企业作为研发活动的主体，其研发投入的增加对国家整体创新能力的提高 具有重要意义。国内外学者对研发投入的影响因素进行了大量研究，其中冗 余资 源对研发投入的影响引发了广泛关注，对冗余资源与研发投入关系的研究较为 丰富，目前也逐渐开始关注市场竞争、产权保护等外部因素是否会影响冗余资源 与研发投入的 关系，试图将研究内容深入到影响冗余资源作用发挥的因素。而独 立董事制度作为一种重要的公司治理机制对资源的使用效率存在影响，进而影 响冗余资源和研发投入的关系， 但现有研究并未关注独立董事对两者关系的影 响。所以，选取独立董事作为调节变量，研究其对冗余资源与研发投入关系的影 响效果具有重要意义。 本文运用新资源基础观、委 托代理理论、组织理论对独立董事、冗余资源 和研发投入三者间的关系进行理论分析，以我国2012-2018年沪深两市A股上 市公司作为研究样本，构建实证研究模型进行回归分析 ，研究结果表明：（1） 未吸收冗余和已吸收冗余与研发投入均呈正相关关系，且与已吸收冗余相比，未 吸收冗余对研发投入的促进作用更强；（2）独立董事在董事会中占比会 对冗余 资源与研发投入之间的关系发挥正向调节作用，且与已吸收冗余相比，独立董事 对未吸收冗余和研发投入关系的正向调节作用更强。 进一步地，本文研究了产权性质和行 业因素对独立董事、冗余资源和研发 投入三者关系的影响。实证结果表明，在国有企业、非国有企业和制造业企业中， 冗余资源与研发投入有正相关关系，非制造业企业的冗余 资源与研发投入不存 在显著关系。而对于独立董事的调节作用，非国有企业和制造业企业中的独立董 事对冗余资源和研发投入的关系有正向调节作用，国有企业和非制造业企业 的 独立董事无明显调节作用。 研究结论证实了企业的冗余资源能促进研发投入，且独立董事能够正向调 节冗余资源对研发投入的作用。研究结果为冗余资源在企业研发活动中的 积极 作用提供了新的证据，能够帮助企业理性看待冗余资源，理清独立董事、冗余资 源与研发投入这三者间的关系，促进企业积极开展研发活动，提高企业的创新能 力。 关键 词：冗余资源，未吸收冗余，已吸收冗余，研发投入，独立董事 II Abstract As the main body of R&D activities, the increase in R&D investment is of great significance to the improvement of the country's overall innovation capacity. Scholars at home and abroad have done a lot of research on the influencing factors of R&D investment. Among them, the impact of slack resources on R&D investment has attracted widespread attention. The research on the relationship between slack resources and R&D investment is rich. At present, attention has gradually been paid to whether external factors such as market competition and property rights will affect the relationship between slack resources and R&D investment, attempt to dig deeper into the factors affecting the role of slack resources. The outside director system, as an important corporate governance mechanism, has an impact on the efficiency of resource use, which in turn affects the relationship between slack resources and R&D investment. However, existing studies have not focused on the impact of outside directors on the relationship between the two. Therefore, it is of great significance to select outside directors as moderators and study their effect on the relationship between slack resources and R&D investment. This thesis uses the new resource-based view, principal-agent theory, and organization theory to theoretically analyze the relationship between outside directors, slack resources, and R&D investment. Taking Chinese A-share listed companies in Shanghai and Shenzhen in 2012-2018 as a research sample, an empirical research model is constructed for regression analysis. The research result shows that: (1) Unabsorbed slack and absorbed slack have a positive correlation with R&D investment, and compared with absorbed slack, unabsorbed slack promotes R&D investment more strongly; (2) Outside directors in the board proportion will play a positive role in regulating the relationship between slack resources and R&D investment, and outside directors will have a stronger positive role in regulating the relationship between unabsorbed slack and R&D investment compared to absorbed slack. Further, this thesis studies the impact of the nature of property rights and industry factors on the relationship between outside directors, slack resources, and R&D investment. Empirical results show that among state-owned enterprises, non-state- III owned enterprises, and manufacturing enterprises, slack resources have a positive correlation with R&D investment, and non-manufacturing enterprises have no significant relationship with slack resources and R&D investment. Regarding the regulating role of outside directors, the outside directors of non-state-owned enterprises and manufacturing enterprises have a positive regulating effect on the relationship between slack resources and R&D investment. The research conclusions confirm that the slack resources of enterprises can promote R&D investment, and outside directors can positively regulate the role of slack resources on R&D investment. The research results provide new evidence for the positive role of slack resources in corporate R&D activities, can help companies to rationally view slack resources, clarify the relationship between outside directors, slack resources and R&D investment, and promote enterprises actively carry out research and development activities to improve the innovation ability of enterprises. Key words: Slack Resources, Unabsorbed Slack, Absorbed Slack, R&D Investment, Outside Directors IV 目录 摘要 ........................................................................................................................ I Abstract ..................................................................................................................... II 第1章 绪论 ................................................................................................................. 1 1.1 研究目的与意义 ................................................................................................. 1 1.1.1 研究目的 ...................................................................................................... 1 1.1.2 研究意义 ...................................................................................................... 2 1.2 国内外文献综述 ................................................................................................. 3 1.2.1 研发投入的相关研究 .................................................................................. 3 1.2.2 冗余资源的相关研究 .................................................................................. 6 1.2.3 独立董事的相关研究 ................................................................................ 10 1.2.4 独立董事、冗余资源与研发投入关系的相关研究 ................................ 10 1.2.5 文献述评 .................................................................................................... 13 1.3 研究内容与方法 ............................................................................................... 14 1.3.1 研究内容 .................................................................................................... 14 1.3.2 研究方法 .................................................................................................... 14 第2章 相关概念与理论基础 ................................................................................... 17 2.1 相关概念 ........................................................................................................... 17 2.1.1 研发投入 .................................................................................................... 17 2.1.2 冗余资源 .................................................................................................... 17 2.1.3 未吸收冗余 ................................................................................................ 18 2.1.4 已吸收冗余 ................................................................................................ 18 2.2 理论基础 ........................................................................................................... 19 2.2.1