Technology Independent Directors And Enterprise Total Factor Productivity

Innovation as an important driving force for the sustainable development of the country has always been a hot topic of discussion in society.Enterprises are the main body of national innovation,promoting enterprise innovation to increase total factor productivity is the key to achieving high-quality economic development,and it is also the decisive factor for the long-term development of the country.Since technological progress is the main source of improving the enterprise total factor productivity,R&D investment is conducive to promoting innovation and technological progress of enterprises,thus becoming an important way to promote the enterprise total factor productivity.However,the return on investment of R&D activities is generally highly uncertain and the risk is relatively high,which reduces the willingness of enterprises to invest in R&D and is not conducive to promoting innovation and improving total factor productivity.With the influence of the board of directors on corporate strategy has gradually increased,more and more scholars have analyzed the impact of different backgrounds of independent directors on corporate innovation,and found that technology independent directors have a positive effect on promoting corporate innovation activities and thus promoting technological progress.Therefore,on the basis of existing relevant research,this paper believes that technology independent directors can provide supervision and consultation functions for R&D and innovation activities of enterprises by virtue of their own independence and technical personal characteristics,thereby promoting R&D investment and improving enterprise total factor productivity.In this paper,by using a combination of theoretical and empirical research methods,and based on the perspective of technology independent directors,with the main board listed companies in Shanghai and Shenzhen in 2012-2017 as the research object,this paper analyzes the impact of technology independent directors on enterprise total factor productivity and further explores the mediation effect of R&D investment in the relationship between the two.This paper builds a mediation research model based on the analysis method of mediation effect,and uses multiple regression analysis methods to study the relationship among technology independent directors,R&D investment and enterprise total factor productivity.The empirical results found that technology independent directors have a significant positive impact on the enterprise total factor productivity.By providing professional knowledge and technical experience,technology independent directors can play the role of supervision and consultation on the innovation activities of enterprises,enhance the enterprise's innovation ability,and thus promote the promotion of total factor productivity.At the same time,technology independent directors also have a significant role in promoting R&D investment.And R&D investment as an intermediary variable plays a completely intermediary role in the relationship between technology independent directors and enterprise total factor productivity.Therefore,for Chinese enterprises,we should pay attention to the governance role of technology independent directors for innovation and development,increase investment in R&D funds,so as to promote innovation and promote the promotion of total factor productivity.The research in this paper provides more perspectives for enterprises to promote innovation and improve total factor productivity,and also provides some empirical evidence for corporate board governance.