摘要
以2004～2007年披露R＆D投入的790个上市公司为样本观察值，构建了多元线性回归模型，研究上市公司的董事会结构与R＆D投入的关系。结果表明：研发投入与董事会素质正相关，董事会素质越高，R＆D投入越大；当执行董事的比例在1／10-1／3时，或当董事长与总经理两职分任时，独立董事比例越高，越会弱化执行董事之间在R＆D战略决策及监督管理层执行R＆D活动的知识协同效应，导致R＆D投入越小；具有研发、设计和营销等职业背景的董事长和第2影响力董事，往往从企业长远利益出发，其越年轻越倾向于增加R＆D投入；董事长与总经理两职分任，会降低R＆D投入。
With the data of 790 Chinese listed firms, this paper investigates the relationship between board composition and R＆D expenditure. The result shows that board＇s quality is positive to R＆D expenditure.Within the executive directors＇ proportion from 1/10 to 1/3, or with the opposition of CEO duality, more independent directors result in negative effect on the synergy of R＆D decisions or supervising R＆D imple-mentation by executive directors, which is inclined to reduce R＆D expenditure. For long-term benefit of their firms, more young chairmen of the boards and the second influence director, whose professionalbackground is R＆D, product design and marketing, trend to increase more R＆D expenditure. The opposition of CEO duality also lowers R＆D expenditure.
出处
《系统管理学报》
北大核心
2009年第6期612-619,共8页
Journal of Systems & Management
基金
上海市重点学科建设资助项目(B310)
国家自然科学基金资助项目(70840001)
