RESEARCH ON THE RELATIONSHIP BETWEEN THE CHARACTERISTICS OF TMT, FINANCING CONSTRAINTS AND ENTERPRISE INNOVATION--BASED ON THE DATA OF CHINESE LISTED COMPANIES

Abstract

The paper, taking the relevant data of Chinese A-share listed companies in both Shanghai and Shenzhen stock exchanges from 2007 to 2019 as the research samples and searching annual reports, CSMAR database and WIND database as data sources manually, attaches importance to study the relationship between the characteristics of top management team (TMT), financing constraints and enterprise innovation so as to structure the framework model of these three elements and further verify the relationship among them. The specific study goes to make educational level, tenure, age and gender as proxy variables to measure TMT characteristics, and financing constraints as moderator variables to study the moderating effect of the relation between TMT characteristics and enterprise innovation. Further, the paper also draws the conclusion about how financing constraints regulate the influence of various dimensions of TMT characteristics on enterprise innovation. What is the most innovative part in this paper is to bring the financing constraints as moderator variables to study its impact on TMT characteristics as well as enterprise innovation.