Board Capital,Product Market Competition And Enterprise R&D Investment

Nowadays,the economy is becoming increasingly integrated,and the cruel "red sea market" competition puts forward higher requirements for enterprises to enhance their technological innovation ability.As a part of innovation investment decision,R&D investment is the driving force and breakthrough point for enterprises to remain invincible in the competition.The board of directors to develop the company's business development strategy,the implementation of the strategy of supervision,and dominate the strategic control and evaluation,is to determine the importance of enterprise innovation R&D decision-making,the board of directors to use their internal and external resources,information and channel,for the enterprise development strategy formulation and implementation to provide important guarantee,the ability to provide resources to form the board of directors of capital.Therefore,it is of great significance to study the relationship between it and the R&D investment of enterprises.Reviewed in this paper,combing with the board of capital,product market competition and the R&D related literature,finding the relations between and among uncertainty,define the concept of them respectively,based on the resource dependence theory and industrial organization theory and other ideas,on this basis,from both Shanghai and Shenzhen a-share listed companies in China from 2008 to 2017 according to the research data of this,using Statal1 statistical software to carry on the empirical analysis,inspection,get the following conclusions:There is a significant positive correlation between board capital and corporate R&D input;Product market competition has a significant positive regulating effect on the relationship between them.Board capital can promote enterprises to increase investment in research and development,and product market competition to a certain extent strengthens this positive correlation.This article research results to guide enterprise effective selection and hiring directors,the board of directors structure,building science reasonable configuration,the internal structure of the board of directors of the board of directors of the maximum use of internal and external resources and information provided,enhance the level of human and social capital by the board of directors and ensure the smooth progress of innovative research and development activities to provide the basis.At the same time,it points out that the government and the society should be committed to building a fair and transparent product market competition environment,establish a set of scientific and perfect product market competition operation mechanism,stimulate the industry vitality,and create a benign competition atmosphere.