International Board of Directors, R&D Manipulation and Innovation Performance

Abstract

Abstract: This paper selects A-share listed companies in Shanghai and Shenzhen from 2008 to 2017, and empirically analyzes the relationship between international board of directors, R&D manipulation and innovation performance. The regression results are as follows: (1) International board of directors can help companies to improve their innovation performance; (2) R&D manipulation has a negative impact on the corporate innovation performance. The joining of international directors helps curb the corporate R&D manipulation behavior, and the larger the proportion of international directors, the better the restraining effect on enterprises’ R&D manipulation behavior, thus finally achieving the purpose of improving the innovation performance of the enterprise; (3) Compared with state-owned enterprises, internationalized boards of non-state-owned enterprises are more capable of restraining the corporate R&D manipulation; (4) Further research finds that an internationalized board with R&D background is more capable of restraining research and development manipulation and promoting enterprises to improve their innovation performance.

Key words: International Board of Directors, R&, D Manipulation, Nature of Property Rights, Innovation Performance

摘要： 选取2008年至2017年沪深上市A股企业样本,实证分析了国际化董事会、研发操纵与创新绩效的关系,回归结果显示:(1)国际化董事会能够助力企业提升创新绩效;(2)研发操纵会给企业创新绩效带来消极影响,国际化董事的加盟不仅有助于遏制企业研发操纵行为,而且国际化董事占比越大,对企业研发操纵行为的抑制效果越好,从而最终达到改善企业创新绩效的目的;(3)相比于国企,非国有企业的国际化董事会更能够抑制企业研发操纵行为;(4)进一步研究发现“术业有专攻”,具有研发背景的国际化董事会更能抑制研发操纵,推动企业改善创新绩效。

关键词: :国际化董事会, 研发操纵, 产权性质, 创新绩效

CLC Number:

DING Xiaojun, YANG Xiuzhi, XU Lei. International Board of Directors, R&D Manipulation and Innovation Performance[J]. , 2020, 36(5): 94-103.

丁潇君, 杨秀智, 徐磊. 国际化董事会、研发操纵与创新绩效[J]. 财经论丛, 2020, 36(5): 94-103.

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