Background Of Independent Director, Ownership,Technological Innovation

Technological innovation ability plays an increasingly important role in the survival and development of enterprises, the promotion of economic growth and social progress, and the protection of national security. It has become an important factor to win the core competitiveness of enterprises and even the country today. If manufacturing enterprises want to obtain sustainable survival and development, technological innovation is the fundamental driving force, and the early R&D activity is the key part of enterprises to implement technological innovation.With the further deepening of the research on technological innovation, scholars begin to study what factors can influence the technological innovation of enterprises. Technology innovation is influenced by external environment factors and internal governance structure factors. The introduction of independent director system reduces the appearance of the principal-agent problem and improves the level of corporate governance. At the same time, according to the resource dependence theory, independent directors can use their own professional knowledge, experience and resources to help the company to provide the reasonable suggestions for technical innovation, and to provide the necessary resources for the implementation of enterprise technological innovation decision. Therefore, this article, based on the perspective of background of independent director, studies the influence on manufacturing technological innovation, so as to formulate the corresponding enterprise policy and to strengthen the technological innovation of China’s manufacturing enterprises for certain theoretical and practical significance.In this paper, based on the literature review and theoretical analysis, we select the Shanghai and Shenzhen a-share manufacturing listed companies in 2009-2013 panel data as the research sample, with the degree of R&D as substitution variables in the empirical analysis of technological innovation in enterprises, examine the influence of the independent director’s background for enterprise technology innovation, and further explore whether the nature of the differences of property will impact on relationship between background of independent director and technological innovation. This paper finds that:(1) the industry expertise of independent director is conducive to the technological innovation of enterprises; (2) the improvement of the level of education of independent director is conducive to enhancing the technological innovation of enterprises;(3) the promotion of independent director’s position reputation is conducive to improving the technological innovation of enterprises;(4) the experience of the financial institution of independent director is beneficial to improving the technological innovation of enterprises;(5) in contrast with the state-owned enterprises, the experience of financial institutions and technological innovation is more significant, and the ownership is not significant to the relationship between the other groups. This study improves the independent director system, deepens the enterprise reform, and promotes enterprise technology innovation so as to provide certain theoretical guidance.