Research On The Impact Of Technology Independent Directors And Investment Efficiency On Firm Performance

Investment activities,as one of the three major financial activities of the company,affect the daily production and operation activities of the enterprise and the effect of the business operation process.However,due to a variety of factors,the problem of generally low investment efficiency has become a common problem that has plagued the development of many listed companies.How to improve the investment efficiency of enterprises and create greater value for enterprises has always been a hot topic for domestic and foreign scholars to study corporate governance.For the study of the impact of investment efficiency and corporate performance,scholars at home and abroad are mostly from the aspects of free cash flow theory and financing constraint theory.Although they also involve independent directors,most of them are independent directors with professional background in accounting.The perspective is unfolded,and there is less research on the perspective of technical independent directors.In recent years,with the advancement of technology and technological innovation,independent directors of technology have received increasing attention from outside.Therefore,this article studies the impact of investment efficiency on firm performance from the perspective of technical independent directors.Based on the analysis,analysis and summary of relevant literature and theory,this article proposes three main hypotheses.The relevant data of A-share listed companies in Shanghai and Shenzhen stock markets from 2013 to 2017 were selected.After appropriate elimination,the data were descriptive statistical analysis,correlation analysis,regression analysis and robustness test.Through research,this article has obtained the following conclusions:Under other conditions,the investment efficiency of setting up technical independent directors is higher and the performance of enterprises is significantly higher than that of enterprises that do not have independent technical directors.Technical independent directors can influence the performance of the company by affecting the investment efficiency of the company.The assumptions presented in this article are verified.Finally,on the basis of summarizing the conclusions of the study,this article believes that enterprises should improve the staffing of the board of directors and continuously enrich the knowledge background of independent directors so that independent directors with professional skills and solid professional knowledge can exert their talents.The value of the enterprise creates dedication.