Study On The Effect Of Board Human Capital And Social Capital On Enterprise R&D Capitalization

With the deepening of the research of R&D capitalization in our country, the impact mechanism of the relevant properties characteristics of the enterprise's board of directors and R&D capitalization has gradually become the focus of the research on R&D investment decision-making field.According to previous studies, there is few start from the angle of board capital,to explore the effect of board human capital and board social capital on R&D capitalization, and there is no study explore the relationship by introducing moderating variable.Under the special institutional background in China, based on the theory of human capital, social capital theory, principal-agent theory, resource dependence theory and resource based view, we investigate the impact of board human capital and board social capital on R&D capitalization,and the moderating effect of political uncertain on the relationship.This research is divided into two steps: the first step, reading related literature.On the basis of consulting a large number of previous related literature, then we summarize them and put forward the overall model and the research mentality;The second step, establish the specific research model through the theoretical analysis.First of all, respectively test the relationship between the board human capital and social capital and the capitalization of R&D;Then, test moderating effect of political uncertainty on the relationship between board human capital and social capital and R&D capitalization.This paper uses empirical research method.We select 177 samples from listed companies of the information technology industry between the year of 2007 and 2012,and conduct descriptive statistics analysis, correlation analysis and regression analysis with the obtained data.We come to the following four main conclusions:(1) The board human capital has positive correlation with R&D capitalization;(2) The board social capital has positive correlation with R&D capitalization;(3) Political uncertainty is positive reinforcement for the relationship between board human capital and R&D capitalization;(4) Political uncertainty is negative reinforcement for the relationship between board social capital and R&D capitalization.In this paper, the results show: the greater the average age of the board of directors, the higher the average education level or age, education background and professional background more diversified, and the greater the relationship net of the board of directors and other enterprises or government, the more conducive to improving the quality of decision-making of enterprise's R&D investment, and improving the level of capitalization of R&D.In addition, the stability of political environment are also closely related to board capital and enterprise R&D investment decision, the rational utilization of the board of directors of capital and the change of political environment can help enterprises improve the level of capitalization of R&D.