研发投入是董事会治理提升企业价值的传导机制吗?

摘要

基于代理理论和资源依赖理论相结合的视角,利用2007-2014年间我国沪深两市679家制造业上市公司的强平衡面板数据构建固定效应模型,检验研发投入在董事会治理与企业价值之间的中介效应.检验结果表明:研发投入在董事会规模与企业价值之间起部分中介效应,说明研发投入是董事会治理提升企业价值的一种传导机制,但没有证据表明研发投入在董事会独立性与企业价值之间起中介效应.在此基础上提出相应的政策建议.%Using the strongly balanced panel data of 679 Chinese manufacturing companies listed on Shanghai stock market and Shenzhen stock market between 2007 and 2014,this paper constructs several fixed effects models and investigates the mediating effects of R&D investment on the relation of board governance and firm value from the perspective of an integration of agency theory and resource dependence theory.The empirical results show that R&D investment is a mediator of the effect of board size on firm value,but not a mediator of the effect of board independence on firm value.The results suggest that R&D investment is a transmission mechanism between board governance and firm vale.Some related policy suggestions are put forward in the end.