprise innovation performance and analysts’ attention,and introduces the theory of senior echelon,branding theory,information asymmetry theory,principal-agent theory and signal transmission theory.Thirdly,it analyzes the mechanism of the influence of academic background of executives on enterprise innovation performance and the regulating mechanism of analysts’ attention and selects the listed companies in Shanghai and Shenzhen A-shares from 2016 to 2021 as the initial sample.Then i constructs an empirical model and makes empirical analysis and test by using propensity score matching method and regression analysis method.The research shows that: Firstly,the academic background of executives positively affects the enterprises innovation performance.Secondly,analysts’ attention plays a positive moderating role,which enhances the positive effect of academic background of executives on the enterprises innovation performance.The "information intermediary" effect of analysts’ attention in China is stronger than the "performance pressure" effect;Thirdly,the degree of financial leverage and the heterogeneity of property rights will affect the moderating effect of analysts’ attention,especially in high financial leverage and state-owned enterprises.Finally,according to the research results,some suggestions are put forward to improve enterprises innovation performance from three aspects that are the individual level,the enterprise level and the government level.