Abstract：
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 R&D 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’ R&D 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 R&D investment, which shows the role of inhibition.
2016 
