本文選題：董事會治理 + 研發(fā)投入��； 參考：《山東大學(xué)》2017年碩士論文

【摘要】：近幾年來,國務(wù)院指出要大力發(fā)展戰(zhàn)略性新興產(chǎn)業(yè),構(gòu)建現(xiàn)代產(chǎn)業(yè)新體系。因此,研究戰(zhàn)略性新興產(chǎn)業(yè)上市公司具有揭示和預(yù)測中國市場經(jīng)濟(jì)發(fā)展?fàn)顩r的前瞻性。對于上市公司而言,為了提高公司成長能力以吸引更多的投資者,必然要關(guān)注治理狀況的改善、科學(xué)決策機(jī)制的完善等問題。公司成長是董事會治理績效直接而有效的反應(yīng),良好的董事會治理必然與公司持續(xù)健康的發(fā)展相聯(lián)系。從這個意義上講,本文關(guān)于董事會治理與公司成長的研究選題具有重要的理論價值和現(xiàn)實意義。本文依據(jù)資源依賴?yán)碚摗⑽写砝碚摵推髽I(yè)成長理論,在綜述國內(nèi)外相關(guān)文獻(xiàn)的基礎(chǔ)上結(jié)合實證研究方法,共提出11個假設(shè),以研究董事會結(jié)構(gòu)、研發(fā)投入對戰(zhàn)略性新興產(chǎn)業(yè)上市公司成長的影響機(jī)制。本文選取滬深兩市A股2009年到2015年共144家戰(zhàn)略性新興產(chǎn)業(yè)上市公司為樣本,運(yùn)用stata軟件進(jìn)行實證研究。結(jié)果顯示:(1)董事會規(guī)模與研發(fā)投入強(qiáng)度呈顯著的正相關(guān)關(guān)系;兩職分設(shè)的領(lǐng)導(dǎo)權(quán)結(jié)構(gòu)與研發(fā)投入強(qiáng)度呈顯著的正相關(guān)關(guān)系。(2)獨立董事比例與公司成長呈顯著的負(fù)相關(guān)關(guān)系,兩職分設(shè)的領(lǐng)導(dǎo)權(quán)結(jié)構(gòu)與公司成長呈顯著的正相關(guān)關(guān)系。(3)研發(fā)投入強(qiáng)度在兩職分設(shè)的領(lǐng)導(dǎo)權(quán)結(jié)構(gòu)與公司成長之間的完全中介作用,即兩職分設(shè)的領(lǐng)導(dǎo)權(quán)結(jié)構(gòu)通過影響研發(fā)投入強(qiáng)度間接影響公司成長。(4)營銷投入強(qiáng)度正向調(diào)節(jié)研發(fā)投入強(qiáng)度對公司成長的影響,即營銷投入與研發(fā)投入的交互作用有利于上市公司的成長。最后,本文根據(jù)數(shù)據(jù)運(yùn)行結(jié)果提出了相應(yīng)的對策建議。本文的創(chuàng)新之處在于:(1)建立了董事會結(jié)構(gòu)—研發(fā)投入—公司成長的中介效應(yīng)模型,豐富了現(xiàn)有關(guān)于董事會治理的理論研究。基于投入—過程—產(chǎn)出視角,董事會結(jié)構(gòu)可以被看作是一種董事團(tuán)體使用人力資本進(jìn)行的投入,通過董事會研發(fā)投入決策影響經(jīng)營管理(過程),進(jìn)而提高公司的競爭地位和成長能力(產(chǎn)出)。本文建立了研發(fā)投入對董事會結(jié)構(gòu)與公司成長之間關(guān)系的中介作用模型,探究了董事會通過作出投資決策來提高公司價值這一運(yùn)作過程,豐富了現(xiàn)有"結(jié)構(gòu)—行為—績效"邏輯結(jié)構(gòu)的相關(guān)研究。(2)構(gòu)建了營銷投入對研發(fā)投入與公司成長之間關(guān)系的調(diào)節(jié)作用模型,明晰了營銷投入對研發(fā)投入績效的作用機(jī)理。本文將營銷投入和研發(fā)投入同時引入影響戰(zhàn)略性新興產(chǎn)業(yè)上市公司成長機(jī)制模型當(dāng)中,驗證了營銷投入對研發(fā)投入與上市公司成長之間的正向調(diào)節(jié)作用,驗證了營銷投入與研發(fā)投入的交互作用有利于提高公司成長能力這一結(jié)論,豐富了現(xiàn)有關(guān)于投資決策的理論研究,為理解營銷投資決策對研發(fā)投資決策與公司成長關(guān)系的促進(jìn)作用提供經(jīng)驗證據(jù)。
[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.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F271;F273.1;F274

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