I 摘要 电子信息业是我国科技产业的重要支柱，对我国科技发展有着举足轻重的作用。 其特点是技术要求较高，产品更新迭代速度快，我国重大科技产品离不开电子信息业 的创新支持。在此产业内，企业创新是必要的生存和发展手段，是企业保持核心竞争力 的关键。然而相比于科技较发达国家，我国电子信息业关键核心技术仍亟待提高突破， 创新力度有待加强。 创新投入作为电子信息业发展的一项重要战略决策，离不开高层管理者的支持。 而高管成员在年龄、任期、教育水平与职能背景等方面的特征差异会带来认知、价值观 和社会资源等方面的多元化。根据“高管团队异质性-战略决策-组织绩效”高层梯队理 论，高管团队特质必然会影响到战略决策，从而对企业发展产生深远影响。因此，电子 信息业创新投入在高管团队特征异质性与财务绩效关系之间是否存在传导机制间接影 响着两者关系值得深入探讨。 为了准确探究在电子信息业中这三者之间的具体关系，本文首先对研究内容涉及 到的四大理论基础（技术创新理论、高层梯队理论、社会类化理论以及信息决策理论） 进行详细阐述，并选取了我国电子信息行业沪深上市企业2009年—2018年数据，采用 面板回归分析法分别检验电子信息业高管团队异质性与财务绩效以及高管团队异质性 与创新投入两者之间的联系。研究发现：第一，高管团队年龄、任期、职能背景异质性 均抑制财务绩效，异质性过大会引起决策冲突阻碍企业发展。但教育水平异质性可以 促进企业财务绩效的提升；第二，高管团队四大维度异质性对研发投入（RDC）、技术 研发人员比率（RDS）均存在消极影响；第三, RDC在高管团队异质性与财务绩效两者 关系中存在中介效应，RDS对两者关系不存在相关影响。论文研究内容丰富了电子信 息业创新投入相关研究，对该行业创新发展有一定的参考价值。 关 键 词：高管团队异质性；创新投入；财务绩效；中介效应 论文类型：应用研究 西南科技大学硕士学位论文 II ABSTRACT The electronic information industry is an important pillar of science and technology industry,and plays a pivotal role in the development of science and technology.The chief distinguishing features are high technical requirements and product updating fast. China's major scientific and technological products can’t do without the innovation support of the electronic information industry. In this industry, The life of an enterprise is controlled by innovation, which is the key to maintain its core competitiveness. However, compared with the more developed countries in science and technology, the intensity of technological innovation still needs to be increased. As an important strategy for the development of electronic information industry, innovation investment can’t do without the support of senior managers. The differences in age, tenure, education level and functional background of senior management members will lead to the diversification of cognition, values and social resources. According to the top echelons theory of "top management team heter ogeneity - strategic decision - organizational performance", the development of an enterprise will be affected by the strategic choices of the senior management team. Therefore, whether there is a transmission mechanism of innovation investment in electronic information industry between the heterogeneity of top management team characteristics and financial performance is worthy of further discussion. This paper,based on technological innovation theory, high-level echelon theory, social categorization theory, and information decision-making theory,selects the data of Shanghai and Shenzhen listed companies in China's electronic information industry from 2009 to 2018, and uses panel regression analysis method to accurately explore the correlation of main variables.On this basis, this paper discusses whether innovation investment has a certain impact on the path between TMT heterogeneity and financial performance. The results show that: first, the heterogeneity of TMT's age, tenure and functional background all inhibit financial performance, and excessive heterogeneity will cause decision-making conflict and hinder the development of enterprises. However, the heterogeneity of education level can promote the improvement of corporate financial performance; Second, the four dimensions of heterogeneity of TMT have a negative impact on R&D investment (RDC) and technology R&D personnel ratio (RDS); Thirdly, RDC has a mediating effect on the relationship between the heterogeneity of TMT and financial performance, while RDS does not. The research content of this paper enriches the research on innovation investment of electronic information industry, and has a certain reference value for the innovation and development of the industry. ABSTRACT III KEY WORDS: Top Management Team Heterogeneity; Innovation Input; Financial Performance; Moderating Effect TYPE OF THESIS: Application Research 西南科技大学硕士学位论文 IV 目 录 1 绪论 ...................................................................................................................................... 1 1.1 研究背景与研究意义 ................................................................................................ 1 1.1.1 研究背景 .......................................................................................................... 1 1.1.2 研究意义 .......................................................................................................... 2 1.2 研究目标与研究内容 ................................................................................................ 3 1.2.1 研究目标 .......................................................................................................... 3 1.2.2 研究内容 .......................................................................................................... 3 1.3 研究方法 .................................................................................................................... 4 1.4 创新点 ........................................................................................................................ 5 2 概念界定与文献综述 .......................................................................................................... 6 2.1 概念界定 .................................................................................................................... 6 2.1.1 高管团队异质性 .............................................................................................. 6 2.1.2 创新投入 .......................................................................................................... 8 2.1.3 财务绩效 .......................................................................................................... 9 2.2 文献综述 .................................................................................................................. 10 2.2.1 高管团队异质性对财务绩效的影响分析 .................................................... 10 2.2.2 高管团队异质性对创新投入的影响分析 .................................................... 13 2.2.3 创新投入对财务绩效的影响分析 ................................................................ 16 3 理论基础与研究假设 ........................................................................................................ 18 3.1 理论基础 .................................................................................................................. 18 3.1.1 高层梯队理论 ................................................................................................ 18 3.1.2 技术创新理论 ................................................................................................ 19 3.1.3 社会类化理论 ................................................................................................ 19 3.1.4 信息决策理论 ................................................................................................ 20 3.2 研究假设 .................................................................................................................. 21 3.2.1 高管团队异质性与财务绩效相关性 ............................................................ 21 3.2.2 高管团队异质性与创新投入相关性 ............................................................ 22 3.2.3 创新投入的中介作用 .................................................................................... 24 4 研究设