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1、ABSTRACTABSTRACTCorporateR&Dactivitiesattractedmoreandmoreattention.TherearemanyfactorsinfluenceR&Dactivities.However,thefinaldecisionsaremadebytopmanagementteam(TMT).Facedwiththeinternalandexternalenvironmentofenterprise,managersoftenmakejudgebytheircognitivebasisandvalue
2、s,andtheyarecloselyrelatedwithpersonalexperience,educationandworkexperience.TMTcharacteristicsaffectcorporateR&Dinvestmenthasbecomeahottopicinacademia.Inthispaper,weconnecttopmanagementteamcharacteristicsoftheGEMCompanywithR&Dinvestment,explorationtheroleoftopmanagementtea
3、minR&Dinvestmentdecision-makingprocess,empiricalresearchandanalysisontheinfluencingmechanismoftopmanagementteamcharacteristicstotheR&Dinvestment.ThispaperfirstintroducestheresearchstatusabouttheeffectoftopmanagementteamcharacteristicsonR&Dinvestmentathomeandabroad,definest
4、herelevantconceptsofthetopmanagementteamandR&Dinvestment,andintroducestheupperechelontheory,boundedrationalitytheory,theprincipalagenttheoryandsoon.Onthebasisofthese,putsforwardtherelatedassumptionsandempiricaltest.Thispaperselects349listedcorporationswhichdisclosuresR&Dda
5、taassamples.First,realizesstatusoftopmanagementteamcharacteristicsandR&Dinvestmentabout349listedcorporationsthroughdescriptiveanalysis.ThenPreliminaryunderstandsthecorrelationbetweentopmanagementteamcharacteristicsandR&Dinvestmentthroughcorrelationanalysis.Finally,buildsmu
6、ltipleregressionmodels,usingmultipleregressionstoverifyrelationshipsbetweentopmanagementteamcharacteristicsandR&Dinvestment.Onthebasisofthese,researchestherelationshipsindifferentindustriesanddifferentliabilities,testsifexecutiveincentivehasadjustingeffectontherelationship
7、betweenthecharacteristicsofhumancapitalandR&Dinvestment.StudyfoundthatthecharacteristicofTMThasasignificantrelationshipwithcompany’sR&Dinvestment.TheaverageageandthetenureoftheTMTareinvolvedinR&Dinvestmentnegatively.WhiletheeducationdegreeoftheTMTmembers,technicalprofessio
8、nalbackground,team’ssize,equityincentivesandtheexecutivecompensationareinvolvedinR&Dinves
