【摘要】：隨著全球經(jīng)濟一體化形勢的加劇,企業(yè)之間的競爭日益激烈,企業(yè)的壽命越來越短暫,因此如何保持公司持續(xù)發(fā)展和不斷成長是企業(yè)首要考慮的問題�？萍紕�(chuàng)新是驅(qū)動企業(yè)成長的重要因素,研發(fā)活動對于企業(yè)的生存和發(fā)展具有重要意義。創(chuàng)業(yè)板上市公司具有高科技的特點,更需要進行研發(fā)活動來創(chuàng)新企業(yè)的核心技術(shù),獲得核心競爭力使企業(yè)長久發(fā)展。研發(fā)活動具有投入大、風(fēng)險高和回報期長等特點,需要公司的經(jīng)營管理層進行研發(fā)決策和過程的推動,以保證研發(fā)投入產(chǎn)生良好的效果。董事會是公司的經(jīng)營決策和業(yè)務(wù)執(zhí)行機構(gòu),技術(shù)董事的專業(yè)知識和工作經(jīng)驗將會影響到企業(yè)的研發(fā)活動。因此研究研發(fā)投入、技術(shù)董事與公司成長性之間的關(guān)系,對創(chuàng)業(yè)板上市公司的成長具有重要意義。本文以研發(fā)投入與公司成長性的關(guān)系為研究主線,探究了研發(fā)投入對于公司成長性的促進作用、滯后效應(yīng)以及階段性影響,然后在此基礎(chǔ)上加入技術(shù)董事變量,探究技術(shù)董事對于研發(fā)投入與公司成長性關(guān)系的調(diào)節(jié)作用。通過對已有研究文獻的總結(jié),對相關(guān)概念進行界定,結(jié)合理論分析提出研究假設(shè),選取2013-2015年的371家創(chuàng)業(yè)板上市公司作為研究樣本,用主成分分析法衡量公司成長性,構(gòu)建研究模型,運用EXCEL、SPSS和R軟件進行實證分析。實證研究發(fā)現(xiàn):研發(fā)投入對公司成長性具有正向促進作用;研發(fā)投入對公司成長性的影響具有滯后效應(yīng),并且在研發(fā)投入后的第二年對公司成長性促進作用最強;不同成長階段的公司,研發(fā)投入對公司的促進作用不同,處于高成長階段的公司,研發(fā)投入的促進作用更強;技術(shù)董事、技術(shù)獨立董事與技術(shù)董事的受教育水平在研發(fā)投入與公司成長性的關(guān)系中起到正向調(diào)節(jié)作用,技術(shù)董事的年齡起到負向調(diào)節(jié)作用。最后根據(jù)實證結(jié)果,對研發(fā)投入和董事會制度提出建議:創(chuàng)業(yè)板上市公司提高創(chuàng)新意識,增強研發(fā)投入提高創(chuàng)新能力,合理規(guī)劃研發(fā)投入;完善董事會人員構(gòu)成,引入有技術(shù)背景的專業(yè)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.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F273.1;F271

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