A Study On The Relationship Between The Heterogeneity Of Directors And R&D Investment

The research and development costs is about 1.4 trillion in 2015 in our country,peaked a historical high.,ranked second in the world,indicating that our country has gradually been increasing the emphasis on scientific and technological innovation.However,this situation is not optimistic from the data of the R & D investment,which show that China's total R&D investment aparting from the United States with a lag behind of 31.4%,is only 7.2%.Technology is the first productive force,whether the core technology is the only key to determining the future of the enterprise market competition,and R & D investment is the only way to obtain the core technology.China's enterprises have obvious problems in R & D investment.The board of directors is the key factor influencing R & D investment.Based on this,this paper tries to explore the influence relationship from the perspective of heterogeneity of board of directors.This paper first reviews and thinks about the previous research literature,and then puts forward the relevant hypothesis on the basis of the theoretical analysis.After selecting the 770 listed companies from 2013 to 2015,the listed companies are the research objects.After rigorous empirical analysis,The following conclusions: The age heterogeneity of the board,the average educational level,the average tenure and the proportion of the directors with the output background are significantly positively correlated with the R & D investment of the firm;the heterogeneity of the board of directors is negatively related to the R & D investment of the firm;And professional background heterogeneity is not related to corporate R & D investment.Finally,according to the above conclusions and combined with the actual situation,the Chinese enterprises how to build a board to improve the level of R & D investment to provide relevant recommendations.As this article only for the GEM to do the relevant analysis,and the sample and data are limited,so the conclusions may have some limitations.In addition,my academic level is limited,analysis methods and model construction may be limited,but also have a certain impact on the conclusions.