政治关联、董事会治理与公司研发决策研究——基于中国民营上市公司的实证研究

Political Connection,Corporate Governance and R&D——Empirical Study Based on Chinese Private Listing Corporation

本文以深市、沪市中小板1018家2010~2012年连续3年在企业公司年度报告中披露研发支出的民营上市公司为研究样本,分析政治关联、董事会治理对企业研发决策的影响。运用Stata软件来进行数据分析,探究了政治关联、董事会治理与公司研发决策研究的关系。通过对样本数据进行描述性分析、相关性分析,建立回归模型来实证研究其对民营上市公司研发决策行为的影响,然后提出意见和建议,更好地激励公司开展研发活动和制定合理的研发政策,从而实现公司的价值。

This paper selects Shanghai, Shenzhen SME board 1018 private hsted companies as samples. These companies require that annual reports is disclosed about R＆D expenditures from 2010 to 2012. It analyzes politi- cal association, board governance effect on corporate R＆D decision. For data analysis using Stata software, the research explores the relationship between directorate governance, political connection, enterprise R＆D decision. Through the descriptive analysis of the sample data and correlation analysis, regression model was established to study its influence on private listing Corporation R＆D decision behavior, and then it puts forward opinions and suggestions, and then motivates the company to carry out R＆D activities and make reasonable development poli- cy, so as to realize the value of the company.