研发投入、独立董事与企业价值

R&D Investment, Independent Directors and Corporate Value

摘要: 本文以我国2016年至2022年中国上市公司为研究对象，探究研发投入和独立董事占比对企业价值的影响。研究发现：研发投入与企业价值呈现负相关关系，独立董事占比与企业价值呈现负相关关系。但研发投入与独立董事占比的交互项会对企业价值产生积极影响，从而提高企业的整体绩效。在稳健性检验方面，研究采用ROE替换ROA进行分析，结果显示替换后的模型依然稳健，这进一步验证了研究结论的可靠性和稳定性。

Abstract: This paper explores the effects of R&D investment and the percentage of independent directors on enterprise value with Chinese listed companies from 2016 to 2022 in China. It is found that R&D investment is negatively correlated with enterprise value, and the proportion of independent directors is negatively correlated with enterprise value. However, the interaction term between R&D investment and the percentage of independent directors positively affects enterprise value, thus improving the overall performance of enterprises. In terms of robustness test, the study uses ROE to replace ROA for analysis, and the results show that the replaced model is still robust, which further validates the reliability and stability of the findings.