The Adjustment Effect Of Independent Director On R&D Intensity And Enterprise Value Relationship

The 21 st century is the age of IT as well as the age of economic globalization and trade liberalization.More and more countries are aware of the importance of technological innovation to the long-term development of the country.From a micro point of view,technological innovation is an important way to improve Competitive Advantage and and maintain the long-term development of enterprises.From a macro perspective,it is also an important guarantee to promote economic growth and international status of the country.The problem of technical innovation is widely concerned by all countries.Domestic and foreign scholars have done a lot of research on this issue,but there is still no consensus on whether R&D investment will improve the value of the enterprise.Most of the research on the combination of corporate governance,R & D investment,and enterprise value is from a macro perspective.With the gradual improvement of the independent director system in our country,the status of independent directors has been continuously improved.The research from the perspective of technology independent directors is more realistic in terms of theory and practice.And because gem board is the development platform of emerging industry and high-tech enterprises,Technological innovation is more influential to it.As a sample of gem listed companies,the research conclusion is also more representative.After reviewing and analyzing a lot of literature on technology independent directors,R&D investment and enterprise value,based on the theory of principal-agent theory,resource dependence theory and innovation theory research,hypotheses are put forward.Then based on the 2012-2016 empirical evidence of the gem board as the research sample,the intensity of the development as the explanation,the enterprise value as the explained variable,the technical independent director as the adjustment variable,build a linear regression model for empirical research.Get the following conclusions: The intensity of R&D investment has a persistent enhanced effect to enterprise value.Technical independent directors can't regulate the relationship between R&D investment intensity and enterprise value,but it has an inverted u-shaped relationship with enterprise value.Finally,according to the empirical conclusion of this paper,the following Suggestions for gem listed companies are proposed: Enterprises should increase R&D investment and actively innovate.At the same time,in the introduction of the technology independent director,enterprises should pay attention to the heterogeneity of the independent director group and ensure the rationality of independent director structure.