Directors' Shareholding And Board Effectiveness Impact On R&D Investment

Technological innovation has very important significance for the promotion of comprehensive competitiveness of enterprises and long-term development.However,the phenomenon of insufficient innovation capability exists in Chinese enterprises.This is largely due to severely insufficient R&D investment.In order to explore the factors influencing the level of R&D investment in China's enterprises,domestic scholars have conducted a lot of research work.More and more scholars have begun to pay attention to the impact of board governance factors on R&D investment,and have achieved many theoretical and practical significance.Research results,which laid a solid foundation for the study of this article.This article first sorts out the related documents of the governance of the board of directors that affect the technological innovation or R&D investment of the company,and finds that the conclusions are inconsistent,and it is not convincing to a certain extent.Therefore,this paper mainly studies the effect of the board governance structure on the R&D input of the company,and Some improvements have been made to improve the systematicness and comprehensiveness of the research.Secondly,through the analysis of the connotation of the governance structure of the board of directors and related theories,combined with the internal influence factors of technological innovation and R&D investment,this paper finds that there is a conflict of interest in the process of technological innovation decision-making,which will affect the R&D investment of the company,and the governance structure of the board of directors is positive.It is an effective mechanism for resolving such conflicts.Therefore,this paper constructs the basic theoretical framework of the governance structure of the board of directors that influences the technological innovation and R&D investment of the company.Thirdly,this paper deeply analyzes the mechanism of the influence of the board governance structure on the R&D investment of the company,and analyzes the influence of each on the R&D input of the company from the perspectives of shareholding structure,board incentives,board activities,and proposes relevant research hypotheses.Fourth,based on the above theoretical analysis,this paper has constructed a relevant research model,and selected listed companies on the ChiNext as research samples,selected cross-sectional data for 2013-2016,and conducted empirical tests.Finally,on the basis of the above theoretical analysis and empirical test results,this paper summarizes the research conclusions and research limitations,and proposes several policy suggestions for improving the level of corporate R&D investment from the perspective of improving the governance structure of the board of directors.The number of meetings of the board of directors is negatively related to the intensity of R&D investment.Directors'shareholding ratio negatively affects R&D investment.At the same time,the holding of directors will weaken the negative impact of board meetings on R&D investment.