Dual Role Of The Board Chairman,Institutional Investor Govermance And Corporate R&D Investment

In terms of independent innovation of Chinese companies are relatively weak.Business R&D and innovation is always in the theory and practice circle was a hot topic.In a competitive global environment,technology has become the key to the development of competitive business.R&D Investment Management's decision on the future survival of the company,related to growth and competitiveness.Company as an external supervisor,institutional investors,corporate management.When the choice of innovative research and development projects in the principal-agent theory,the internal manager of external shareholders and institutional investors to manage risks from a different mind-set.Compared with institutional investors,through management contracts more Ks,between management and institutional investors inconsistencies can be obtained in a short period of time,come back and pay more attention.What kind of institutional shareholders effectively in the direction of the expected interest in investing in innovative projects management to stimulate the enthusiasm of the need to explore in depth becomes a problem.This paper first defines the relevant concepts and the previous literature review of current research through the limit.Agency theory,modern control theory and the theory of innovation theory after studying three related hypotheses proposed.In the empirical part of this article as a sample list shares in Shanghai and Shenzhen Anon-financial companies.Analysis were used to explore and further research on the impact of the ownership rights.Finally,two dynamic test on the R&D investment of-In-One has been conducted to study the effects of administration and institutional investors.This paper empirical results of the two companies' R&D investments have a significant positive impact on the show.Institutional investors have control or when forming an Equal Alliance for jobs in the future,management reputation and the likelihood of being rejected to pay more attention.Pressure.The possibility of failure when there is no innovation in R&D projects,the future management of decline in the company's performance and reduce the likelihood of being rejected,and to increasethe incentive to lose in the opposite direction and is more inclined to investment in R&D.At the same time,the opportunity to study business assets of a different nature,and the two discussing improved cooperation-In-One Decision for non-State-owned the role of supervision and control in concluding business.The state-owned businesses have government support In addition,management will be plugged.Concerns about the failure of the R&D projects,institutional investors will have little negative effect adjustment.