A Study On The Relationship Between Independent Director System And Enterprise Technology Innovation Investment

Growth enterprises market (GEM) is in order to meet development needs of the independent innovation enterprises and other growth enterprise. Technology innovation can help companies achieve sustained development power. The GEM listed companies have more intense to increase technology innovation investment. Enterprise plays an important role in the national technology innovation process, therefore we need to improve the enterprise technology innovation ability to promote national technological innovation ability.The independent director system can improve the level of corporate governance, and play an important role in checking and balancing problems caused by insider control. At the same time, the independent directors can use their own professional knowledge and resources to help the company find the danger signal, and warn violation or misconduct of the company. Besides, the experience, scientific research, etc of independent directors can assist the board to make the right decisions, and provide the resources to the implementation of the strategic decision.At present, the enterprise technological innovation input levels of our country are relatively low. The research about the independent directors in the process of enterprise technology innovation mechanism is not much. So the research of independent director and the investment of enterprise technology innovation have certain significance both in theory and practice.The main contents of this paper include:Firstly, browsed and analyzed a lot of materials about independent director and enterprise technology innovation investment, then advanced the research emphasis of this paper. Secondly, based on the Principal-agent Theory, Resource Dependence Theory and Modern Organization Theory and the research results of other scholars, this paper points out the mechanism about independent director and enterprise technology innovation mechanism, and establishes related model. Thirdly, used the GEM manufacturing data to verify hypothesis.The main conclusions of this paper include:The average annual salary of the independent directors, independent directors degree level have a significant promoting effect on enterprise R&D input. Liabilities of enterprises, enterprise scale play a negative role in enterprise R&D input. Background of independent directors, the proportion of independent directors, the frequency of independent director participating in the board meeting, location of female proportion of independent directors, corporate technology innovation environment don’t have significant affect on R&D input.This article is divided into five chapters:Chapter one is the introduction; Chapter two is review, specifys direction for subsequent chapters and provides theoretical support. Chapter three is to build theory framework for the independent director and the enterprise investment. Chapter four is the empirical analysis, using the GEM manufacturing company data in2010to verify the relationship between the independent director and the enterprise technology innovation investment. Chapter five is the research conclusion and outlook, summarizes the main research conclusion of this article and the deficiencies, and points out that the improvement direction of follow-up study.