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| Title: | 獨立董事離職與研發支出：以中國上市公司為例
Independent Director Turnover and R&D Expenses: Evidence from Chinese Listed Firms |
| Authors: | 莊麒霖
Chuang, Chi-Lin |
| Contributors: | 傅浚映
Fu, Jyun-Ying
莊麒霖
Chuang, Chi-Lin |
| Keywords: | 中國企業
公司治理
企業創新
獨立董事辭職
研發支出
國有企業
China
Chinese enterprise
Corporate governance
innovation
independent director turnover
R&D expenses
SOE |
| Date: | 2022 |
| Issue Date: | 2022-07-01 16:34:07 (UTC+8) |
| Abstract: | 創新為企業競爭優勢重要來源，因此需要企業對於研發領域之技術與知識 的長期投資，並根據營運目標擬定經營策略，而董事提供企業資源與專業的背景 知識以利企業做出決策。然而董事離職造成人員流動，公司須重新檢視目標並擬 定策略，為了避免創新過程中的不確定性所帶來的損失，企業可能會暫時減少或 暫停研發支出直到重新確定營運方向。而過去研究也指出獨立董事離職可能暗示 公司財務、營運績效出問題，甚至有潛在弊案，並造成股價下跌，此時企業可能 傾向將資金投入短期投資，而非研發等長期投資以快速緩解財務困境。此外，中 國政府對於國內企業經濟活動影響甚大，提供資源協助提升企業創新表現，而過 去研究發現國有企業與政府的網絡關係更為良好，故可能更容易取得相關資源。 因此本研究認為獨立董事離職可能會降低企業研發支出，且國有企業背景會減少 獨立董事離職對於企業研發支出的影響。本研究以 2009 年至 2017 年上海與深圳 交易所上市之 A 股公司進行分析，而研究結果支持上述假說。本研究主要理論貢 獻有三項。第一，本研究將過去研究整理之 2000 年至 2020 年中國企業創新相關 文獻加入 2021 年與 2022 年之文獻，並根據依變數之創新表現評估方式分類，包 括專利數量與新產品銷售比例，另各自以自變數細分為政府與政策、股權結構、 組織與團隊，以及其它類別;第二，本研究發現獨立董事離職對於企業研發支出 有負向影響;第三，本研發現國有企業背景對於獨立董事離職與研發支出之負向 影響有正調節效果，減弱該負向關係。
Innovation is one of the important sources of competitive advantage, and it requires companies to invest in R&D in the long run. Past research indicates that director turnover may suggest the company’s poor financial performance or potential fraud and that the stock price will fall accordingly. In order to see quick improvements, companies are inclined to make short-term investments instead of long-term ones. In addition, the Chinese government has a great influence on companies’ economic activities; it provides resources to stimulate companies’ innovation, for instance. Past research shows that state-owned enterprises (SOEs) have strong connections with the government, and hence it is easier for them to obtain certain resources. This study therefore suggests that independent director turnover may have a negative effect on R&D expenses and that this effect may become less pronounced in the case of SOEs. This study analyzes Chinese listed firms from 2009 to 2017, and the findings are consistent with our hypotheses. |
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| Description: | 碩士
國立政治大學
企業管理研究所(MBA學位學程)
109363012 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109363012 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202200513 |
| Appears in Collections: | [企業管理研究所（MBA學位學程）] 學位論文
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