技术董事视角下研发投入对公司成长性的影响研究
发布时间：2019-03-25 07:23
【摘要】：随着全球经济一体化形势的加剧,企业之间的竞争日益激烈,企业的寿命越来越短暂,因此如何保持公司持续发展和不断成长是企业首要考虑的问题。科技创新是驱动企业成长的重要因素,研发活动对于企业的生存和发展具有重要意义。创业板上市公司具有高科技的特点,更需要进行研发活动来创新企业的核心技术,获得核心竞争力使企业长久发展。研发活动具有投入大、风险高和回报期长等特点,需要公司的经营管理层进行研发决策和过程的推动,以保证研发投入产生良好的效果。董事会是公司的经营决策和业务执行机构,技术董事的专业知识和工作经验将会影响到企业的研发活动。因此研究研发投入、技术董事与公司成长性之间的关系,对创业板上市公司的成长具有重要意义。本文以研发投入与公司成长性的关系为研究主线,探究了研发投入对于公司成长性的促进作用、滞后效应以及阶段性影响,然后在此基础上加入技术董事变量,探究技术董事对于研发投入与公司成长性关系的调节作用。通过对已有研究文献的总结,对相关概念进行界定,结合理论分析提出研究假设,选取2013-2015年的371家创业板上市公司作为研究样本,用主成分分析法衡量公司成长性,构建研究模型,运用EXCEL、SPSS和R软件进行实证分析。实证研究发现:研发投入对公司成长性具有正向促进作用;研发投入对公司成长性的影响具有滞后效应,并且在研发投入后的第二年对公司成长性促进作用最强;不同成长阶段的公司,研发投入对公司的促进作用不同,处于高成长阶段的公司,研发投入的促进作用更强;技术董事、技术独立董事与技术董事的受教育水平在研发投入与公司成长性的关系中起到正向调节作用,技术董事的年龄起到负向调节作用。最后根据实证结果,对研发投入和董事会制度提出建议:创业板上市公司提高创新意识,增强研发投入提高创新能力,合理规划研发投入;完善董事会人员构成,引入有技术背景的专业人才;完善信息披露。
[Abstract]:With the intensification of the situation of global economic integration, the competition among enterprises is increasingly fierce, and the life span of enterprises is shorter and shorter. Therefore, how to maintain the sustainable development and continuous growth of the company is the primary consideration of the enterprise. Scientific and technological innovation is an important factor driving the growth of enterprises, and R & D activities are of great significance to the survival and development of enterprises. Gem listed companies have the characteristics of high-tech, more need to carry out R & D activities to innovate the core technology of the enterprise, to obtain the core competitiveness for the long-term development of the enterprise. Research and development activities have the characteristics of large investment, high risk and long return period, which require the management of the company to make research and development decisions and promote the process, so as to ensure that the R & D investment has a good effect. The board of directors is the company's business decision-making and business execution agency, the technical director's professional knowledge and work experience will affect the enterprise's R & D activities. Therefore, the research on the relationship between R & D investment, technical director and company growth is of great significance to the growth of gem listed companies. Taking the relationship between R & D investment and company growth as the main line of study, this paper probes into the promotion effect, lag effect and stage effect of R & D investment on company growth, and then adds the technical director variable on this basis. Explore the regulatory role of technical directors in the relationship between R & D investment and company growth. Through summarizing the existing research literature, defining the related concepts, combining with the theoretical analysis to put forward the research hypothesis, select 371 gem listed companies from 2013 to 2015 as the research sample, use the principal component analysis method to measure the growth of the company. Construct the research model, use EXCEL,SPSS and R software to carry on the empirical analysis. The empirical study shows that R & D investment has a positive effect on the growth of the company, the influence of R & D investment on the growth of the company has a lag effect, and the second year after the R & D investment has the strongest effect on the growth of the company. Different growth stages of companies, R & D investment to promote the company is different, in the high-growth stage of the company, R & D investment has a stronger role in promoting; The education level of technical director, technical independent director and technical director plays a positive role in the relationship between R & D investment and company growth, and the age of technical director plays a negative role in regulating the relationship between R & D investment and company growth. Finally, according to the empirical results, put forward suggestions on R & D investment and board of directors system: gem listed companies to improve innovation awareness, enhance R & D investment to improve innovation ability, reasonable planning of R & D investment; Improve the composition of the board of directors, introduce professionals with technical background; perfect information disclosure.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F273.1;F271
本文编号：2446766
[Abstract]:With the intensification of the situation of global economic integration, the competition among enterprises is increasingly fierce, and the life span of enterprises is shorter and shorter. Therefore, how to maintain the sustainable development and continuous growth of the company is the primary consideration of the enterprise. Scientific and technological innovation is an important factor driving the growth of enterprises, and R & D activities are of great significance to the survival and development of enterprises. Gem listed companies have the characteristics of high-tech, more need to carry out R & D activities to innovate the core technology of the enterprise, to obtain the core competitiveness for the long-term development of the enterprise. Research and development activities have the characteristics of large investment, high risk and long return period, which require the management of the company to make research and development decisions and promote the process, so as to ensure that the R & D investment has a good effect. The board of directors is the company's business decision-making and business execution agency, the technical director's professional knowledge and work experience will affect the enterprise's R & D activities. Therefore, the research on the relationship between R & D investment, technical director and company growth is of great significance to the growth of gem listed companies. Taking the relationship between R & D investment and company growth as the main line of study, this paper probes into the promotion effect, lag effect and stage effect of R & D investment on company growth, and then adds the technical director variable on this basis. Explore the regulatory role of technical directors in the relationship between R & D investment and company growth. Through summarizing the existing research literature, defining the related concepts, combining with the theoretical analysis to put forward the research hypothesis, select 371 gem listed companies from 2013 to 2015 as the research sample, use the principal component analysis method to measure the growth of the company. Construct the research model, use EXCEL,SPSS and R software to carry on the empirical analysis. The empirical study shows that R & D investment has a positive effect on the growth of the company, the influence of R & D investment on the growth of the company has a lag effect, and the second year after the R & D investment has the strongest effect on the growth of the company. Different growth stages of companies, R & D investment to promote the company is different, in the high-growth stage of the company, R & D investment has a stronger role in promoting; The education level of technical director, technical independent director and technical director plays a positive role in the relationship between R & D investment and company growth, and the age of technical director plays a negative role in regulating the relationship between R & D investment and company growth. Finally, according to the empirical results, put forward suggestions on R & D investment and board of directors system: gem listed companies to improve innovation awareness, enhance R & D investment to improve innovation ability, reasonable planning of R & D investment; Improve the composition of the board of directors, introduce professionals with technical background; perfect information disclosure.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F273.1;F271
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