CAJ | 학술논문

以2011—2013年我国创业板上市公司数据为研究样本，从董事会治理视角，探讨董事会资本、R＆D投资和企业绩效之间的关系，结果表明，董事会资本对企业绩效、R＆D投资有显著的促进作用。由于董事会资本对R＆D投资战略的影响程度不同，进而导致R＆D投资强度的不同，最终形成了不同的创新结果，直接作用于企业绩效，因此R＆D投资对董事会资本与企业绩效具有中介效应。
이2011—2013년아국창업판상시공사수거위연구양본，종동사회치리시각，탐토동사회자본、R＆D투자화기업적효지간적관계，결과표명，동사회자본대기업적효、R＆D투자유현저적촉진작용。유우동사회자본대R＆D투자전략적영향정도불동，진이도치R＆D투자강도적불동，최종형성료불동적창신결과，직접작용우기업적효，인차R＆D투자대동사회자본여기업적효구유중개효응。
From the perspective of board capital, this article researches the relationship between board capital , R＆D in- vestment and enterprise＇s performance based on the data of China＇s Gem listed companies in 2011 -2013. The results show that the board capital has a significant positive effect on enterprise＇s performance and R＆D investment. The different degrees to which the board capital influences the R＆D investment strategy lead to the differences in the intensity of R＆D and the innova- tion results, which directly affects enterprises＇ performance. Thus the R＆D investment has a mediating effect on the board cap- ital and enterprise＇s performance.