Research On The Impact Of Board Heterogeneity On R&D Expenditures Of Listed Companies Of Colleges And Universities

As a combination of scientific research,talents and capital markets,listed companies of colleges and universit.ies are important participants in China's technological innovation system.R&D,as a source of corporate innovation,is an important input for companies in developing new products,implementing differentiation and innovation.It is crucial to improve the competitive advantage of the company.R&D investment represents the strategic importance of innovation for the company.It is a risk-based decision and will be influenced by the board of directors.As the subject of corporate R&D decision,the heterogeneity of the board of directors influences the R&D expenditure of the company.Based on organizational theory,R&D decision-making can play its ultimate role when the organizational strategy is matched with redundant resources.Therefore,this paper mainly studies how the heterogeneity of the board of directors of listed companies in universities affects R&D expenditures and the regulatory effect of organizational redundancy.Based on the literature review,this paper constructs a conceptual model of "Board Heterogeneity-Organization Redundancy-R&D Expenditures" of listed companies in colleges and universities.Moreover,it proposes corresponding research hypotheses based on related theories to select the empirical date of listed companies in colleges and universities from 2012 to 2016.Furthermore,we use the statistical software SPSS22.0 regression analysis to test the empirical date.Through the research,the main conclusions are as follows:First,the greater the age heterogeneity of the board of directors,the more R&D expenditures of the company;Second,the greater the gender heterogeneity of the board of directors,the more R&D expenditures of the company;Third,the smaller of the level of qualifications of the board of directors,the more R&D expenditures.Fourth,the greater the academic background heterogeneity of the board of directors,the more R&D expenditures;Fifth,the board's professional background heterogeneity has no significant impact on R&D expenditures;Sixth,the higher the degree,the greater the influence of board heterogeneity on corporate R&D expenditures.Therefore,in order to encourage enterprises to make scientific and rational R&D decisions and increase R&D investment,companies should focus on optimizing the composition and selection mechanism of the board of directors,examining the staffing issues from the overall heterogeneity of the board of directors,and comprehensively identifying internal and external environments and resources and other factors.Thus,we can make R&D expenditures more rational through the effective use of organizational redundancy.The conclusion of this paper has certain theoretical guidance for listed companies to standardize and improve the board of directors system,formulate scientific research and development decisions,and enhance the ability of independent innovation.