The Heterogeneity Impact Of The Technical Background Of The Board Of Directors And Management On The Company’s R&D Investment From The Property Perspective Rights

With the development of economy,Technological innovation has become an important production factor as capital and labor,It is a key factor for companies to achieve core competitive advantages.Research and Development(R&D)are prerequisites for technological innovation.Since the Eleventh Five-Year Plan,scientific research and innovation,scientific and technological power has been an important strategy for building socialism with Chinese characteristics,under the historical background of reform and opening up,Chinese enterprises have made considerable progress in the past 40 years.However,compare with developed countries,there are still objective gaps in the level of R&D activities and technological innovation of Chinese enterprises.In the 2017 report of the party’s 19 th National Congress”from 2020 to 2035,on the basis of building a well-off society in an all-round way,we will continue to struggle for 15 years and basically realize socialist modernization.By then,China’s economic strength,scientific and technological strength will rise sharply and rank among the forefront of innovative countries.The establishment of an innovative country is inseparable from a large amount of R&D investment,Based on the new era,China must always adhere to the innovation-driven strategy,strengthen research on enterprise R&D investment,clarify the R&D investment mechanism of enterprises,and lay a good foundation for becoming an innovative country.There are many factors affecting R&D investment of enterprises,which are mainly divided into external factors of enterprises and enterprises themselves.External factors are mainly the government’s subsidies and taxation for related industries.Internal factors include the nature of enterprise ownership,enterprise scale,financing constraints and the impact of board and management personnel on R&D investment.This paper focuses on the impact of R&D background of board and management on R&D investment,and explores the impact of R&D background of board members and management staff in different ownership enterprises.Reviewing the previous research literature,as the impact of personnel function background on R&D investment,most of them only studied the impact of individual enterprise function background on R&D investment.Even as a team study,the board members and managers have not been discussed separately according to the principal-agent theory.Therefore,this paper attempts to study the relationship between R&D background of board members and R&D investment of management members,to verify the impact of R&D background of internal functional personnel on R&D investment of enterprises.Firstly,this paper reviews the previous literature on R&D investment at home and abroad,and classifies the internal and external factors affecting R&D investment of enterprises.At the same time,it studies the specific impact mechanism of the board of directors and management organizations on enterprise R&D in the past literature.Through principal-agent theory,high-order theory and scientific research innovation theory,this paper analyses the influence of R&D background of board of directors and management on R&D investment of enterprises,and puts forward corresponding theoretical assumptions.This paper chooses A-share high-tech companies in the Shanghai and Shenzhen Stock Exchange from 2013 to 2017 as research samples,and divides enterprises into state-owned enterprises and non-state-owned enterprises according to the nature of enterprise ownership.Multivariate regression analysis was used to examine the influence of R&D background of board members and management on R&D investment in different groups.This paper studies the influence of R&D background of board of directors and management on R&D investment under the background of different ownership enterprises.Through the research,the following conclusions are drawn:(1)Board members with technical background have a positive impact on the R&D investment of the enterprise,while the managers with technical background has no significant impact on the company’s R&D investment.;(2)Among the state-owned enterprises,the directors with technical background have a positive effect on the R&D of the enterprise,Managers with technical background has no impact on corporate R&D;(3)Among non-state-owned enterprises,directors with technical background can have a positive effect on the R&D of the enterprise,managers with technical background has a restraining effect on enterprise R&D.