Study On The Influence Of Technical Independent Directors On The Enterprises Value In Chinese Manufacturing Listed Company

As an important pillar of the national economy,manufacturing industry is of great significance to improving the international competitiveness of our country With the implementation of the strategy of "made in China 2025",how to enhance manufacturing value by innovation-driven and people-oriented approach and speed up the transformation from manufacturing to manufacturing powerhouse in China have become the focus of attention.At present,the development of China's manufacturing industry enterprise shows many bottlenecks: On the one hand,Manufacturing enterprises have a high demand for professional technical requirements;the core technology innovation and improvement are needed by the transformation and upgrading of enterprises.On the other hand,the improvement of enterprise value is influenced by human resources factors,and it is necessary to ensure that managers can make scientific and effective decisions through supervision.Since the independent director system has been implemented in China,the conflicts of interest in the separation of ownership and management rights in the corporate governance of enterprises have been relived.Independent directors can not only supervise the performance of managers,but also carry out an objective review of the important decisions about the company.Besides,they can ensure the board resolutions are standardized and highly effective.The technical independent directors' professional background can exert independence and provide professional advice for the board of directors which are based on the rich theory,practice experience and high professional acumen.So they can help companies avoiding the technical risks and improve enterprise value.Although there has been a great deal of analysis on the effectiveness of independent directors,few researches are focused on technical independent directors,and the discussions on the mechanism about the role of this position are not sufficient.This paper selects the manufacturing listed companies from 2011 to 2015 as samples,and studies its impact on the enterprise value of the technical independent directors.In the part of theoretical research,this paper reviewed the relevant literature of domestic and foreign independent directors and corporate value,analyzes the current characteristics of China's manufacturing industry and the development of technical independent directors,summarizes the theoretical foundation and the function,think setting technical independent directors in China's manufacturing industry can provide key technical support for the strategic development of manufacturing enterprises.The number of technical independent directors in manufacturing industry is increasing year by year and has increased rapidly.However,the overall academic level is not high and the overall age structure is not balanced.Besides,the salary level is quite different,which also restricts the development of this position.At the same time,technical independent directors not only have the characteristics of supervise behaviors and balancing interests,their high professional quality,abundant resource level and good industry reputation can also help manufacturing enterprises to reduce costs and enhance competitiveness.In the part of empirical research,this paper proposes four hypotheses and through descriptive statistics,correlation analysis,regression analysis and robust test,found that:(1)The listed manufacturing company set up technology of independent directors,can enhance corporate value;(2)The larger the proportion of technical independent directors in the board of directors,the more it can prevent the misjudgment of technical data and indicators caused by the incomplete understanding,and help enterprises to make rational decisions;(3)The higher the technical independent director education,the more professional background and resources they have can help enterprises to conduct international exchanges and cooperation and improve their competitiveness;(4)The older the technical independent directors are,the more experienced they are,the more they can help enterprises to make objective and rational decisions.Finally,this paper puts forward the suggestions for the technological independent director of manufacturing from the perspective of micro enterprise and macro policy.It is believed that enterprises should attach importance to the role and significance of technological independent directors.At the same time,enterprises should ensure the effective exercise of their functions and powers by improving their own management system and providing open and transparent information.The government should constantly improve the laws and regulations to create a favorable environment for the performance of technical independent directors in China's manufacturing industry.In this paper,it is believed that technical experts such as technological independent directors will be more and more valued and promoted.