董事会资本对企业R&D支出的影响研究——基于中国沪深两市高科技上市公司的经验证据

The Impact of Board Capital on R&D Spending——Empirical Evidence from the Listed High-tech Companies in China

基于资源依赖理论,从董事会人力资本与董事会社会资本两个方面探讨董事会资本对企业研发投资的影响.本文对2007—2009年我国高科技上市企业进行了实证研究,结果表明:董事会受教育程度、董事会职业背景、董事会团队异质性、董事会间联系以及董事会的政治资源与企业R&D支出正相关.研究结果可以为我国的董事会建设提供借鉴.

Based on the resource dependence theory,it studies the impacts of board capital on the enterprises RD spending from the aspects of human capital and social capital of directors.After the empirical analysis on the data of listed high-tech companies in China A-share from 2007 to 2009,the results show that boards＇ education degree,their professional background,their team heterogeneity,ties between the boards and their political resources all are positively related with RD spending.The conclusions can be used to direct the board construction in Chinese firms.