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《Securities Market Herald》 2013-01
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SME Top Management Team Characteristic and R&D Investment Behaviour:Based on the High-level Management Theory Analysis

Guo Baochun,Zhang Dan  
Using listed companies of GEM board during the period of 2009~2012 as samples,and based on the high-level management theory,this paper empirically studies the relationship between top management team(TMT) characteristics and RD investment of the innovative SMEs.The results show that: RD investment is negatively correlated with TMT average age,while positively correlated with average level of education,average tenure and career experience.The leaving group executives holdings are negatively correlated with RD,showing "resignation effect",while the staying ones show the opposite way.This paper also finds that government subsidies can make a significant stimulating effect on the RD investment of innovative SMEs in China,improving their earning ability and RD investment,but the growth is negatively correlated with RD investment.Finally,we propose suggestions on SME management team development,government supervision and government supports.
【Fund】: 国家自然科学基金青年项目(71102040);; 国家社会科学基金青年项目(12CGL034);; 教育部人文社科青年基金(09YJC630104)的阶段性成果;; 广东高校优秀青年创新人才培养计划项目(WYM0805)的阶段性成果
【CateGory Index】: F276.3;F272.92;F273.1;F224
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