政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/140724
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文筆數/總筆數 : 113313/144292 (79%)
造訪人次 : 50944406      線上人數 : 898
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜尋範圍 查詢小技巧：
  • 您可在西文檢索詞彙前後加上"雙引號"，以獲取較精準的檢索結果
  • 若欲以作者姓名搜尋，建議至進階搜尋限定作者欄位，可獲得較完整資料
    •  進階搜尋


    請使用永久網址來引用或連結此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/140724


    題名: 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
    作者: 莊麒霖
    Chuang, Chi-Lin
    貢獻者: 傅浚映
    Fu, Jyun-Ying
    莊麒霖
    Chuang, Chi-Lin
    關鍵詞: 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
    日期: 2022
    上傳時間: 2022-07-01 16:34:07 (UTC+8)
    摘要: 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.
    參考文獻: 上海證券交易所研究中心 (2005)。中國公司治理報告:民營上市公司治理。復旦大學出版社。
    上海證券交易所資本市場研究所 (2013)。中國公司治理報告:股東回報與公司治理。上海人民出版社。
    中宏決策 (2001)。關於在上市公司建立獨立董事制度的指導意見。中國宏觀經濟政策報告，2001 年第九期。
    中國證券監督管理委員會 (2019)。《上市公司治理準則》。國務院公報，2019 年第四號。
    中國證券監督管理委員會 (2022)。《上市公司獨立董事規則》。證監會公告[2022] 14 號。
    中華工商時報 (2012)。中國「世界工廠」地位面臨嚴峻考驗。人民網。
    中華人民共和國中央人民政府 (2001)。上市公司股東大會規範意見。國務院公報，2001 年第八號。
    台灣證券交易所 (2018)。日本證券市場相關制度。台灣證券交易所。
    白重恩、劉俏、陸洲、宋敏與張俊喜 (2005)。中國上市公司治理結構的實證研究。經濟研究，第二期:81-91。
    吳立信 (2006)。中國公司治理制度現況探討與比較。證券期貨局。
    林嬋娟與張哲嘉 (2009)。董監事異常變動、家族企業與企業舞弊之關聯性。會計評論，第四十八期:1-33。
    洪晏東 (2016)。以股權結構觀點探討代理理論與創新投資之關聯性。國立政治大學會計學系碩士論文，台北市。
    唐清泉、羅黨論與王莉 (2006)。上市公司獨立董事辭職行為研究--基於前景理論的分析。南開管理評論，第九期:74-83。
    高上洋 (2019)。獨立董事辭職與市場反應之研究。國立政治大學會計學系碩士論文，台北市。
    國家市場監督管理總局 (2019)。中華人民共和國公司法。國家市場監督管理總局政務政府信息公開網頁。
    國家市場監督管理總局 (2021)。中華人民共和國證券法。國家市場監督管理總局政務政府信息公開網頁。
    習近平時代 (2016)。用創新革命引領中國經濟新常態，中國共產黨新聞網。
    麥潤田 (2014)。東協公司治理計分卡。社團法人中華公司治理協會。
    傅浚映 (2021)。中國上市公司的創新績效：政治鑲嵌的理論視角。管理學報，第
    三十八卷第一期：23-53。
    葉銀華、李存修與柯承恩 (2002)。公司治理與評等系統，商智文化。
    劉昌黎 (2002)。論中國世界工廠及其對策。中國工業經濟，第十期：43-50。
    德勤中國 (2022)。解決方案：治理概況。德勤公司治理中心。
    鄭伊婷與王建文 (2015)。世界公司治理評鑑制度介紹。台灣證券交易所，第638期：25-29。
    Agrawal, A., & Chadha, S. (2005). Corporate Governance and Accounting Scandals. The Journal of Law and Economics, 48(2): 371-406.
    Anderson, G. M., & Chun, D. (2014). How Much Board Turnover Is Best? Harvard Business Review, 92(4): 26.
    Asthama, S., & Balsam, S. (2007). Determinants of Outside Director Turnover. Working Paper, The University of Texas at San Antonio.
    Bar-Hava, K. et al. (2014). Do Outside Directors Tell the Truth, the Whole Truth, and Nothing but the Truth When They Resign? Working Paper. Singapore Management University.
    Boeing, P. (2016). The allocation and effectiveness of China’s R&D subsidies-Evidence from listed firms. Research Policy, 45(9): 1774-1789.
    Borokhovich, K. A. et al. (1996). Outside Directors and CEO Selection: The Journal of Financial and Quantitative Analysis, 31(3): 337-355.
    Chakraborty, A. et al. (2014). Antitakeover provisions, managerial entrenchment and firm innovation. Journal of Economics and Business, 72: 30-43.
    Chen, G. et al. (2005). Conflict management for effective top management teams and innovation in China. Journal of Management Studies, 42(2): 277-300.
    Cheng, C. C. (2020). Sustainability orientation, green supplier involvement, and green innovation performance: Evidence from diversifying green entrants. Journal of Business Ethics, 161(2): 393-414.
    Choi, S. B. et al. (2011). Ownership and firm innovation in a transition economy:
    Evidence from China. Research Policy, 40(3): 441-452.
    Dai, Y. et al. (2019). The direct and indirect impact of gender diversity in new venture teams on innovation performance. Entrepreneurship Theory and Practice, 43(3): 505-528.
    Damanpour, F. (1991). Organizational Innovation: A Meta-analysis of Effects of Determinants and Moderators. Academy of Management Journal, 34: 555-590.
    Damanpour, F. (1992). Organizational size and innovation. Organization Studies, 13(3): 375-402.
    Dewally, M., & Peck, S. W. (2010). Upheaval in the Boardroom: Outside Director Public Resignations, Motivations, and Consequences. Journal of Corporate Finance, 16: 38-52.
    Drucker, P. F. (1985). The Discipline of Innovation. Harvard Business Review, 63(3): 62-72.
    Fahlenbrach, R. et al. (2014). The Dark Side of Outside Directors: Do They Quit Ahead of Trouble? Working Paper. Dice Center WP.
    Fang, E. (2011). The effect of strategic alliance knowledge complementarity on new product innovativeness in China. Organization Science, 22(1): 158-172.
    Fu, W. et al. (2013). Interactive learning, informal networks and innovation: Evidence from electronics firm survey in the Pearl River Delta, China. Research Policy,
    42(3): 635-646.
    Gao, Y. et al. (2017). Go Before the Whistle Blows: an Empirical Analysis of Director Turnover and Financial Fraud. Springer Science, 22(1): 320-360.
    Gao, Y. et al. (2021). Can public R&D subsidy facilitate firms’ exploratory innovation? The heterogeneous effects between central and local subsidy programs. Research Policy, 50(4): 104221.
    Guan, J. C. et al. (2009). Innovation strategy and performance during economic transition: Evidences in Beijing, China. Research Policy, 38(5): 802-812.
    Guan, J., & Yam, R. C. M. (2015). Effects of government financial incentives on firms’ innovation performance in China: Evidences from Beijing in the 1990s. Research Policy, 44(1): 273-282.
    Guo, D. et al. (2016). Government-subsidized R&D and firm innovation: Evidence from China. Research Policy, 45(6): 1129-1144.
    Gupta, M., & Fields, L. P. (2009). Board Independence and Corporate Governance: Evidence from Director Resignations. Journal of Business Finance & Accounting, 36(1-2): 161-184.
    He, W., & Shen, R. (2019). ISO 14001 certification and corporate technological innovation: Evidence from Chinese firms. Journal of Business Ethics, 158(1): 97-117.
    Hermalin, B. E., & Weisbach, M. S. (1988). The Determinants of Board Composition. The RAND Journal of Economics, 19(4): 589-606.
    Howell, A. (2016). Firm R&D, innovation and easing financial constraints in China: Does corporate tax reform matter? Research Policy, 45(10): 1996-2007.
    Huang, K. G., & Li, J. (2019). Adopting knowledge from reverse innovations? Transnational patents and signaling from an emerging economy. Journal of International Business Studies, 50(7): 1078-1102.
    Huang, K. G. L. et al. (2017). Institutional regime shift in intellectual property rights and innovation strategies of firms in China. Organization Science, 28(2): 355-377.
    Jensen, M. C., & Meckling, W. H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4): 305-360.
    Jia, N. et al. (2019). Public governance, corporate governance, and firm innovation: An examination of state-owned enterprises. Academy of Management Journal, 62(1): 220-247.
    Jiang, W. et al. (2020). Stakeholder relationship capability and firm innovation: A contingent analysis. Journal of Business Ethics, 167(1): 111-125.
    Johnson, J. et al. (1996). Boards of directors: A review and research agenda. Journal of Management, 22(1): 409-438.
    Kafouros, M. et al. (2015). Academic collaborations and firm innovation performance in China: The role of region-specific institutions. Research Policy, 44(3): 803-817.
    Kesner, I., & Dalton, D. (1994). Top management turnover and CEO successions: An investigation of the effects of turnover on performance. Journal of Management Studies, 31(1): 701-713.
    Kotabe, M. et al. (2017). Examining the complementary effect of political networking capability with absorptive capacity on the innovative performance of emerging-market firms. Journal of Management, 43(4): 1131-1156.
    Li, H., & Atuahene‐Gima, K. (2002). The adoption of agency business activity, product innovation, and performance in Chinese technology ventures. Strategic Management Journal, 23(6): 469-490.
    Li, M., & Yang, J. (2019). Effects of CEO duality and tenure on innovation. Journal of Strategy and Management, 12(4): 536-552.
    Liang, X., & Liu, A. M. M. (2018). The evolution of government sponsored collaboration network and its impact on innovation: A bibliometric analysis in the Chinese solar PV sector. Research Policy, 47(7): 1295-1308.
    Liu, G. A. et al. (2021). State governance and technological innovation in emerging economies: State-owned enterprise restructuration and institutional logic dissonance in China’s high-speed train sector. Journal of International Business Studies, 52(4), 621-645.
    Liu, X., & Buck, T. (2007). Innovation performance and channels for international technology spillovers: Evidence from Chinese high-tech industries. Research Policy, 36(3): 355-366.
    Liu, X. et al. (2010a). Returnee entrepreneurs, knowledge spillovers and innovation in high-tech firms in emerging economies. Journal of International Business Studies, 41(7): 1183-1197.
    Liu, X. et al. (2010b). Human mobility and international knowledge spillovers: evidence from high‐tech small and medium enterprises in an emerging market. Strategic Entrepreneurship Journal, 4(4): 340-355.
    Lu, F. et al. (2022). Political tie hot potato: The contingent effect of China’s anti-corruption policy on cash and innovation. Research Policy, 51(4): 104476.
    Mankin. E. (2007). Measuring Innovation Performance. Research Technology Management, 50(6): 5-7.
    Marcel, J. J. et al. (2013). Are Disruptive CEO Successions Viewed as a Governance Lapse? Evidence From Board Turnover. Journal of Management, 43(5): 1313-1334.
    McKinsey & Company (2000). McKinsey Investor Opinion Survey June 2000. McKinsey & Company.
    Motohashi, K., & Yun, X. (2007). China’s innovation system reform and growing industry and science linkages. Research Policy, 36(8): 1251-1260.
    OECD. (1997). The Measurement of Scientific and Technological Activities. Paris: The Oslo Manual.
    OECD. (2014). OECD Science, Technology and Industry Outlook. OECD Publishing.
    OECD. (2015a). Corporate Governance Factbook 2021. Organisation for Economic Co-operation and Development.
    OECD. (2015b). OECD Guidelines on Corporate Governance of State-Owned Enterprises, 2015 Edition. Organisation for Economic Co-operation and Development.
    OECD. (2021). G20/OECD Principles of Corporate Governance. Organisation for Economic Co-operation and Development.
    Ozer, M., & Zhang, W. (2015). The effects of geographic and network ties on exploitative and exploratory product innovation. Strategic Management Journal, 36(7): 1105-1114.
    Phi, N. T. M. et al. (2019). Performance Differential Between Private and State-owned Enterprises: An Analysis of Profitability and Leverage. Working Paper. Asian Development Bank Institute.
    Piperopoulos, P. et al. (2018). Outward FDI, location choices and innovation performance of emerging market enterprises. Research Policy, 47(1): 232-240.
    Porter, M. E. (1990). The Competitive Advantage of Nations. Harvard Business Review, 68(2): 73-93.
    Qian, C. et al. (2013). Top management team functional diversity and organizational innovation in China: The moderating effects of environment. Strategic Management Journal, 34(1): 110-120.
    Rong, Z. et al. (2017). The effect of institutional ownership on firm innovation: Evidence from Chinese listed firms. Research Policy, 46(9): 1533-1551.
    Sahut, J. M., & Peris, O. M. (2014). Small Business, Innovation, and Entrepreneurship. Small Bus Econ, 42(1): 663-668.
    Schumpeter, J. (1934). The Theory of Economic Development. Harvard University Press.
    Shen, W., & Cannella, A. (2002). Revisiting the performance consequences of CEO succession: The impacts of successor type, postsuccession senior executive turnover and departing CEO tenure. Academy of Management Journal, 45(1): 717-733.
    Shu, C. et al. (2016). How green management influences product innovation in China: The role of institutional benefits. Journal of Business Ethics, 133(3): 471-485.
    Sun, P. et al. (2021). Partnering with Leviathan: The politics of innovation in foreign-host-state joint ventures. Journal of International Business Studies, 52(4): 595-620.
    Tan, Y. et al. (2022). Population ageing, labour market rigidity and corporate innovation: Evidence from China. Research Policy, 51(2): 104428.
    Tang, Y. et al. (2015). What I see, what I do: How executive hubris affects firm innovation. Journal of Management, 41(6): 1698-1723.
    Teece, D. J. et al. (1997). Dynamic Capabilities and Strategic Management. Strategic Management Journal, 18(7): 509-533.
    Tong, L. et al. (2018). Employee protection and corporate innovation: empirical evidence from China. Journal of Business Ethics, 153(2): 569-589.
    Tse, C. H. et al. (2017). A multimediation model of learning by exporting: Analysis of export-induced productivity gains. Journal of Management, 43(7): 2118-2146.
    Wang, Y. et al. (2017). Firm performance and state innovation funding: Evidence from China’s Innofund program. Research Policy, 46(6): 1142-1161.
    Wu, J. et al. (2016). Entrepreneurial finance and innovation: Informal debt as an empirical case. Strategic Entrepreneurship Journal, 10(3): 257-273.
    Wu, Se-hua. (2013). The Third Industrial Innovation Survey in Taiwan Area. Center for Survey Research, Research Center for Humanities and Social Sciences.
    Xia, T., & Liu, X. (2017). Foreign competition, domestic competition and innovation in Chinese private high- tech new ventures. Journal of International Business Studies, 48(6): 716-739.
    Xie, Z., & Li, J. (2018). Exporting and innovating among emerging market firms: The moderating role of institutional development. Journal of International BusinessStudies, 49(2): 222-245.
    Xie, L. et al. (2020). Gender diversity in R&D teams and innovation efficiency: Role of the innovation context. Research Policy, 49(1): 103885.
    Xie, X. et al. (2019). Corruption and new product innovation: Examining firms’ ethical dilemmas in transition economies. Journal of Business Ethics, 160(1): 107-125.
    Yam, R. C. M. et al. (2004). An audit of technological innovation capabilities in Chinese firms: some empirical findings in Beijing, China. Research Policy, 33(8): 1123-1140.
    Yang, D. et al. (2019). Environmental strategy, institutional force, and innovation capability: A managerial cognition perspective. Journal of Business Ethics,
    159(4): 1147-1161.
    Yao, N. C. et al. (2022). The bright and dark sides of institutional intermediaries: Industry associations and small-firm innovation. Research Policy, 51(1): 104370.
    Yiu, D. W. et al. (2014). Dueling institutional logics and the effect on strategic entrepreneurship in Chinese business groups. Strategic Entrepreneurship Journal, 8(3): 195-213.
    Zhang, Y., & Li, H. (2010). Innovation search of new ventures in a technology cluster: the role of ties with service intermediaries. Strategic Management Journal, 31(1): 88-109.
    Zhang, J. et al. (2019). Reconciling the dilemma of knowledge sharing: A network pluralism framework of firms’ R&D alliance network and innovation performance. Journal of Management, 45(7): 2635-2665.
    Zhou, K. Z. et al. (2017). State ownership and firm innovation in China: An integrated view of institutional and efficiency logics. Administrative Science Quarterly, 62(2): 375-404.
    Zhou, K. Z., & Li, C. B. (2012). How knowledge affects radical innovation: Knowledge base, market knowledge acquisition, and internal knowledge sharing. Strategic Management Journal, 33(9):1090-1102.
    Zhou, C., & Li, J. (2008). Product innovation in emerging market-based international joint ventures: An organizational ecology perspective. Journal of International Business Studies, 39(7): 1114-1132.
    Zhou, K. Z., & Wu, F. (2010). Technological capability, strategic flexibility, and product innovation. Strategic Management Journal, 31(5): 547-561.
    描述: 碩士
    國立政治大學
    企業管理研究所(MBA學位學程)
    109363012
    資料來源: http://thesis.lib.nccu.edu.tw/record/#G0109363012
    資料類型: thesis
    DOI: 10.6814/NCCU202200513
    顯示於類別:[企業管理研究所（MBA學位學程）] 學位論文

    文件中的檔案:

    檔案 描述 大小格式瀏覽次數
    301201.pdf1325KbAdobe PDF20檢視/開啟


    在政大典藏中所有的資料項目都受到原著作權保護.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回饋