Research On The Relationship Between Board Supervision And Enterprise R&d Investment

In recent years,with the continuous improvement of China's economic development level,the extensive development mode has been not suited to the needs of the current development.So it's important for China to optimize the industrial structure,and to change the mode of economic development.And in the final analysis is to implement the enterprise itself in order to adjust the industrial structure.Only by constantly increasing R&D investment,China's enterprises can promote the normal development of production and improve the core competitiveness,and promote the continuous upgrading of the industrial structure.Based on the importance of R&D investment to the development of enterprises,domestic and foreign scholars have done a lot depth research on the influencing factors of enterprise R&D investment and do a lot of research in the aspects of promoting business performance.In the current research on the influencing factors of R&D investment,the research on the impact of corporate governance on R&D investment has been the hotspot of scholars at home and abroad.The board of directors,which as the core system design of the internal corporate governance,controls the key resources.It not only making strategic decisions to reflect the changes in the external environment,but also plays the role of supervision and management in order to safeguard the long-term interests of shareholders.In addition,the introduction of independent directors plays an important role for enterprises.In one aspect,it is to improve the supervision mechanism of the company from the external view,and improve the corporate governance level,so as to balance the problem of internal control;on the other hand,in order to give full play to the external independent director's experience and wisdom,thereby promote the better development of enterprises.At present,there is little literature on board supervision and R&D investment,and the conclusions are not consistent.Therefore,this paper mainly explores the relationship between the board of directors,the external independent director of human capital and R&D investment of enterprise.This paper take the high-tech industry as the research object,combined with the principal-agent theory,resource dependence theory and the board of directors of capital theory,explore the relationship between the board of directors supervision and enterprise R&D investment.At the same time,the human capital of independentdirectors is further divided into the external independent directors firm specific human capital and human capital in the analysis of the relationship between specific industries.and analyze whether it plays a regulatory role in the relationship between board supervision and R & D investment.Through regression analysis we have the following conclusions:(1)The board of directors has a remarkable positive relationship between supervision and corporate R&D investment;(2)External independent director's specific corporate human capital plays a significant role in the relationship between board supervision and R&D investment.(3)The regulation effect of external independent director-specific industry human capital in the relationship between board supervision and R&D investment is not significant.According to the findings of this study,this paper put forward the following conclusions:(1)To establish and perfect the equity incentive mechanism,promote the supervision function of the board of directors;(2)Improve the system of independent directors and independent directors employment mechanism;(3)The enterprises itself should continue to focus on technological innovation,and increase investment in R&D.