An Empirical Study On The Relationship Between Independent Directors Of Technology And Technological Innovation Performance

China’s economy has entered a new normal.Economic development has changed from factor-driven and investment-driven to innovation-driven.This requires enterprises to strengthen innovation research and development,improve innovation performance and take the road of innovation and development.For the traditional manufacturing listed companies in the period of industrial restructuring,if they want to continue to develop in the fierce market competition,they must pay more attention to the improvement of technological innovation performance.But because R&D activities have the characteristics of long-term,high risk and uncertain returns,it is easy to cause agency problems in the process of technological innovation.In addition,the process of technological innovation is professional and the accounting measurement is complex,and the supervision of agency problems is very difficult,so these unfavorable factors will hinder the improvement of technological innovation performance of enterprises.The independent directors of technology have the technical professional background that matches the enterprises they serve.They have a good understanding of the process of technological innovation.They can not only identify the agency problems in the process of technological innovation,but also provide professional guidance and suggestions for technological innovation R&D activities.Therefore,independent directors of technology can play a positive role in promoting the performance of technological innovation.But few scholars pay attention to this point,this paper intends to study in this area.The paper takes Shanghai A-share manufacturing listed companies which continuously disclose R&D investment from 2012 to 2016 as the research sample.After excluding all missing variables and special stocks(ST),the regression analysis sample involves 1345 observation values of 269 listed companies.This paper chooses the amount of patent applications as an alternative variable for technological innovation performance to conduct empirical analysis.It empirically examines the relationship between technological independent directors and technological innovation performance from three aspects: the establishment of technological independent directors,the remuneration of technological independent directors and the age of technological independent directors,and further classifies all samples into eastern,central and western regions of China according to the provinces where enterprises are registered.Finally,the results are compared and analyzed in order to put forward more targeted suggestions for Ashare Manufacturing Listed Companies in Shanghai Stock Exchange.Through empirical research,the paper finds that:(1)Setting up independent directors in enterprises can effectively improve the performance of technological innovation;(2)The salary incentives of independent directors have a significant positive effect on the performance of technological innovation;(3)The younger the independent directors of technology,the stronger the positive effect on the performance of technological innovation;(4)The relationship between independent directors of technology and technological innovation performance is different in different regions,and the effect of independent directors of technology on technological innovation performance is more obvious in eastern and central regions.The setting of independent directors of technology in sample enterprises in the western region has not significantly improved the performance of technological innovation,but the salary of independent directors of technology has a significant role in promoting the performance of technological innovation,the salary incentive effect of independent directors of technology in sample enterprises in the western region is very obvious.