Research On The Regulating Effect Of Board Diversity On Enterprise R&D Efficiency

Innovation has always been one of the most important topics in theory and practice.This paper studies the governance function of board diversity on R&D efficiency.Previous studies on the board diversity mostly focused on the demographic variables of the board members,and failed to systematically study the governancefunction of the board.diversity.Based on the diversity framework of David(Sepration-Variety-Disparity),this paper take the source,knowledge and experience and the power level of directorate menbers as the three dimensions of the board diversity,and top management network are included in the research framework external board diversity.This paper studies the moderating effect of board diversity on the output and performance transformation stage of enterprise innovation,and plays an important role in guiding the innovation activities of enterprises.This paper uses the executives' information of A-share listed company to establish the top management network,using the panel data of listed companies from 2010 to 2013 to examine the moderating role of board diversity on the output and performance transformation stages of enterprise innovation outcomes The results showed that the board diversity had no moderating effect on the output and performance transformation stages without distinguishing the degree of patent innovation.But after considering the innovation degree of the patent,it was found that the hierarchy of power diversity has a positive regulatory role on the stage of output of invention patents;and in the stage of performance transformation,board diversity of knowledge and experience has a negative regulatory role on invention patent and the hierarchy of power diversity has a negative regulatory role on utility patent.As far as the top management network is concerned,it has positive moderating effect on the output stage of innovation achievements,while there is negative regulation in the performance transformation stage of innovation achievements.The innovation of this paper is the expasion of interlocking network into top management network,more in line with the reality of the enterprise practice.At the same time,the sources of directorate members,knowledge and experience and hierarchy power diversity are taken together into the framework of board diversity study.The results of this study are of practical significance for the output and performance transformation stages of enterprise innovation activities,as well as for the setting up of the board structure and the conduct norms of chain executives in the commercial network.