董事会特征对创业板上市公司研发效率的影响
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摘要
董事会可以从管理层面影响公司的研发投资决策,并通过提高研发效率来保障公司创新发展。以深交所2013—2016年创业板上市公司为样本数据,从董事会的外部寻利和内部运作两个方面,研究董事会特征对公司研发效率的影响。结果表明,独立董事政治关联、独立董事比例、董事长兼任总经理、董事会会议与研发效率显著正相关,董事会规模与研发效率显著负相关。
The board of directors can influence the R&D investment through management decisions and guarantee the innovation and development of enterprises by improving R&D efficiency. Based on the sample data of listed companies in Shenzhen GEM from 2013 to 2016, this paper studies the influence of board characteristics on R&D efficiency from the aspects of the external profit seeking and internal operation of the board. The results show that the political relationship of independent directors, the proportion of independent directors, dual role as chairman of the board and general manager, the board meeting and R&D efficiency are significantly positively correlated, and the size of the board of directors is negatively correlated with R & D efficiency.
The board of directors can influence the R&D investment through management decisions and guarantee the innovation and development of enterprises by improving R&D efficiency. Based on the sample data of listed companies in Shenzhen GEM from 2013 to 2016, this paper studies the influence of board characteristics on R&D efficiency from the aspects of the external profit seeking and internal operation of the board. The results show that the political relationship of independent directors, the proportion of independent directors, dual role as chairman of the board and general manager, the board meeting and R&D efficiency are significantly positively correlated, and the size of the board of directors is negatively correlated with R & D efficiency.
引文
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[7]KILDUFF M, TSAI W. Social networks and organizations[M].London:Sage,2003.
[8]RICHARDON S. Over-investment of free cash flow[J].Review of Accounting Review,2006(11):159-189.
[2]周骋. 董事会特征对R&D投资强度的影响研究[D].重庆:重庆工商大学, 2015.
[3]刘振.董事会特征对研发投资与公司绩效关系的调节效应研究[J].财会通讯, 2015(6):51-55.
[4]柴小康.研发投入、董事会治理与公司业绩——基于创业板上市公司的实证检验[J].中国注册会计师, 2013(3):63-69.
[5]段海艳.董事会资本对董事会决策质量和监督效率的影响研究[J].重庆大学学报(社会科学版), 2015, 21(05):72-81.
[6]何强, 陈松.我国上市公司董事会结构对R&D投入的影响[J].系统管理学报, 2009(6):612-619.
[7]KILDUFF M, TSAI W. Social networks and organizations[M].London:Sage,2003.
[8]RICHARDON S. Over-investment of free cash flow[J].Review of Accounting Review,2006(11):159-189.