董事会非正式层级与研发投入

The Relationship between the Board Informal Hierarchy and R&D Investment

基于社会学的关系契约理论,董事间依据董事个人权威和社会资本形成的非正式层级在董事会决策中发挥重要作用。研发投入属于董事会决策中的一种,本文旨在探讨董事会非正式层级中董事任职差异程度对企业研发投入的影响。以2009~2010年在创业板上市的58家企业为研究对象,实证结果表明董事会非正式层级越清晰,董事内部地位差异越大,研发投入越多;技术独立董事对非正式层级清晰度与研发投入间的正调节效应不显著;董事会规模越大,决策效率降低,非正式层级清晰度与研发投入间的正向关系被削弱。

Based on the sociological relationship contract theory, the directors play an important role in board decision-making because of the informal hierarchy of directors' personal authority and social capital. Owing to R&D investment as an important board decision, the purpose of this paper is to explore the impact of the status and level of directors on the R&D investment in the informal hierarchy of the board. This paper selects 58 companies which listed on the China Growth Enter-prise Market from 2009 to 2010, and the empirical results show that the informal hierarchy is clearer, the difference of the directors’ internal status is greater, and the R&D investment will in-crease. The effect of independent technology directors on the level of clarity and R&D investment is not significant. The board size is larger, the efficiency of decision making is lower, and the positive relationship between informal level clarity and R &D investment is weakened.