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论文编号：	10217
作者编号：	2120162754
上传时间：	2018/6/12 6:59:45
中文题目：	董事会资本、股权激励和高科技企业研发投入
英文题目：	Board Capital, Equity Incentives and R&D Investment of High-tech Enterprises
指导老师：	李莉
中文关键字：	董事会资本；股权激励；高科技企业；研发投入
英文关键字：	Board Capital; Equity Incentive; High-tech Enterprise; R&D Investment
中文摘要：	高科技企业是实现科技创新驱动经济增长的重要载体，同时也是优化增长结构、实现社会可持续发展的中坚力量。在竞争日益激烈的市场环境下，高科技企业为了获取长足的发展，必须不断投入大量资源进行研发，保证自身能够快速地开发新产品、创造新流程、提供优质服务，通过增强创新能力来获得在当下和未来的竞争优势。然而，企业的研发活动通常伴随着高不确定性，高科技企业的创新更是离不开复杂的探索和艰深的研究内容。在这种情形下，从内外部获取有价值的信息、技术、知识等资源至关重要。理论界和实务界一致认为，没有有效的指导和充足的资源，企业难以发展出强大的研发能力。 资源依赖理论指出，一个组织的企业战略定位与获得所需资源的机会相联系，而董事会是企业与外部环境相联系、从而获得资源的重要媒介。董事会资本，尤其是董事的知识、专业技能和与其他企业建立的商业联系能够为高科技企业开展研发活动提供资源支持。因此，本研究以资源依赖理论为基础，选取2010—2016年我国高科技上市公司的样本数据，探究董事会资本对高科技企业研发投入的影响，以及授予董事会股权这一激励方式对二者关系的调节作用。 本研究结果表明，董事会的人力资本（教育水平、董事的技术经验）和社会资本（连锁董事建立的商业联系）均对高科技企业研发投入有着显著的促进作用，验证了董事会资本在研发资源提供方面的理论分析，说明董事的知识，专业技能和通过建立连锁董事关系为企业带来的信息、技术等资源，为高科技企业实施研发决策提供了机会。实证表明，对董事会的股权激励分别增强了董事的教育水平、董事的技术经验和连锁董事建立的商业联系对高科技企业研发投入的促进作用，意味着授予股权激励将董事的个人利益和公司的长远发展紧密联系在一起，增强了董事投入自身资源的动机，具有人力和社会资本的董事愿意为研发活动提供持续的建议和资源，进而提升高科技企业的创新能力与核心竞争力。本文为高科技企业在选聘董事会成员任职资格、安排对董事会的激励方案等方面提供了意见建议，从资源提供的角度解释了影响高科技企业研发投入的重要因素，具有一定的理论和现实意义。
英文摘要：	High-tech enterprises are important carriers for achieving scientific and technological innovation to drive economic growth. They are also the backbone of optimizing growth structures and achieving sustainable social development. As competition becomes increasingly fierce, high-tech enterprises must continuously invest a lot of resources in R&D to ensure that they can quickly develop new products, create new processes, and provide quality services in order to enhance their innovation ability, which helps achieve current and future competitive advantages. However, R&D activities are often along with high uncertainty, and the innovations of high-tech companies are inseparable from complicated explorations and abstruse research content. In this situation, it is crucial to obtain valuable information, technology, knowledge, and other resources from inside and outside. Theoretical and practical circles agree that without effective guidance and sufficient resources, it is difficult for companies to develop strong R&D capabilities. Resource theory points out that an organization's corporate strategic positioning is linked to the availability of the necessary resources, while the board of directors is an important medium for the enterprise to connect with the external environment and obtain resources. Board capital, especially the knowledge, expertise, and interlocks of the directors can provide resources for high-tech companies to carry out R&D activities. Therefore, based on resource theory, the study selects sample data of high-tech listed companies in China from 2010 to 2016 to explore the impact of the board’s capital on R&D investment of high-tech companies, and the relationship between the ownership of the board of directors and equity incentives Regulatory effect. The research show that the education level of the board of directors, the technical experience of the directors and the business contacts established by the interlock directors all play a significant role in promoting the R&D investment of high-tech companies, verifying the theoretical analysis of the board’s capital in the provision of R&D resources and illustrating the knowledge of the directors , professional skills and information, technology and other resources brought about by the establishment of a chain of directorial relationships provide opportunities for high-tech companies to implement R&D decisions. The empirical evidence shows that board holdings enhance the director’s education level, the directors’ technical experience and the business contacts established by chained directors to promote the R&D investment of high-tech companies, which means that the equity incentives will closely link the directors’ personal interests and the long-term development of the company. Linked together, the motivation of the directors to invest in their own resources has been enhanced. Directors with human and social capital are willing to provide continuous suggestions and resources for R&D activities, thereby enhancing the innovation ability and core competitiveness of high-tech companies. This article provides advice and suggestions for high-tech companies in terms of qualifications for hiring board members. It explains the important internal factors affecting R&D investment from the perspective of resource provision, and has certain practical and theoretical significance.
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