Research On The Impact Of Board Characteristics On Technological Innovation Of Listed Companies In Service Industry

Technological innovation is the source of promoting the sustainable development of enterprises.To a certain extent,the degree of technological progress,the improvement of comprehensive competitiveness and the sustainability of overall development of enterprises are affected by their technological innovation level.In recent years,with the acceleration of industrial transformation and consumption upgrading,service listed companies have also ushered in a golden period of rapid development.Their production scale continues to expand,and their profitability is increasing.However,compared with developed countries,their technological innovation is obviously backward,and R&D funds are scarce,resulting in their low technical level and labor production efficiency to be improved,which restricts their long-term development.As an important part of corporate governance,the governance level of board of directors has an important impact on the implementation of technology innovation strategy and the development of technological innovation level of service listed companies.Therefore,the topic of this paper has a certain value and significance both in theory and in reality.Based on a systematic review of the research status at home and abroad,this paper collects the relevant data of 42 service industry listed companies in Shanghai and Shenzhen A-share from 2008 to 2018,establishes a statistical analysis model,and empirically tests the impact of board characteristics on technological innovation of service listed companies by using eviews8.0 software.The empirical model takes technological innovation as the explanatory variable,the total remuneration of the top three directors,the proportion of directors with technical background,the proportion of independent directors,the average age of directors,the proportion of female directors,the size of the board,the number of board meetings,the education level of directors,the proportion of directors holding shares,and the combination of two positions as the explanatory variables.The net profit rate of total assets,asset liability ratio and corporate regulation are the explanatory variables The empirical results of the linear model show that:first,the total compensation of the top three directors,the proportion of directors with technical background,the proportion of independent directors,and the proportion of female directors have significant positive correlation with the technological innovation of service listed companies;second,the combination of two positions has a significant negative effect on the technological innovation of service listed companies Thirdly,the average age of directors,the size of the board of directors,the number of board meetings,the education level of directors and the proportion of directors'shareholding have no significant effect on the technological innovation of service listed companies.The empirical analysis results of the curve model show that:the relationship between the size of the board of directors and its technological innovation is an inverted "N"curve,and the relationship between the two is "negative correlation? positive correlation?negative correlation";there is no significant curve relationship between the proportion of independent directors and its technological innovation.According to the results of the empirical study,this paper puts forward some countermeasures and suggestions to improve the board governance level of service listed companies,such as strengthening the incentive force of the board of directors,improving the characteristics of the board members,continuing to improve the independent director system,reasonably determining the size of the board of directors,improving the efficiency of the board of directors,advocating the separation of the two positions However,the existing research space is described.