| With the release and implementation of “Made in China 2025” in May 2015 and the “National Innovation Driven Development Strategy Outline”in May 2016,the implementation of innovation-driven development has become a basic national policy of China.Relevant innovation policies include industrial technology innovation,original innovation,regional innovation,enterprise innovation subjects and etc.At the same time,it proposes reform guarantee measures in terms of reform and innovation governance system,increasing innovation investment,and open innovation.The outline specifically mentions the important role of entrepreneurs in innovation and entrepreneurship and clarifies that the drive for innovation is essentially a talent drive.It also pointed out that only by clarifying the functional orientation of various innovation entities in different units of the innovation chain,stimulating the vitality of the main body,systematically improving the innovation ability of various subjects,can we realize the foundation of innovation and development,enhance the source of innovation,and enable domestic enterprises to form competitive core advantage among the international competition.In the current fiercely competitive environment of domestic and foreign markets and the protection of intellectual property rights,the allocation of differentiated production factors can not be achieved through demographic dividends,no-value-added manufacturing,reverse engineering and digestion and absorption.The transformative production factors and differentiated core competitiveness generated by technological innovation of enterprises are crucial to the long-term development and stable operation of enterprises.The technological innovation of enterprises is a completely market-oriented behavior.It faces the long-term possession of resources due to the long input-output cycle,the possibility of taking risks due to the uncertainty of innovation output,which is related to the future development of the enterprise and the decision authority for long-term control of the enterprise due to the future development of the company.According to the stakeholder theory,the board of directors is the innovation subject that satisfies the above conditions.Therefore,among the many influencing factors of enterprise technology innovation,corporate governance,especially the governance of the board of directors,played a fundamental role.Board members play the role of the board of directors through their social capital and human capital,and actively perform supervisory and control functions and resource provision functions,thereby reducing resource dependence on the external environment,reducing transaction costs,and improving technological innovation and company performance.From the past research results,most scholars analyze the board structure and the operating mechanism of the board of directors.However,few had discussed from the perspective of board members.Meanwhile,the theoretical analysis has revealed that the board of directors has an impact on the company's competitive behavior,strategic changes,technological innovation.In turn,it influences on company performance,but the quantitative analysis still needs to be further enhanced.Scholars in China and abroad have conducted relevant researches in different stages of the impact of board capital on company performance and the impact on technological innovation.But the “black box” of the entire chain of actions has not yet been opened.Therefore,based on the existing research,this paper analyzes the board-technical innovation-company performance in tandem,and focuses on the role of technological innovation in the process of board capital acting on company performance.This paper uses “Board Capital” to comprehensively evaluate the governance of the board of directors and breaks it down into two dimensions: board capital breadth and board capital depth,according to existing theories.Among them,the breadth of the board of directors is decomposed into three aspects: the functional background of the board of directors,the professional background of the board of directors and the heterogeneity of part-time jobs;the board capital's depth is divided into two aspects: the degree of embeddedness of the board members in the industry and the degree of embeddedness of external directors in the industry.For the measurement of the level of technological innovation of enterprises,this paper selects the R&D intensity ratio,which is commonly used in academic studies,as a measure.On this basis,this paper examines the relationship between board capital and company performance,the relationship between board capital and technology innovation and the intermediary role of technology innovation,in purpose of solving the "mystery" of board capital impacting on company performance,analyzing the mechanism of action,and providing reference for the theory and practice of board governance of listed companies in China.This paper is divided into seven parts.Section one is Introduction.Based on the large research background,the research topic of this paper is proposed,and the theoretical and practical significance of the research topic is expounded.This section puts forward the overall research ideas and technical route framework of the thesis,preliminarily defines the related concepts involved in the research,determines the research methods and summarizes the innovation points of the article.Section Two is Literature Review.The existing research is reviewed in terms of five aspects: The first aspect is reviewing relevant research on corporate governance and board governance in China and abroad and summarizing the existing research results;the second aspect is summarizing the relevant research results of the board of directors,including the presentation,development and existing research conclusions on the board of directors;the third aspect is reviewing relevant research on the impact of board capital on company performance;the fourth aspect is reviewing relevant research on the impact of board capital on innovation;the fifth aspect is reviewing relevant research on the impact of innovation on company performance.Based on this,it points out the possible limitations of existing research results and proposes the research entry point of this paper.Section Three is Theoretical Analysis and Review.It mainly clarifies the theoretical basis and logical framework of the article,including the resource base view,principal-agent theory and resource dependence theory involved in the capital of the board of directors.Section Four is Research on the Impact of Board Capital on Company Performance.Based on the previous literature review and theoretical analysis,relevant panel data of listed companies from 2014 to 2016 are extracted in order to study the overall impact of board capital on company performance and to further discuss whether state-owned enterprises and non-state-owned enterprises are significantly different under different ownership structure.It also pre-verifies the test of intermediary effects and filters subsequent test variables.Section Five is the Study of the Impact of Board Capital on Technological Innovation.It focuses on the discussion and verification of the relationship between board capital and technological innovation,and conducts secondary variable screening on the intermediary effect.Section Six is the Study of the Intermediary Conduction Effect of Technological Innovation.It empirically examines the impact of technological innovation on company performance and analyzes the level of contribution.It also adds technological innovation as a mediator to the model and explains the mechanism of the board's capital-technical innovation-company performance and thus verifying the mediating effect.Section Seven is Results,Policy-Making Implications and Future Research.This part makes an in-depth analysis and summary of the empirical results obtained from the fourth section to the sixth section of this thesis,and based on which,forms the research conclusions,policy recommendations and research contents that need further focus.Through theoretical analysis and empirical test,this paper draws the following main research conclusions:1.The breadth of board capital,the functional background of board members,the professional background of board members and the heterogeneity of part-time job can all help improve the company's performance.2.The degree of embeddedness of external directors in the industry is not conducive to improving company performance.There is no significant correlation between other board capital depth indicators and company performance.3.The breadth of the board's capital,the functional background of the board members and the heterogeneity of part-time job can all help to enhance the company's technological innovation capabilities.4.The depth of the board of directors and the degree of external directors' embeddedness in the industry are negatively correlated with the level of technological innovation.There is no significant correlation between board members' embeddedness in the industry and technological innovation.5.As a intermediary variable,technological innovation plays part of the intermediary transmission effect in the process of the board's capital breadth,the board member's function background and the part-time situation heterogeneity acting on the company's performance;the external director industry embedded degree plays a role of fully intermediate conduction effect in the company's performance process.There is no intermediary effect on other indicators.6.Under different property rights,there are significant differences in the company performance and the depth of the board of directors of the state-owned enterprises and non-state-owned enterprises.However,there is no significant difference in the breadth of the board of directors.By drawing the above research conclusions,this paper links the research results between board capital and technology innovation,and board capital and company performance.It complements the economic consequences of the impact of existing board capital on technological innovation and the intermediate role of board capital in corporate performance which makes the existing board governance theory and board capital research conclusions more systematic.At the same time,it comprehensively examined the impact of board capital on company performance and improved the relevant logic structure.This paper also makes a reasonable measure of the capital of the board of directors and reveals its impact on the company's performance,technological innovation and the direction of influence through empirical research.Besides,it enriches existing research results and explores new ways to explain the effectiveness of board governance through intermediary variables. |
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