The Study Of The Board Of Directors’ Characteristics Of Human Capital And Technology Capital Investment

Translating technology into technology capital and taking participate in valuecreation is the important form of enterprise technology innovation. The financialmanagement innovation is the important guarantee of realizing the technologyinnovation. Technology as the enterprise’s strategic capital investment, the evaluationand selection of this investment decision-making is closely related to the nature ofhuman capital and the company decision-making strata. Explorating how thecompany’s toppest decision makers’(board of directors) human capitalcharacteristics influence the technology capital investment, in order to reduce thenegative impact of the decision-makers personal factors on the technologicalprogress, and this research will be good for our country’s enterprises to enhance theircore competitiveness.Using empirical analysis method, this paper based on a sample of Chinese listedcompanies, as the research to the technology capital to total capital ratio and R&D tototal capital ratio to be explained variable, with an average age, average level ofeducation board, professional and technical background ratio as the explainingvariable, such as to have more professional technical background of the members ofthe board of directors‘s human capital are associated with a higher technology capitalinvestment level as the main research hypothesis. Obtainning relevant datas from thefinancial report of the listed companies, using multiple linear regression model, andanalyzing the relationship between the characteristics of the board of directors’ humancapital of the listed company and technology capital investment.In this paper, the contents of the structure is mainly divided into five parts. The firstpart is introduction, mainly introduces the research background, the research problem,and the significance of topic selection in this paper. The second part is literaturereview, mainly discusses the theoretical basis of the research question, the existingresearch about how technology capital effects business performance, human capitalby the board of directors of the related research, as well as human capital andtechnology capital by the board of directors of the relevant empirical research. Thethird part is the research methods and design, presents the selection of the sample andvariable definitions, as well as the research hypothesis and model building and so on.The fourth chapter is data sorting summary, descriptive statistical analysis, theempirical test and the analysis of the results. The empirical results show that the ageof the board of directors’s human capital characteristics of the listed company in ourcountry is negatively related to the technology capital investment; The technologycapital input level is positive correlated with the degree of education; Possessing moreprofessional and technical background of the directors in the listed company tend to be higher technology capital investment level than possessing fewer technicalbackground of directors in listed companies. In addition, this article also has carriedon the robustness test to the model, and puts forward some suggestions on the boardof directors structure of our country. The fifth part is the conclusion, summarizes thedeficiency problem, the research method is studied in this paper, and further researchsuggestions. Generally speaking, the research conclusion is according with theresearch problems and the research hypothesis, achieved the desired researchpurposes.