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《R&D Management》 2012-01
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The Impact of Board Capital on R&D Spending——Empirical Evidence from the Listed High-tech Companies in China

ZHOU Jian1,2,REN Shang-hua2,JIN Yuan-yuan1,2,LI Xiao-qing1,2(1.Research Center for Corporate Governance,Nankai University,Tianjin 300071,China; 2.School of Business,Nankai University,Tianjin 300071,China)  
Based on the resource dependence theory,it studies the impacts of board capital on the enterprises RD spending from the aspects of human capital and social capital of directors.After the empirical analysis on the data of listed high-tech companies in China A-share from 2007 to 2009,the results show that boards' education degree,their professional background,their team heterogeneity,ties between the boards and their political resources all are positively related with RD spending.The conclusions can be used to direct the board construction in Chinese firms.
【Fund】: 国家自然科学基金资助项目“中国企业国际化进程中制度转型、战略选择与竞争优势源泉研究”(70872048);; 教育部新世纪优秀人才支持计划资助项目(NCET-08-0302);教育部人文社科重点研究基地重大项目(11JJD630005);; 南开大学“985工程”中国企业管理与制度创新基地资助项目(1050821210)
【CateGory Index】: F273.1;F276.44;F224
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