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本文利用我国A股上市公司为研究对象,探讨独立董事的学术背景对公司研发投入和产品市场竞争的影响。研究发现,公司学术背景独立董事的多少与上市公司的研发投入和产品市场竞争存在正相关关系,具有学术背景的独立董事在研发投资上不仅存在咨询的作用,也可能起到传递信号的作用。同时,根据“高层梯队理论”(Hambrick&Mason,1984),进一步考察独立董事学术背景的促进作用,发现具有学术背景的独立董事与公司产品市场竞争并不存在持续的线性关系:在高管学术背景较差和较好的公司中,具有学术背景的独立董事的增加反而会降低公司产品市场竞争的能力。总体上,具有学术背景独立董事的增加与产品市场竞争提升的关系呈倒U型。
This article uses the A-share listed companies of our country as the research object, and explores the influence of the independent director’s academic background on the company’s R & D investment and product market competition. The study found that there is a positive correlation between the number of independent directors in academic background of a company and the R & D investment and product market competition of listed companies. Independent directors with academic background not only play an advisory role in R & D investment, but also may play a role in transmitting signals. At the same time, based on Hambrick & Mason’s (1984) study, further examines the role of independent directors in promoting the academic background and finds that there is no continuous linear relationship between independent directors with academic background and the company’s product market competition: Among poorly-performing and better-performing companies, the addition of independent directors with an academic background will instead reduce the company’s ability to compete in the product market. In general, the relationship between the increase of independent directors with academic backgrounds and the enhancement of product market competition is inverted U-shaped.