Empirical Research On Technology Innovation,directors’ Overseas Experiences And Corporate Performance Of Listed Companies

The integration of the world economy has provided a bridge for international companies to enter the international market.In the more than two decades since the establishment of the WTO,companies from various countries have gone abroad to participate in the international market.But with the great development of the world economy,the integration of the world economy has also profoundly changed the competition pattern and logic between countries.In the era of world connectivity,the markets that the best companies can occupy have changed from a small countries market under the trade protection to the world’s big market in the era of the world economy.Therefore,the competition between companies in the international market is becoming increasingly fierce,and the battle between countries is ultimately a battle between high-tech companies and innovation.When faced with more complex market environments and more fierce competitors,innovation is often the core element that drives companies to lead.For a long time,China has been criticized by the world for its lack of technological innovation investment and Level as a big country that has rapidly risen with the world factory strategy.Compared to developed countries with high Levels of innovation and sufficient technical content,backward technology and strong substitution have always been the labels which difficult to remove from the Chinese industry.After entering the 21 st century,innovation has become one of the keywords often mentioned in Chinese society.Represented by high-tech companies such as Huawei and DJI,China has also emerged a large Number of outstanding companies that value R & D investment.However,in terms of absolute Number and occupation ratio,there are still relatively few Chinese companies that value R & D investment.The labor advantage and cost advantage brought about by the demographic dividends that Chinese companies once depended on are gradually disappearing due to changes in the domestic and foreign environments.The former export-oriented economic development model in which the market was replaced by cost has gradually become unsuitable for China.In today’s economic restructuring,China needs innovation to drive development.Based on the theory of innovation,this thesis selects some listed companies on the GEM in China to conduct research.First,it reviews and sorts out the history and research results of the theory of innovation.Then it analyzes the role of technological innovation and constructs relevant empirical models.It shows that the technological innovation of enterprises can promote their performance in the long run.The thesis hopes that through in-depth empirical research on the causal relationship between technological innovation and corporate performance,with a view to helping relevant departments and enterprises in formulating innovation strategies.There are many aspects of the factors that affect corporate performance and corporate value.In addition to materials,human capital also affects corporate value and performance from some intangible aspects of corporate operations such as management methods and system revisions.In the past,the research of domestic and foreign scholars mainly focused on the single factor effect of R & D intensity.However,with the increasing respect of talents by the country and society,more and more scholars have started to study the moderating effect of returnees and returnees in recent years.The report of the 19 th National Congress of the Communist Party of China stated that “talent is a strategic resource to realize national rejuvenation and win international competition initiative.We must adhere to the principle of managing talents by the party and gather talents from all over the world to accelerate the building of a strong country with talents.” The thesis argues that some emphasis is placed on technological innovation.In some industries,some employees with Overseas study and work experience can to some extent use the experience of corporate management in developed countries to inspire and improve China,a developing country.Therefore,this thesis takes the Overseas experience of the board of directors of GEM listed companies as a moderating factor,explores the role of human capital in the process of innovation and corporate development,and concludes that directors with Overseas experience can positively moderate corporate technological innovation and corporate performance.I hope that today,when we attach great importance to talents,we can help relevant departments and enterprises to find policies and strategies that can optimize the innovation and development of enterprises.This thesis selects the relevant data of more than 300 companies on the China Growth Enterprise Market from 2013 to 2017 as a sample,measures the technological innovation of enterprises with the intensity of investment in research and development,measures the performance of enterprises with the rate of return on assets,and uses directors with Overseas background in corporate boards of directors to measure the role of human capital on the board of directors,and to explore the relationship between technology innovation and corporate performance of listed companies on the GEM through the empirical research methods such as correlation analysis and regression analysis.The research results show that in the year when technological innovation is performed,corporate performance will be impaired by the company’s R & D investment,but in the long term(within 1 to 2 years)technological innovation will improve corporate performance;at the same time,it is found that directors with Overseas experience in GEM listed companies can conduct a positive moderating effect on corporate technological innovation and corporate performance.On the basis of distinguishing between the region where the company is registered and the degree of economic development,the director’s Overseas experience has a more significant positive regulatory effect on inland companies than on companies in coastal areas.This thesis has certain theoretical and practical significance.Starting from the theory of innovation,the research in this thesis enriches the innovation activities of micro-subjects and verifies the moderating role of corporate directors’ Overseas experience.In terms of practice,research shows that technological innovation can promote corporate performance in the long run.Through technological innovation,enterprises can effectively build their own core competitiveness and moat,which is very important for Chinese companies facing increasingly fierce commercial competition.The study also found that directors’ Overseas experience can play a positive moderating role between corporate technological innovation and corporate performance.Therefore,in the process of business development,in addition to paying attention to physical capital,it is also necessary to do a good job in human capital construction,build a reasonable human resource echelon according to the actual development situation and development strategy of the enterprise,make reasonable use of the experience of developed countries,and make use of human Subjective initiative leverage further stimulates the benefits of technological innovation and enhances its core competitiveness.