经济发展进入新常态以来，中国经济正在经历结构调整和产业升级。企业只 有认识新常态下的新趋势、新特征、新动力，不断加强研发投入，才能增强企业 核心竞争力。当今世界，企业的竞争主要表现在科技和人才上的竞争，人作为创 新的主体，是科技和经济蓬勃发展的关键；同时，由于现代企业制度下的企业所 有权和经营权是相互分离的，企业的高级管理团队才是企业真正的决策者和执行 者。企业的高级管理团队作为企业管理的主要力量，不仅是企业人力资本的重要 的组成部分，还在很大程度上决定着企业经营绩效。高管团队特征无论是与企业 的研发活动还是经营绩效都有着密切的联系。 自Hambrick和Mason（1984）提出“高阶理论”后，关于高管团队背景特征 与企业绩效关系的研究引起了国内外学者的关注。整理相关研究成果发现高级管 理团队的背景特征与企业绩效之间存在“黑匣子”，因此，本文立足于创新这一 时代背景，以影响企业创新的关键因素——研发投入为切入点，试图在高管团队 背景特征与企业绩效之间建立联系，研究研发投入在两者之间可能的内在作用机 理。 首先，本文回顾了国内外相关研究文献，对高管团队、研发投入和企业绩效 的定义和衡量以及相关理论进行简要阐述；其次，提出研究假设并构建模型，以 2012-2018年A股上市企业为研究对象，选取高管团队平均受教育水平、高管团队 规模、高管研发背景、高管教育背景异质性和高管职能背景异质性5个特征变量 来测度高管背景特征，用托宾Q来衡量企业绩效。在“特征-行为-经济后果”研究 范式的基础上，研究高管团队背景特征、研发投入与企业绩效三者之间的关系， 并运用模型进行实证检验。其结论如下：（1）高管团队规模与企业绩效显著正相 关，而高管团队平均受教育水平和高管职业背景异质性与企业绩效显著负相关； 高管研发背景和高管教育背景异质性与企业绩效无显著相关关系；（2）高管团队 规模、高管研发背景、高管团队平均受教育水平以及高管团队异质性与企业研发 投入显著正相关；（3）在高管团队平均受教育水平与企业绩效之间，研发投入起 完全中介作用；在高管团队规模与企业绩效之间起显著中介作用；在高管职能背 景异质性与企业绩效之间起显著完全中介作用。 关键词：高管团队背景特征；研发投入；企业绩效；中介效应 III Abstract Sincetheeconomicdevelopmententeredthenewnormal,theChineseeconomyis undergoingstructuraladjustmentandindustrialupgrading.Onlybyunderstandingthe newtrends,newfeatures,andnewdynamicsunderthenewnormal,andcontinuously strengtheningR&Dinvestment,enterprisescanenhancetheircorecompetitiveness.In today'sworld,thecompetitionofenterprisesismainlymanifestedinthecompetitionof scienceandtechnologyandtalents.Asthemainbodyofinnovation,peoplearethekey tothevigorousdevelopmentofscienceandtechnologyandeconomy.Atthesametime, duetotheseparationofenterpriseownershipandmanagementrightsunderthemodern enterprisesystem,enterprisesTheseniormanagementteamisthetruedecisionmaker andexecutoroftheenterprise.Asthemainforceofenterprisemanagement,thesenior managementteamoftheenterpriseisnotonlyanimportantpartofthehumancapitalof theenterprise,butalsolargelydeterminesthebusinessperformanceoftheenterprise. ThecharacteristicsoftheexecutiveteamarecloselyrelatedtotheR&Dactivitiesand businessperformanceofthecompany. SinceHambrickandMason(1984)putforwardthe"high-ordertheory",the researchontherelationshipbetweenthebackgroundcharacteristicsofsenior managementteamandcorporateperformancehasattractedtheattentionofscholarsat homeandabroad.Accordingtotheresearchresults,itisfoundthatthereisa"black box"betweentheseniormanagementteam'shumancapitalcharacteristicsandcorporate performance.Therefore,thispaperisbasedonthebackgroundofinnovation,anditis thekeyfactoraffectingenterpriseinnovation-R&Dinvestmentastheentrypoint, tryingtoTherelationshipbetweenthebackgroundcharacteristicsofseniormanagement teamandcorporateperformanceisestablished,andthepossibleinternalmechanismof researchanddevelopmentinvestmentbetweenthetwoisstudied. Firstofall,thispaperreviewsrelatedresearchliteraturesathomeandabroad,and brieflydescribesthedefinitionandmeasurementofseniormanagementteam,R&D investmentandenterpriseperformance,andrelatedtheories.Secondly,itproposes researchhypothesisandbuildsamodeltoA-sharelistedcompaniesin2012-2018.For theresearchobject,selectthefivecharacteristicsvariablesoftheseniormanagement IV team'saverageeducationlevel,seniormanagementteamscale,executiveresearchand developmentbackground,executiveeducationbackgroundheterogeneityandexecutive functionbackgroundheterogeneitytomeasurethebackgroundcharacteristicsofsenior executives.Tobin’Qmeasuresbusinessperformance.Basedontheresearchparadigmof “feature-behavior-economicconsequences”,therelationshipbetweenthebackground characteristicsofseniormanagementteam,R&Dinvestmentandcorporateperformance isstudied,andthemodelisusedforempiricaltest.Theconclusionsareasfollows:(1) Theexecutiveteamsizeissignificantlypositivelycorrelatedwithcorporate performance,whiletheaverageexecutiveeducationlevelandexecutivebackground heterogeneityaresignificantlynegativelycorrelatedwithcorporateperformance; executiveR&DbackgroundandexecutiveeducationbackgroundThereisnosignificant correlationbetweenheterogeneityandcorporateperformance;(2)thesizeofthesenior managementteam,thebackgroundofseniormanagementresearch,theaveragelevelof educationoftheseniormanagementteam,andtheheterogeneityofthesenior managementteamaresignificantlypositivelycorrelatedwiththeR&Dinvestmentof theenterprise;Theaveragelevelofeducationandcorporateperformanceofthesenior managementteamiscompletelymediatingbetweenR&Dinvestment;itplaysa significantintermediaryrolebetweentheexecutiveteamsizeandcorporate performance;itissignificantbetweentheexecutivebackgroundheterogeneityand corporateperformance.Fullyintermediary. Keywords:executivebackgroundcharacteristics;R&D;Performance;mediating effect V 目录 1绪论............................................................................................................................1 1.1研究背景与意义..................................................................................................1 1.1.1研究背景........................................................................................................1 1.1.2研究意义........................................................................................................3 1.2国内外文献综述..................................................................................................3 1.2.1高管团队背景特征与企业绩效....................................................................4 1.2.2高管团队背景特征与研发投入....................................................................7 1.2.3高管团队背景特征、研发投入和企业绩效的关系....................................8 1.2.4文献述评........................................................................................................9 1.3研究内容与方法................................................................................................10 1.3.1研究内容与框架..........................................................................................10 1.3.2研究方法......................................................................................................11 1.4本文创新点........................................................................................................12 2理论基础..................................................................................................................13 2.1概念界定............................................................................................................13 2.1.1高管团队......................................................................................................13 2.1.2研发投入......................................................................................................14 2.1.3企业绩效......................................................................................................15 2.2理论分析............................................................................................................15 2.2.1高阶梯队理论..............................................................................................15 2.2.2人力资本理论..............................................................................................17 2.2.3技术创新理论........................................................................................