技术董事、研发投入与可持续增长

Technical Directors,R&D Investment and Sustainable Growth

文章基于“特征——行为——经济后果”的研究范式,以2008 - 2015年中国披露了研发费用的上市公司为研究样本,采用中介变量方法对技术董事通过影响企业研发投入而作用于企业可持续增长的情况进行研究,并量化了这种中介作用的大小。研究结果显示:(1)技术董事对企业可持续增长的实现程度具有显著的正向影响;(2)技术董事对企业研发投入具有显著的正向影响;(3)技术董事对企业可持续增长的促进作用有一部分是通过研发投入实现的,企业研发投入是技术董事与企业可持续增长之间的部分中介变量。本文的研究对构建支持企业可持续发展的董事会治理结构具有重要启示,也为技术董事的创新驱动效应提供了经验证据。

Based on the research paradigm of “Characteristics-Behavior-Economic consequences” and with the A-share Chinese listed companies that disclosed R&D investment from 2008 to 2015 as analytical sample, this paper utilizes the mediating variables to study the technical directors influence on the enterprise sustainable growth through the R&D investment, and the mediating effect is quantified. The results show that: Firstly, technical directors have a significantly positive impact on the implementation of enterprises sustainable growth. Secondly, technical directors have significantly positive impact on enterprises R&D investment. Thirdly, technical directors affect enterprises sustainable growth partly through R&D investment, which acts as part of the mediating variable between technical directors and enterprise sustainable growth. This paper offers enlightenment for building the structure of board governance which is oriented towards sustainable growth, and also provides empirical evidence for the innovation-driven effect of technical directors.