高管控制权、技术独立董事对研发投入的影响

Research on the influence of executive control power and technology independent directors on R&D investment

针对我国企业研发投入不足问题,采用实证研究方法,以2012—2016年A股上市公司为样本,检验高管控制权、技术独立董事对研发投入的影响。结果表明,高管控制权对研发投入有显著正向影响,技术独立董事对二者关系有正向调节作用。相对于非国有控股企业,国有控股企业高管控制权对研发投入正向影响更强,技术独立董事的正向调节作用也较强。说明聘用有声望的高管,赋予高管适当权力,聘用技术独立董事发挥监督和咨询作用,能有效提高企业研发投入。

Aiming at the problem of insufficient R&D investment of Chinese enterprises,this paper adopts the empirical test method to investigates the impact of executive power and technology independent director on R&D investment based on the sample of listed companies of A Share during the period from 2012 to 2016.The results indicate that executive control power has significantly positive effect on R&D investment and technology independent director positively moderates the effect between executive control power and R&D investment.The state-controlled enterprise has stronger positive influence on R&D investment and the regulating effect of independent technology director is stronger than that of non-state-owned firms.These results demonstrate hiring a reputable executive,increasing executive control power and employing technology independent director play a supervisory and advisory role in improving R&D investment of companies.