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论文编号：	9969
作者编号：	2120162726
上传时间：	2018/6/6 13:37:36
中文题目：	董事会独立性、制度环境与 高科技企业技术创新
英文题目：	Board Independence, Institutional Environment and Technological Innovation in High-tech Enterprises
指导老师：	李莉
中文关键字：	董事会独立性；制度环境；创新；高科技企业
英文关键字：	Board Independence; Institutional Environment; Innovation; High-tech Enterprise
中文摘要：	随着不断推进经济全球化，科学技术快速更替，自主创新能力已经逐渐成为企业和国家应对激烈竞争的核心竞争力了。高科技产业是凭借加强研发以获得高新技术为主的产业，是我国实现经济转型和建设创新国家的重要一环，提升高科技企业的技术创新能力，对于企业乃至整个国家的创新战略都有着至关重要的意义。在资源的逐渐枯竭、日益复杂的市场环境以及国家大力倡导创业创新的大环境下，创新已经被提升到公司的战略层面，同时，公司也急需更加多元化的知识储备、更严格的监管以确保决策的合理性。 R&D活动具有投资额大、持续期长、收益高不确定性等特点，费用化的研发支出降低当期利润，创新产出和创新投入之间并非正比例关系以及股东与管理者之间的信息不对称都会削减管理者的投资意愿。基于以上考量，本文以为，独董作为董事会中独立的第三方，可以充分发挥其专业知识和经验，既可指导企业的R&D活动，有可监督并印制研发决策中存在的不合理之处。首先，本文回顾并梳理了创新R&D投资、独立董事和高科技企业创新R&D投资的关系以及制度环境与高科技创新R&D投资的关系的相关文献。基于此，推导出董事会独立性如何影响高科技企业技术创新的理论路径以及制度环境在二者关系中的调节效应。最后用2012-2016年间我国高科技企业为研究样本，进行实证设计和结果分析，研究董事会独立性与企业技术创新之间的关系，检验独立董事能否发挥其专业知识技能对管理层进行监督，从而提高企业的技术创新能力。研究结果显示：（1）董事会独立性与高科技企业创新投入和创新产出之间均显著正相关，即提高董事会独立性可以促进高科技企业进行创新活动；（2）制度环境在董事会独立性与企业技术创新的关系中具有正向调节作用，即改善制度环境，有助于增加董事会独立性对高科技企业技术创新的影响。
英文摘要：	With the continuous promotion of economic globalization and the rapid replacement of science and technology, independent innovation capability has gradually become the core competitiveness of companies and countries in responding to fierce competition. The high-tech industry is an industry that focuses on strengthening R&D to obtain high technology. It is an important part of China's economic transformation and construction of an innovative country. Enhancing the technological innovation capability of high-tech companies has a important significance. on innovation strategies for companies and even entire countries. In the environment of gradual depletion of resources, an increasingly complex market environment, and the country’s vigorous advocacy of entrepreneurial innovation, innovation has been promoted to the company’s strategic level. At the same time, companies are also in dire need of more diversified knowledge reserves and stricter supervision to ensure the rationality of the decision. R&D activities have the characteristics of large investment, long duration, and high yield uncertainty. Expensive R&D expenditures reduce current profits. Innovation output and innovation investment are not proportional to each other, and there are information asymmetry between shareholders and managers. That will reduce managers' investment willingness. Based on the above considerations, this paper assumes that the independent director, as an independent third party in the board of directors, can give full play to his professional knowledge and experience, can guide the company's R&D activities, and can supervise and print the irrationalities in the R&D decision-making. First of all, this article reviews R&D investment, and the relationship between the independent director and high-tech companies' innovative R&D investment, and the relationship between institutional environment and high-tech innovation R&D investment. Based on this, it is deduced how the independence of the board of directors affects the theoretical path of technological innovation of high-tech enterprises and the regulatory effect of the institutional environment in the relationship between them. Finally, using high-tech enterprises in China from 2012 to 2016 as research samples, conduct empirical design and results analysis, and study the relationship between independence of board of directors and technological innovation of enterprises, and verify whether independent directors can exercise their professional knowledge and skills to supervise management, and finally improve the company's technological innovation capabilities. The research results show that: (1) There is a significant positive correlation between the independence of the board of directors and the high-tech companies' innovation investment and innovation output. That is, improving the independence of the board of directors can promote high-tech companies to carry out innovation activities; (2) The institutional environment has a positive regulatory effect on the relationship between the independence of the board of directors and the technological innovation of the enterprise. That is, improving the institutional environment will help increase the influence of independence of the board of directors on the technological innovation of high-tech enterprises.
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