董事会治理、研发与营销投入对战略新兴产业上市公司成长的影响的研究

发布时间：2018-06-01 05:59

本文选题：董事会治理 + 研发投入　；参考：《山东大学》2017年硕士论文

【摘要】：近几年来,国务院指出要大力发展战略性新兴产业,构建现代产业新体系。因此,研究战略性新兴产业上市公司具有揭示和预测中国市场经济发展状况的前瞻性。对于上市公司而言,为了提高公司成长能力以吸引更多的投资者,必然要关注治理状况的改善、科学决策机制的完善等问题。公司成长是董事会治理绩效直接而有效的反应,良好的董事会治理必然与公司持续健康的发展相联系。从这个意义上讲,本文关于董事会治理与公司成长的研究选题具有重要的理论价值和现实意义。本文依据资源依赖理论、委托代理理论和企业成长理论,在综述国内外相关文献的基础上结合实证研究方法,共提出11个假设,以研究董事会结构、研发投入对战略性新兴产业上市公司成长的影响机制。本文选取沪深两市A股2009年到2015年共144家战略性新兴产业上市公司为样本,运用stata软件进行实证研究。结果显示:(1)董事会规模与研发投入强度呈显著的正相关关系;两职分设的领导权结构与研发投入强度呈显著的正相关关系。(2)独立董事比例与公司成长呈显著的负相关关系,两职分设的领导权结构与公司成长呈显著的正相关关系。(3)研发投入强度在两职分设的领导权结构与公司成长之间的完全中介作用,即两职分设的领导权结构通过影响研发投入强度间接影响公司成长。(4)营销投入强度正向调节研发投入强度对公司成长的影响,即营销投入与研发投入的交互作用有利于上市公司的成长。最后,本文根据数据运行结果提出了相应的对策建议。本文的创新之处在于:(1)建立了董事会结构—研发投入—公司成长的中介效应模型,丰富了现有关于董事会治理的理论研究。基于投入—过程—产出视角,董事会结构可以被看作是一种董事团体使用人力资本进行的投入,通过董事会研发投入决策影响经营管理(过程),进而提高公司的竞争地位和成长能力(产出)。本文建立了研发投入对董事会结构与公司成长之间关系的中介作用模型,探究了董事会通过作出投资决策来提高公司价值这一运作过程,丰富了现有"结构—行为—绩效"逻辑结构的相关研究。(2)构建了营销投入对研发投入与公司成长之间关系的调节作用模型,明晰了营销投入对研发投入绩效的作用机理。本文将营销投入和研发投入同时引入影响战略性新兴产业上市公司成长机制模型当中,验证了营销投入对研发投入与上市公司成长之间的正向调节作用,验证了营销投入与研发投入的交互作用有利于提高公司成长能力这一结论,丰富了现有关于投资决策的理论研究,为理解营销投资决策对研发投资决策与公司成长关系的促进作用提供经验证据。
[Abstract]:In recent years, the State Council has pointed out the need to vigorously develop strategic emerging industries and build a new system of modern industries. Therefore, the study of strategic emerging industry listed companies has the foresight to reveal and predict the development of China's market economy. For listed companies, in order to improve their growth ability to attract more investors, we must pay attention to the improvement of governance and the perfection of scientific decision-making mechanism. The growth of the company is a direct and effective response to the performance of the board of directors, and good governance of the board of directors is bound to be related to the sustained and healthy development of the company. In this sense, the research on board governance and corporate growth has important theoretical and practical significance. Based on the theory of resource dependence, principal-agent theory and firm growth theory, this paper puts forward 11 hypotheses to study the structure of the board of directors on the basis of summarizing the relevant literature at home and abroad and combining the empirical research methods. The impact mechanism of R & D investment on the growth of listed companies in strategic emerging industries. In this paper, 144 strategic emerging industry listed companies in Shanghai and Shenzhen A-shares from 2009 to 2015 are selected as samples, and the empirical research is carried out by using stata software. The results show that the size of the board of directors has a significant positive correlation with the R & D investment intensity, and the leadership structure of the two positions has a significant positive correlation with the R & D investment intensity. (2) the proportion of independent directors has a significant negative correlation with the growth of the company. There is a significant positive correlation between the leadership structure of the two positions and the growth of the company. (3) the intensity of R & D investment is a complete intermediary between the leadership structure of the two positions and the growth of the company. That is, the leadership structure of the two positions indirectly affects the growth of the company by influencing the intensity of the R & D investment.) the intensity of the marketing investment positively adjusts the impact of the R & D investment intensity on the growth of the company. That is, the interaction between marketing investment and R & D investment is conducive to the growth of listed companies. Finally, according to the data running results, the corresponding countermeasures and suggestions are put forward. The innovation of this paper lies in the establishment of the intermediary effect model of board structure, R & D investment and company growth, which enriches the existing theoretical research on board governance. Based on the input-process-output perspective, the board structure can be considered as a kind of input from human capital used by the board of directors. The decision of R & D investment of the board of directors influences the management and management, and then improves the competitive position and growth ability of the company. This paper establishes an intermediary model of R & D investment on the relationship between board structure and company growth, and probes into the operation process of the board of directors making investment decisions to improve the value of the company. It enriches the existing research on "structure-behavior-performance" logical structure. It constructs a model of the regulatory effect of marketing investment on the relationship between R & D investment and company growth, and clarifies the mechanism of the effect of marketing investment on R & D investment performance. In this paper, marketing investment and R & D investment are introduced into the growth mechanism model of listed companies with strategic emerging industries at the same time, which verifies the positive adjustment effect of marketing investment on R & D investment and the growth of listed companies. It verifies the conclusion that the interaction between marketing investment and R & D investment is conducive to improving the growth ability of the company, and enriches the existing theoretical research on investment decision-making. It provides empirical evidence for understanding the promoting effect of marketing investment decision on R & D investment decision and company growth.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F271;F273.1;F274

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