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

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

摘要:

本文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,探讨了高管团队中垂直对人口特征差异与生物医药上市公司R D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R D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R D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R D投资强度正相关,公司规模与R D投资强度负相关。最后论文对生物医药企业合理配置高管团队以及促进和优化R D投资等方面提出实践建议。

Abstract:

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).