关键词: 技术独董, 研发投入, 女性独董, 地区差异

Abstract: In a knowledge-based economy characterized by knowledge, information and technology, it is difficult for labor-intensive enterprises with highly homogeneous products to cope with the increasingly fierce market competition. These firms can obtain and maintain competitive advantages only through bringing forth new ideas and providing different products and service. R&D is an important element in innovation process and an innovation method with most persistent vitality and imitation costs, which brings sustainable competitive advantages for the enterprises. Therefore, R&D is of great significance to enhance the core competitiveness of enterprises and even to promote the optimizing and upgrading of China′s industrial structure. And the influencing factors of R&D investment have drawn much attention from domestic and foreign researchers. Basing on the Upper Echelons Theory, a lot of studies find that many demographic characteristics have important influence on enterprises′ R&D decisions, such as age, gender, education, tenure, technical experience, political correlation and so on. Because R&D is special and complex, it needs the assistance of professional talents to make full use of the R&D funds. Therefore, technical experience is a key characteristic which affects enterprises′ R&D decisions. Among the research on the influence of the executives′ technical experience on enterprises′ R&D investment, most scholars focus on the technical experience of executives, boards, entrepreneurs or CEOs, while few studies focus on the technical background of independent directors. In fact, the main function of independent directors is to provide professional consulting service for enterprises′ strategic management, using their professional knowledge in legislation, investment, finance and accounting, etc. Therefore, the research on the relationship between independent directors′ technical experience and enterprises′ R&D investment decisions is indispensable. In view of this, this paper attempts to explore the effect of independent directors′ technical expertise on corporate R&D investment. Meanwhile, R&D activities are generally risky and longtime programs, and executives′ different attitudes towards risk lead to different R&D decisions. Compared with male executives, female executives tend to be risk-averse and invest less. Accordingly, this paper further examines the moderating effect of female independent directors on the relationship between technical independent directors and corporate R&D investment. In addition, corporate decisions are also likely to be affected by internal and external environment. Compared with the central and western regions, the east of China is more developed in economy and with better innovation environment, and has more professional talents and financial supports. Therefore, this paper further examines the moderating effect of regional differences on the relationship between technical independent directors and corporate R&D investment. Using A-share listed companies in China′s capital market from 2008 to 2015 as analytical sample, this paper empirically examines the effect of technical independent directors on corporate R&D investment through regression analysis and draws the following conclusions: (1) Technical independent directors improve R&D investment significantly; (2) Technical independent directors′ positive effect on R&D investment significantly weakens as the proportion of females in independent directors increases; and (3) Technical independent directors′ positive effect on R&D investment is greater in firms located in eastern regions than those located in central or western regions. The results indicate that technical independent directors can provide professional guidance and counseling in firms′ R&D activities, but their consultancy function is influenced by the gender of independent directors and regional environments. According to the conclusions, this paper suggests that the professional structure of independent directors should be set up more reasonably and different regions of China should be developed equally, so that enterprises can make full use of independent directors′ consultancy service and the regional differences in the innovation environment of China will be narrowed down.

Key words: technical independent director, R&D investment, female independent director, regional difference