董事学历、公司内部治理与研发投资

Education of Director,Internal Corporate Governance and R&D Investment

以2014—2018年1592家中国A股上市公司为研究对象,从机构持股、家族涉入与控制类型三个角度,研究上市公司董事学历是否影响企业研发投入。结果表明,董事学历对公司的研发投资具有正向影响:董事学历越高,公司研发投入越大。此外,公司内部治理变量对董事学历和研发投资之间具有调节作用,专业管理增强了高学历董事对研发投入的积极影响,但机构持股和家族涉入会减弱该正向关系。进一步研究发现,研发投资的横截面异质性取决于公司行业和控制类型。

This study takes 1592 listed companies in Chinese stock market from 2014 to 2018 as the research object.From the perspectives of institutional ownership,family involvement and control types,it researches whether the education of directors affect the R&D investment of companies.The results show that the education of directors has a positive impact on R&D investment:the higher education of directors,the greater R&D investment.In addition,the variables of corporate governance have a moderating effect on the relationship between the education of directors and R&D investment.Professional management enhances the positive impact of highly educated directors on R&D investment,but institutional ownership and family involvement weaken the positive relationship.Further research shows that cross-sectional heterogeneity of R&D investment depends on the industry type and control type.