Characteristics Of Board Of Directors Of Listed Companies Empirical Study Of The Impact Of R & D Investment Intensity

The twenty-first century is the century of big economic reforms, research anddevelopment is the deep reason. As the economic subject of the research anddevelopment,the strength of the R&D investment directly affect the enterprise'slong-term development and the future planning. In recent years of China,the amount ofR&D investment research is rising year by year, but still far bellow the internationallevel. Scholars at domestic and abroad has gradually developed to study the enterpriseresearch and development of the related investment intensity factors research, also hasthe scholar in company management level, and derived some more valuableachievements, but, as the internal management of the core board governance on R&Dinvestment effect on the strength has been little researched. In addition, the character ofthe industry is quite obvious of R&D investment, each industry characteristics of theboard of directors of the R&D investment between the influence of strength is bound tobe different. So in the profession characteristic features based on factors and the board ofdirectors of the enterprise research and development investment intensity of empiricalresearch has important theoretical and practical significance.This study summarized the key points of the domestic and foreign relevant scholarsabout corporate governance and listed company development investment relatedresearch, and on the basis of listed company in China as the research object, theselection of the2008-2010three years of annual data, using Eviews econometricssoftware, to get the empirica research of the relationship between the board of directorsstructural, behavioral, and encouraging, control four characteristics of each factor andthe listed company R&D investment intensity. This paper studies the main conclusionfor the following several aspects: first, the board of directors have a whole significantinfluence of R&D investment.The size of the board, the activity of the board, motivation,the control characteristics of the board have a positively relation to the intensity of R&Dinvestment, the proportion of the independent directors, industry characteristic factorshave a negatively relation to the R&D investment intensity.Compared with theinformation technology industry,the R&D investment intensity of manufacturing have alower investment intensity.Second, the board of directors of different industries have adifferent influence on the R&D investment intensity, the results of the manufacturingand the information technology industry presented basic contrary, that is for manufacturing, incentive characteristics and the characteristics of the actual control ofR&D investment categories factors effect on the strength is more significant, and on thecontrary, to the board of directors of the information technology industry,the structuralcharacteristics and behavioral characteristics to R&D investment effect on the strength issignificant.Based on the empirical research results, this paper give out some suggestions inorder to be able to provide relevant help to the listed's R&D investment as follow:suchas puts forward the system of independent directors, improve communication efficiency,promote of the encouragement;, strengthen incentive manufacturing industry,improvethe structural of the board of directors of information technology industry,etc.