独立董事对上市公司技术创新投资的影响研究

The Study on Relationship between independent director and Corporate R&D Investment

从公司内部治理的独立董事制度的视角出发,分析了独立董事制度中规模、薪酬、年龄以及任期等特征要素对上市公司技术创新投资活动的影响,并运用2004～2007年上市公司的面板数据实证检验,上市公司独立董事的规模与企业技术创新投资没有直接关系;独立董事的薪酬激励有助于企业技术创新的增加;独立董事的任期越长企业技术创新的投入会越大;独立董事的年龄越大越不利于企业的技术创新投入增加。

Within the inter-governance perspective,this article analyzed the relation between the independent director system and technological innovation by the size,salary,age and term of the independent director system.Then,using 2004-2007panel in listed companies empirical data,we found that the size of independent directors of listed companies has no directly related to technological innovation;higher salary of independent directors will incentives them to increase technological innovation;the longer the term of independent directors will increase the technological innovation;the older of the independent directors will tend to invest more money to technological innovation.