投资者情绪、研发投资及创新效率——基于理性迎合渠道的研究  

Investor Sentiment, R&D Investment and Innovation Efficiency——Based on the Study of Rational Catering Channel

作　　者：翟淑萍[1] 黄宏斌[1] 何琼枝 

机构地区：[1]天津财经大学商学院,天津300222 [2]天津财经大学理工学院,天津300222

出　　处：《华东经济管理》2017年第12期44-52,共9页East China Economic Management

基　　金：国家自然科学基金青年项目(71502119;71402115)

摘　　要：文章探讨投资者情绪是否通过管理者理性迎合渠道对企业研发投资产生影响,并进一步检验迎合研发投资是否给企业带来了创新效率损失、迎合效应与效率损失产生的具体情境。研究发现:管理者会迎合投资者情绪的高涨增加研发投资,但研发投资的增加未能带来相应的创新成果,即管理层迎合投资者情绪进行的研发投资决策降低了企业创新效率;进一步按照产权性质和高管持股分组的实证结果表明,以上效应只存在于非国有性质和管理者高持股的企业,说明企业性质和高管持股是影响管理者迎合动机的重要因素。研究结论对于上市公司、投资者以及市场监管部门都具有重要的政策涵义。The paper discusses whether investor sentiment affects corporate R&D investment through managers rational catering channel,and further tests whether catering R&D investment brings corporate innovation efficiency loss, and the specific situation generating cater-ing effect and efficiency loss. The study finds that: Managers will cater to the upsurge of investor sentiment and increase R & D invest-ment, but the increase of R & D investment fails to bring the corresponding innovation achievements, namely R & D investment decision tocater to investor sentiment made by the management reduces the innovation efficiency; The empirical results, from further grouping basedon property rights nature and executives shareholding, show that the above effect is only found at non-state-owned and high executivesshareholding enterprises, which illustrates that corporate nature and executives shareholding are important factors affecting the motivationof managers to cater to investor sentiment. The research conclusions have important policy implications for listed companies, investors,and market regulators.

关 键 词：投资者情绪 研发投资 创新效率 迎合渠道 随机前沿模型 

分 类 号：F272.2[经济管理—企业管理] F275[经济管理—国民经济]