The Effect Of Board Structure And R&D Investment On The Financial Performance Of Cultural Media Industry Listed Companies

Corporate governance is a hot issue in the current theoretical research.The structure of the board of directors and R&D investment is an important direction of academic research.China's cultural media industry listed companies are developing rapidly,R&D investment is the key to enhance their core competitiveness,and there are many problems in corporate governance,especially in the structure of the board of directors.These problems affect the overall development of enterprises,which is not conducive to the improvement of R&D investment.In order to protect the healthy development of the listed companies in the cultural media industry,we must improve the structure of the board of directors and optimize the scale of R&D investment.The study of how R&D investment influence on the financial performance of the cultural media industry listed companies and the moderating role of board structure in the process will regulate the structure and provide a theoretical basis for the improvement of the structure of the board of directors,to help cultural media industry listed companies to develop scientific and reasonable measures according to the actual situation,improve the structure of the board of directors of the company,the optimization of R&D investment scale,improve the financial performance,so as to promote the sustainable development of enterprises.This paper adopts the method of combining normative research and empirical research,to analyze and verify the R&D investment effect on China's cultural media industry listed company's financial performance,and the moderating effects on the relationship between the structure of the board of directors of R&D investment and financial performance.First of all,through the domestic and foreign literature summarize to sort out the research direction of this paper,and the analysis of principal-agent theory,technological innovation theory,and then puts forward the hypothesis.Secondly,design the empirical study.Choose the data of China's cultural media industry listed companies from 2010 to 2015 as the sample data of this paper.Define and measure the explanatory variables,the explained variable,the moderator variables and the control variables.Describe the process of identifying the regulatory variables and design the empirical model of this paper.Thirdly,empirical analysis of the results and draw the following conclusions:(1)There is a positive correlation between R&D investment and corporate financial performance of China's cultural media industry listed companies.(2)The scale of board of directors of listed companies in China's cultural media industry has a significant negative regulatory effect on R&D investment and corporate financial performance,and the scale of board of directors is a pure moderator variable.(3)Board independence has significant positive moderating effect on R&D investment and corporate financial performance,and board independence is a pure moderator variable.(4)The chairman and general manager of two rank-one has a significant positive moderating effect on R&D investment and corporate financial performance,and the leadership structure of the board of directors is a pure moderator variable.(5)The board of directors' executive strength plays a negative quasi-moderator role on R&D investment and corporate financial performance,and the board of directors' executive strength is a quasi-moderator variable.Finally,according to the conclusions of this study,from the government to increase policy support and the company itself to increase R&D investment,promote the countermeasures to increase R&D investment intensity;and from the scale of board of directors,the board independence,the leadership structure of the board of directors,the board of directors' executive strength four aspects,puts forward some suggestions on the improvement of the board structure of listed companies in China's cultural media industry.