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以2004~2008年连续披露R&D支出的制造业和高新技术业上市公司的样本数据,采用门槛面板模型对董事会规模与企业R&D行为之间的关系进行了研究,结果表明,董事会规模与企业R&D投资之间表现为存在双门槛值(6.5和10.5)的非线性关系,考虑到董事会人数若为偶数,股东大会上的投票可能会出现半数对半数投票结果而可能引发的僵持状态,研究认为最佳的董事会规模应为7人或者9人。研究同时还发现,董事会中独立董事所占比例的增加对改善企业的R&D投资决策未起到明显效果,独立董事的“花瓶”现象仍普遍存在。
Based on the sample data of listed manufacturing companies and hi-tech listed companies that continuously disclose R & D expenditures from 2004 to 2008, this paper studies the relationship between board size and firm R & D behavior using threshold panel model. The results show that the relationship between board size and firm R & D investment (6.5 and 10.5). Considering that the number of board members is even, there may be a stalemate of half of the votes cast at the shareholders’ meeting due to possible result of the half-vote, and the research finds that it is the best The size of the board should be 7 or 9 people. The study also found that the increase in the proportion of independent directors in the board of directors has not had a significant effect on improving R & D investment decisions, and the “vase” phenomenon still prevails among independent directors.