The Empirical Study On The Effect Of Board Characteristics On R&D Investment Intensity

Along with the rapid development of world economy, the competition between enterprises is increasingly fierce. And which determines the core competitiveness of the enterprise is the intensity of r&d investment. Through R&D investment activities, enterprises have the core technology to develop new products, or to be able to better meet customers’ demands, so as to compete for the market leadership,eventually the enterprises can get higher returns. In recent years,our country has raised the amount of R&D investment, but compared with the world advanced level,our country is still has a big gap. In view of the factors that affect the intensity of R&D investment,the relevant domestic and foreign scholars have done some research, they have got some valuable achievements. However, there is few scholars from the board of directors to make detailed study. I believe that this angle is the key to affect the intensity of R&D investment. From the point of the board of directors to study the influence of the intensity of R&D investment absolutely has important practical and theoretical significance.This study based on scholars’ research of the R&D investmentat at home and abroad, chosing domestic listed companies’ 2010-2014 annual report data in the manufacturing and information industry as the research object,using SPSS econometric software,based on the political connection and the board of directors characteristics as two angles to study the effect on the intensity of R&D investment. Research conclusions are as follows:(1) The board of state-owned enterprises and political connection has no effect on the intensity of R&D investment.(2) The non-state-owned enterprises is significantly influenced the political relevance of the board of directors, political ties to the R&D investment of listed companies in our country has made significant “crowding out”.(3)The board size, independent directors proportion were not significantly related to the intensity of enterprises’ R&D investment.(4) The incentive characteristics by the board of directors, the board of directors of the board of directors remuneration and shareholding of R&D investment intensity show significant positive correlation.(5) In the control of the board of directors characteristics,chairman and general manager the joining together of two position and the intensity of R&D investmenthas has significantly positive correlation.Based on the results of the empirical research, we may safely draw the conclusion that on the one hand,the government should carry out “separating” market-oriented reform strategy continually and reduce government’s intervention to the board of directors of the enterprise so that the enterprise can operate according to the market discipline.On the other hand,enterprises should improve the equity and salary incentive mechanism of the board of directors,the chairman and general manager should be join together to prompt the board members standing in the perspective of the owners in an enterprise to think about problems, and improve enterprise R&D investment, in order to enhance the core competitiveness of the enterprise’s advice.I hope to provide certain reference about the R&D investment to the listed companies in China.