R&D and Corporate Value: the Moderating Effect of Board Operation

摘要：

With the data of 634 listed manufacturing firms from 2004 to 2007 in China, this paper investigates the moderating effect of Board operation between R&D expenditure and corporate value by multiadjustment regression model. The result shows that; R&D expenditure has a positive correlation to corporate value; Board size has a negative effect between R&D expenditure and corporate value; R&D impact on corporate value will turn weak with Board meetings increasing; R&D expenditure is the more important to corporate value than company size; R&D impact on corporate value has industry-based differences from manufacturing industries.

关键词： R&D expenditure board operation corporate value Chinese listed companies

作者: HE Qiang CHEN Song

作者单位: Business School, University of Shanghai for Science and Technology, P. R. China School of Economics School of Economics and Management, Tongji University, P. R. China

会议类型: 国际会议

会议名称: Shanghai Conference on Management of Technology(2010上海技术管理研讨会 MOT2010)(第七届中国技术管理学术年会)

会议地点: 上海

会议语种:英文

页码: 44-49

在线出版日期: 2010-06-19（万方平台首次上网日期，不代表论文的发表时间）