A Correlation Analysis On The Relationship Between Characteristic Of Board Members And Technology Capital

Recent years, the global market economy competes greatly, companies continue to increase R&D investment, but R&D activities do not increase corporate profits by itself, and only the self-developed technology which enter into the market transactions or product and operate for the enterprises turn into the capital, and then can create value for the enterprise. Many scholars have studied the influencing factors of R&D investment intensity and come to some of the more valuable results, but very few people study the effect of technical capital investment directly. In this context, this paper will take CEO authority as a new moderator to research the relationship between characteristic of board members and technical capital, and it is great significance.On the basis of collation and analysis of research which is about the relationship of corporate governance and the R&D investment in domestic and foreign scholars, this paper takes high-tech enterprises as research object, selects the sample data in 2009 to 2013 for five years, uses SPSS statistical software, adopts Multiple linear regression methods, the empirical study tests the inherent relationship between characteristic of board members, CEO power and technology capital.The thesis consists of five parts. The first part is an introduction of the background, problem, purpose and significance of the research. The second part is the literature reviews and theoretical basis, this part summarizes and analyzes the contents of technology capital and the relevant academic research of the relationship between the characteristics of board members and R&D investment firstly, as well as sorting the research on the relationship of CEO power and corporate decision-making, reviews and analyzes of relevant progress and deficiencies at the same time; then describes the theoretical basis of this paper which includes factor capital theory, corporate governance theory and resource-based theory in order to provide the theoretical basis for the study below. The third part is the study design, this article clarifies the sample selection and data sources first of all, then put forward some hypothesis above the correlation analysis, finally defines variable index and choses empirical model. The fourth and fifth part are the focus of this paper. The fourth part is the empirical results and analysis. In this section, this paper uses principal component analysis to extract the CEO variable power indicator, then makes the sample data descriptive statistics and correlation analysis, and finally uses the weighted least squares method to verify the hypothesis and analyzes the results of different regression models. Meanwhile, in order to study the regulating effect of CEO power fatherly, the paper will divide CEO power into high and low groups, then regresses respectively to further validate the hypothesis. The regression results show that:education level of board members, professional background of R&D experience, career background heterogeneity and technology capital have a positive correlation.It means that the higher education level and proportion of directors with technical experience are, the higher level of technology capital investment; there is a negative correlation between heterogeneity of educational background and technology capital. CEO power negatively moderates the relationship between board characteristics and technology capital which means that the greater the CEO power is, the bigger the negative regulatory role will be, and it will restrict technology capital investment more obvious. The fifth part are findings and recommendations. In this part, this thesis summarizes the research conclusion firstly, and points out the innovation, the shortcomings and future research directions, and then puts forward relevant proposals accordingly.