A Study On The Impact Of Heterogeneity Of Board On R&D Investment

In the era of knowledge economy,the competitive environment of the enterprises is becoming more and more intense.The competition mode of enterprises has changed.The competition of the traditional resources and scale advantage turns to the innovations of science and technology and the competition of talents.Innovation has become the important theme of the new era.Innovation is the strategy of enterprises and the core competitiveness of enterprises.The most important manifestation of innovation is the R & D of enterprises.As the highest decision-making level of a company,the board of directors is at the core position in corporate governance and strategic management.Whether the board members' background differences or board behavior have a significant impact on the choice of enterprise strategy,and then affect the R & D of enterprises.On the basis of higher echelon theory,resource-based view and social identity theory,the influence of board heterogeneity on R & D investment is discussed based on the mediation effect of board behavior intensity,and the moderating effect of chairman's function background on the relationship between board behavior intensity and R & D input is also discussed.In theory,based on the perspective of I(input)-P(process)-O(output),this paper studies the influence of board heterogeneity on the R & D investment of the gem company,introduces the behavioral variable of board of directors,and probes into the moderating effect of the chairman's function background.In the practical application of the enterprise,the results of this study are beneficial to the selection of the appropriate directors from the angle of personnel structure,the optimization of the structure of the board of directors and the reflection on the behavior of the board of directors.This paper reviews the related literature of home and abroad,and puts forward 7 hypotheses on the basis of relevant theory,.In a sample of China's gem 150 listed companies between 2012-2015,with the panel data for a period of four years,this paper conducts a random effects model to assess relationships between the heterogeneity of the board of directors and the behavior intensity of the board of directors as well as that between the behavior intensity of the board of directors and R & D input,and also verify the moderating effect of chairman functional background between the behavior intensity of the board of directors and R&D investment.In addition,drawing on the scientific method of mediating effect proposed by Wen Zhonglin,this paper verifies the effect of heterogeneity of the board of directors on R&D investment through the behavior intensity of the board of directors,and thus determines the behavior of the board of directors plays partial mediating role,and verifies the chairman functional background will moderate the relationship between the behavior of the board of directors and the R&D investment.The empirical results show that:(1)In the relationship between board heterogeneity and board behavior intensity,there is a negative relationship between board social heterogeneity and board behavior intensity,and there is a positive relationship between board occupational heterogeneity and board behavior intensity.(2)In the relationship between board heterogeneity and R & D investment,there is negative relationship between board social heterogeneity and R&D investment,and there is a positive relationship between board occupational heterogeneity and board behavior intensity.(3)The behavior intensity of the board of directors has a partial mediating effect on the relationship between the heterogeneity of the board of directors and the R&D input.(4)chairman functional background moderates the relationship between the behavior intensity of the board of directors and R&D investment,when the chairman has a wide range of functions of the background,the positive correlation between the behavior intensity and R&D investment will be strengthened;when the chairman is has a single function background,the positive relation between the behavior intensity and R&D investment behavior weakened.Finally,basing of the empirical results,we put forward some suggestions for the structure of the company's board of directors and board governance behavior,and put forward the prospect basing of the shortcomings in this study.