Empirical Study On The Board Capital,Quity Concentration And R&D Investment Intensity

In today’s society,knowledge economy has gradually become the mainstream of development,and enterprise research and innovation has gradually become the key way for enterprises to enhance competitiveness and occupy the leading position in the market.Enterprise r & d is the most important way to develop new technology,has become a leading factor for the survival and development of enterprises;Research and development investment is the main material and information source for enterprises to carry out technological innovation and mechanism innovation.In the past 20 years of development,China’s listed companies have increasingly taken the enterprise innovation ability as a key task,and not only have made great progress in innovation ability,but also have significantly increased the amount of research and development investment.However,compared with developed countries,there are still problems in the amount of investment in research and development activities,such as low investment in research and development and unequal investment at all stages.In 2015,China put forward the concept of "mass entrepreneurship and innovation".Therefore,increasing investment in innovation and research and development by enterprises has become a hot issue in practice and academia.As a kind of intangible capital,board of directors has a certain influence on the enterprise’s r&d investment.In the past researches on the influencing factors of r&d investment,the characteristics of the board of directors have always been the focus of scholars.Most of them start from the perspective of homogeneity,which is inconsistent with the reality.In practical work,senior executives appear in the form of teams,and their internal members have obvious differences in personal characteristics.Therefore,it is necessary to study the relationship between board heterogeneity and r&d investment.The board of directors has great power in the decision-making of the enterprise.Do the personal characteristics and social resources of the board of directors have any influence on the r&d investment? Is the effect significant? With the difference of ownership concentration,will this relationship change? By analyzing and summarizing the board of directors’ capital,this paper further studies the relationship and action path among the board of directors’ capital,ownership concentration and r&d investment intensity.According to the sources of board capital,this paper summarizes two types of board capital: one is that each director in the board provides the required resources for theenterprise based on his/her personal ability,which is called board human capital.Education level,functional background and overall heterogeneity are three measurement dimensions of human capital.The other category comes from various relations between board members and external organizations of the enterprise,which is called social capital of the board of directors.The relationship between the board of directors and the political connection of the board of directors are the two measurement dimensions of social capital of the board of directors.In this paper,by collecting the a-share listed companies from2015 to 2017 the required data,in accordance with the relevant theory,this article assumes that build on the basis of empirical model,and then by EXCEL data processing using STATA12.0 do the following analysis: the descriptive statistics analysis,correlation analysis and multiple regression analysis and robustness testing,this article through the empirical research conclusion as follows: the board of the dimensions of human capital are conducive to the r&d intensity increased;The relationship between the boards of directors belonging to the social capital of the board of directors also has a positive impact on the r&d input intensity through the research findings,while the political relationship belonging to the social capital of the enterprise proves that it hinders the increase of the r&d input intensity of the enterprise.In addition,equity concentration has a moderating effect on the relationship between the two.It weakened the positive effect of the relationship between the boards of directors in the social capital of the board of directors on r&d investment,but it did not significantly strengthen the negative relationship between the political correlation and r&d investment.