摘要
从委托代理理论出发,研究独立董事对研发投入的影响,选择我国A股上市公司2003~2014年间数据进行实证检验,研究表明独立董事在董事会的人数比例能够显著地促进研发投入的增加。即使考虑我国独立董事制度强制实施的特殊性,研发投入比重高的高科技行业以及控制独立董事与研发投入之间的内生性,结果仍然成立。此外,进一步考虑制度环境对独立董事与研发投入关系的影响,研究表明产权性质和法律保护水平能够显著地影响独立董事对研发投入的促进作用。
Research and development is a key resource ot scientitic and technological advances tor a country. This study chooses the listed firm data in China's Mainland from 2003 to 2014 and empirically tests the effect of independent directors on R＆D based on principal-agent theory. The results show that the ratio of the number of independent directors in board can significantly enhance R＆D invest- ment, even considering high-technology industry which has higher Rg〉D investment ratio and control- ling endogenously. Furthermore, This study investigates the influence of institution environments and the results show that the property right and the level of legal protection have significant effect on the relationship between independent directors and R＆D. The conclusions of this study provide macro and micro views on current innovation society.
出处
《管理学报》
CSSCI
北大核心
2017年第7期1033-1040,共8页
Chinese Journal of Management
基金
国家自然科学基金青年科学基金资助项目(71303078)
关键词
独立董事
制度环境
研发投入
independent directors
institution environments
R＆D
