Research on the Influence of Board Governance on Enterprise Value - Mediating Effect based on RD Investment of Listed Energy Companies

摘要

In order to promote energy enterprises to straighten out the board governance mechanism and ensure the standardization and modernization of enterprise management, based on the data of listed energy companies from 2013 to 2017, this paper studies the influence of board governance on enterprise value and the transmission mechanism of R&D investment from the perspective of R&D investment. The results showed that the size of the board of directors, the number of board meetings and the total annual salary of directors were significantly positively correlated with the enterprise value, while the combination of two positions, the proportion of independent directors and the shareholding of directors were significantly negatively correlated. Research and development investment show partial or complete mediating effect. Based on this, the paper puts forward some Suggestions on how to improve board governance and incentive mechanism, as well as how to coordinate R&D investment to enhance the enterprise value of listed energy companies.