摘 要 高校上市公司作为科研、人才与资本市场的结合体，是我国技术创新系统的重要参与者。研发作为企业创新的来源，是企业在开发新产品、实施差异化和产品创新方面的重要投入，对于不断提高企业竞争优势至关重要。研发投资代表着创新对于企业在战略上的重要性，是一项风险型决策，会受到董事会的影响。作为企业研发决策主体，董事会构成的异质性影响了企业研发支出。基于组织理论，当组织战略与冗余资源相匹配时，研发决策才能发挥最大的作用。因此，本文主要研究高校上市公司董事会异质性如何影响研发支出，以及组织冗余在其中的调节效应。 本文在文献梳理的基础上，构建了高校上市公司“董事会异质性—组织冗余—研发支出”的概念模型。同时，结合相关理论提出了相应的研究假设，选取2012—2016年高校上市公司的经验数据，运用统计软件SPSS22.0回归分析进行了实证检验。通过研究主要得出以下结论：第一，董事会年龄异质性越大，企业研发支出越多；第二，董事会性别异质性越大，企业研发支出越多；第三，董事会学历水平异质性越小，企业研发支出越多；第四，董事会学术背景异质性越大，企业研发支出越多；第五，董事会职业背景异质性对研发支出无显著影响；第六，组织冗余程度越高，董事会异质性对研发支出的影响越强。因此，为促进企业作出科学合理的研发决策，加大研发支出，企业应着重优化董事会人员构成及遴选机制，从董事会整体的异质性角度考察人员配置问题，综合甄别内外部环境、资源丰裕度等因素，通过有效利用组织冗余，使得研发支出更加理性。本文的结论对于上市公司规范和完善董事会制度、制定科学的研发决策以及提升自主创新能力具有一定的理论指导作用。

ABSTRACT As a combination of scientific research, talents and capital markets, listed companies of colleges and universities are important participants in China’s technological innovation system. R&D, as a source of corporate innovation, is an important input for companies in developing new products, implementing differentiation and innovation. It is crucial to improve the competitive advantage of the company. R&D investment represents the strategic importance of innovation for the company. It is a risk-based decision and will be influenced by the board of directors. As the subject of corporate R&D decision, the heterogeneity of the board of directors influences the R&D expenditure of the company. Based on organizational theory, R&D decision-making can play its ultimate role when the organizational strategy is matched with redundant resources. Therefore, this paper mainly studies how the heterogeneity of the board of directors of listed companies in universities affects R&D expenditures and the regulatory effect of organizational redundancy. Based on the literature review, this paper constructs a conceptual model of “Board Heterogeneity-Organization Redundancy-R&D Expenditures” of listed companies in colleges and universities. Moreover, it proposes corresponding research hypotheses based on related theories to select the empirical date of listed companies in colleges and universities from 2012 to 2016. Furthermore, we use the statistical software SPSS22.0 regression analysis to test the empirical date. Through the research, the main conclusions are as follows: First, the greater the age heterogeneity of the board of directors, the more R&D expenditures of the company; Second, the greater the gender heterogeneity of the board of directors, the more R&D expenditures of the company; Third, the smaller of the level of qualifications of the board of directors, the more R&D expenditures. Fourth, the greater the academic background heterogeneity of the board of directors, the more R&D expenditures; Fifth, the board’s professional background heterogeneity has no significant impact on R&D expenditures; Sixth, the higher the degree, the greater the influence of board heterogeneity on corporate R&D expenditures. Therefore, in order to encourage enterprises to make scientific and rational R&D decisions and increase R&D investment, companies should focus on optimizing the composition and selection mechanism of the board of directors, examining the staffing issues from the overall heterogeneity of the board of directors, and comprehensively identifying internal and external environments and resources and other factors. Thus, we can make R&D expenditures more rational through the effective use of organizational redundancy. The conclusion of this paper has certain theoretical guidance for listed companies to standardize and improve the board of directors system, formulate scientific research and development decisions, and enhance the ability of independent innovation.