投资者对R&D投人的反应:企业财务状况的信号作用  

Investors' Reaction to R&D Investment:The Signaling Role of Financial Statement

作　　者：栗新[1] 王铁男[1] 郝凡浩 LI Xin WANG Tie-nan HAO Fan-hao(School of Management, Harbin Institute of Technology, Harbin 150001, China)

机构地区：[1]哈尔滨工业大学管理学院,黑龙江哈尔滨150001

出　　处：《中国软科学》2016年第12期121-131,共11页China Soft Science

基　　金：国家自然科学基金重点项目(71031003)

摘　　要：从投资者的视角下,主要研究R&D投入对投资者反应的影响,以及企业财务状况对R&D投入价值评价所起到的信号作用。基于市场信号理论和战略匹配理论,R&D投入被看作是一个具有不确定可信度与质量的信号,作为R&D投入匹配能力的财务状况向投资者发出了有关R&D信号可信度与质量的重要信息,并进一步影响了R&D投入与投资者反应之间的关系。采用2007—2011年医药行业上市公司的数据进行回归分析,研究结果表明:(1)R&D投入是一个积极的正向信号,投资者对该信号产生了显著的正向回应;(2)高发展能力提高了R&D信号的可信度,使得R&D投入与投资者反应之间形成了更强的正向关系;(3)高负债水平降低了R&D信号的可信度,使得R&D投入与投资者反应之间的正向关系变弱;(4)盈利能力并没有影响投资者对R&D信号可信度的判断,因此不存在信号作用。From the perspective of investors, this paper examines the impact of R＆D on investors＇ reaction and the signaling role of financial statement in evaluating the value of R＆D investment. Building on signaling theory and strategic fit theory, R＆D investment is regarded as a signal with uncertainty credibility and quality, this paper propose that financial statements of firms send important signals to the investment community regarding the credibility of R＆D investments, which in turn impact the stock market reaction to R＆D investment. Using data of the listed pharmaceutical firms from 2007 to 2011, this paper finds that： （ 1 ） R＆D investment is a positive signal, investors has a significant positive reaction to this signal ; （ 2 ） a high growth rate will improve the credibility of R＆D signal, leading to a stronger positive relationship between R＆D and investors＇ reaction; （3） a high debt asset ratio will reduce the credibility of R＆D signal, leading to a weaker positive relationship between R＆D investment and investors＇ reaction; （4） This is no evidence that profitability has a signaling role between R＆D investment and investors＇ reaction.

关 键 词：R&D信号 投资者反应 财务状况 信号作用 

分 类 号：F270[经济管理—企业管理]