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中文摘要：
以2004~2008年连续披露R＆D支出的制造业和高新技术业上市公司的样本数据,采用门槛面板模型对董事会规模与企业R＆D行为之间的关系进行了研究,结果表明,董事会规模与企业R＆D投资之间表现为存在双门槛值（6.5和10.5）的非线性关系,考虑到董事会人数若为偶数,股东大会上的投票可能会出现半数对半数投票结果而可能引发的僵持状态,研究认为最佳的董事会规模应为7人或者9人。研究同时还发现,董事会中独立董事所占比例的增加对改善企业的R＆D投资决策未起到明显效果,独立董事的＂花瓶＂现象仍普遍存在。
英文摘要：
Base on panel data of manufacturing and high--tech industry companies who discourse R＆D expenditure in financial statements from 2004 to 2008, this paper studies the relationship between board sizes and R＆D expending behavior by using the threshold model that Hansen proposed in 1999. The results show that there will be a ＂dual--threshold values（6.5 and 10.5 ）＂ non--linear relationship between board sizes and corporate R＆D expendi- ture. If the number of directors is even, board meetings may be deadlocked. The study suggests that the best board size should be 7 or 9. The results also show that percentage of independent directors on the Board play no effects to improve corporate R＆D investment decisions.
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