中文摘要：

笔者以2009年~2014年创业板上市公司为研究样本,考察了上游威胁、管理者背景特征和公司研发投资之间的关系。实证分析的结果显示：高管团队和董事长的背景特征对公司研发投资产生了显著影响,表明管理者背景特征是影响公司创新的重要因素。在区分不同强度的供应商集中情况下,研究表明上游威胁对管理者背景特征和研发投资之间的关系产生明显的影响,表现出抑制的作用。

英文摘要：

Based on the data,from 2009 to 2014,on the GEM listed companies,we have,in this article,explored the relationship between the upper threat,management background characteristics and the RD investment. The result of our study shows that the background of the top management and the board of directors have a significant impact on the companies＇ RD investment,which means that the management background is an important factor affecting the companies＇ innovation. Furthermore,distinguishing of the intensity of supplier concentration,we find that the upper threat has a clear effect on the relationship between the management background characteristics and the RD investment,which shows the role of inhibition.