Research On The Impact Of Interlocking Directorates' Network On R&D Investment Under The Intermediary Role Of Financing Constraint

At present,based on the background of the knowledge economy,technological innovation has become the core competitiveness of enterprises,and enterprises' increased R & D efforts are indispensable to the development of technological innovation.As the core strength of R&D,listed companies on the GEM,due to their small scale and weak financial strength,are prone to falling into financing constraints during the R&D process.Alleviating financing constraints and increasing corporate R&D investment have become an urgent and important practical requirement for enterprises.The interlocking directors' network can alleviate financing constraints by helping companies obtain external resources and information.However,depending on the location of the interlocking directors' network,their ability to obtain and control resources is also different,which in turn affects corporate R&D investment.Therefore,this study examines the mechanism of the interlocking directors' network on corporate R&D investment from a micro perspective,with a view to tapping the advantages of the interlocking directors' network,and to provide a reference for improving corporate R&D investment and improving the governance structure of the board of directors.Combining the background of the times with the development of disciplines,this paper combines theoretical analysis with empirical tests.The main research is the relationship between the interlocking directors' network and the R&D investment of enterprises,focusing on the mechanism of the influence of financing constraints on the relationship between the two.Firstly,through the induction and combing of relevant literatures at home and abroad,we can understand the research status of the topic selection,select appropriate research methods,define the core concepts,and expound the theoretical basis.Secondly,based on resource dependence theory,information asymmetry theory,social network theory and Schumpeter hypothesis,this paper puts forward corresponding research hypotheses from two aspects: the main effect of the interlocking directors' network on R&D investment and the intermediary effect of financing constraints on the relationship between them.At the same time,the sample selection and data sources are clarified,and the main variables are explained in detail,and then the appropriate measurement model is constructed.Finally,based on the fact that the companies listed on the GEM are mostly engaged in high-tech businesses and have strong growth,this paper selects 760 GEM listed companies in China from 2012 to 2018 as a research sample,with a total of 3427 observations.This paper empirically tests the impact of the interlocking directors' network on the R&D investment of enterprises,and the intermediary effect of financing constraints between the interlocking directors' network and the R&D investment of enterprises.The empirical results show that the interlocking directors' network is conducive to promote R&D investment;the interlocking directors' network helps alleviating the financing constraints of enterprises;the financing constraint plays a part in mediating between the interlocking directors' network and the R&D investment of enterprises,that is,the interlocking directors' network can increase corporate R&D investment by alleviating financing constraints.The research of this paper can be used as a reference for China's GEM listed companies to increase their R&D investment and improve their board structure.Listed companies should give full consideration to the information effect and resource effect brought by the interlocking network of directors and make full use of its positive influence on financing constraints and provide support for R&D investment of enterprises.