高管团队垂直对异质性与R&D投资行为研究——基于生物医药行业的实证分析

基于高层梯队理论和相似-吸引范式,将职位层级视为高管团队特征的一个重要因素,探讨高管团队中垂直对人口特征差异与生物医药上市公司RD投资倾向的关系。研究发现:总经理-高管年龄异质性、教育水平异质性均与RD投资强度负相关;总经理-高管任期异质性、职业背景异质性与RD投资强度正相关。此外,管理费用率、资产负债率、总经理兼任董事长与RD投资强度正相关,公司规模与RD投资强度负相关。最后对生物医药企业合理配置高管团队以及促进和优化RD投资等方面提出实践建议。

Research on the Correlation between Top Management Team Vertical Dyads Heterogeneity and R D Investment: Based on Empirical Analysis of Bio-Pharmaceutical Industry

Based on the upper echelons theory and similarity-attraction paradigm, this paper regards top management team (TMT) characteristics as an important factor and discusses the relationship between TMT vertical dyads heterogeneity and R D Investment of the bio-pharmaceutical listed companies using the demographics differences between CEO and TMT to measure TMT vertical dyads heterogeneity. The conclusions are: CEO-TMT age heterogeneity and CEO-TMT education level heterogeneity are negatively related to R D investment intensity, while the CEO-TMT tenure heterogeneity and CEO-TMT career background heterogeneity are positively related. This paper also finds that the management expense ratio, asset-liability ratio and CEO concurrently be chairman are positively related to R D investment intensity, while firm size is negatively related in the bio-pharmaceutical industry. Finally, We give some suggestion for improving R D investment through rationally arranging the top management team (TMT).