众多前期研究已经关注到CEO任期对企业研发投入的影响效应,但已有研究结论远未达成一致。基于高层梯队理论,以2008-2015年中小板上市公司为研究样本,从高管团队特征视角重新剖析了CEO任期与企业研发投入之间的逻辑关系。实证结果发现：CEO任期对企业研发投入具有显著的正向影响；高管团队特征对二者之间的关系具有调节作用。具体地,高管团队年龄、女性高管比例削弱了CEO任期与企业研发投入之间的正向关系；高管团队教育水平、高管团队国际经验增强了CEO任期与企业研发投入之间的正向关系,而高管团队任期对CEO任期与企业研发投入之间关系无显著影响。研究结论有助于缓解前期研究结论的矛盾,对加强企业人力资源管理也颇具启示意义。

Many previous studies have focused on the impact of CEO tenure on enterprise R D investment, but the conclusions of the research have not reached an agreement. Based on the Upper Echelon Theory,this paper takes the data of small and medium-sized listed companies from 2008 to 2015 as a sample,and re-analyzes the logical relationship between CEO"s tenure and enterprise R D investment from the perspective of the characteristics of top management team.The empirical results show that CEO tenure has a significant positive impact on R D investment and the TMT characteristics have a moderating effect on the relationship between the two. Specifically,the TMT’s age and the female executives ratio weaken the positive relationship between the CEO tenure and the enterprise R D investment while the TMT’s education level and TMT’s international experience strengthen the positive relationship between the CEO tenure and the enterprise R D investment.However,the TMT tenure has no significant impact on the relationship between the two.The conclusions will help to alleviate the contradictions in the conclusions of previous studies and also have enlightenment for enhancing enterprises to strengthen human resources management.

2015年国家社会科学基金重点项目“转型升级制度压力下优势制造企业战略反应与政策”（15AGL003）；2015年教育部重大攻关项目“中国制造业转型升级战略研究”（15JZD020）；华南理工大学中央高校基本科研业务费社会科学类项目（2015ZDXMPY02）