摘要
在“关系本位”的传统中国社会中,企业董事会存在以地位为基础的非正式制度,与董事会决策的制定密切相关。本文以2010-2019年中国沪深A股上市公司为研究对象,依托非正式制度下的差序格局,实证检验了企业董事会成员地位差异对企业研发投入的影响。结果显示:企业董事会成员地位差异与企业研发投入显著负相关。进一步研究发现,两者关系在非两职合一企业中更加明显,但不受公司产权性质的影响。本研究基于董事会成员的视角考察企业研发投入的影响因素,有助于提高对董事会成员关系的理解,也为企业如何安排董事会成员的构成提供了有益参考。
In the traditional“relationship-based”Chinese society,the corporate board decision making is closely related to an informal system which is based on the status of board directors.This paper using Chinese A-share listed companies in Shanghai and Shenzhen from 2010 to 2019 as the research object,empirically examines the effect of status differences in corporate board directors on corporate R&D investment by relying on the differential order pattern under the informal system.The results show that differences in the status of corporate board directors are significantly and negatively related to corporate R&D investment.Further study finds that the relationship is more pronounced in non-dual-position firms,but is not affected by the nature of firm’s property rights.This study investigate the influencing factors of corporate R&D investment based on the perspective of board directors,which helps to improve the understanding of the board directors’relationship and provides a useful reference for how companies arrange the composition of board directors.
出处
《会计研究》
CSSCI
北大核心
2022年第10期45-57,共13页
Accounting Research
关键词
董事会
地位差异
研发投入
非正式制度
Board of Directors
Status Differences
R&D Investment
Informal System
