机构持股比例差异下的分析师乐观评级与高技术企业研发——以A股汽车制造业企业为例的实证研究  

Implications of Analysts'Optimistic Rating for R&D of High-tech Enterprises over the Difference in Proportion of Institutional Ownership:An Empirical Analysis Based on Automotive Enterprises in A Stock

作　　者：端利涛 吕本富 彭赓 Duan Litao;Lv Benfu;Peng Geng(School of Economics and Management,University of Chinese Academy of Sciences,Beijing 100190,China;China Institute for Innovation&Development Strategy,Beijing 100007,China)

机构地区：[1]中国科学院大学经济与管理学院,北京100190 [2]国家创新与发展战略研究会,北京100007

出　　处：《科技管理研究》2021年第13期94-106,共13页Science and Technology Management Research

基　　金：国家自然科学基金重点项目“大数据环境下金融风险传导与防范研究”(71532013);国家自然科学基金面上项目“考虑因应行为的股市多主体行为演化特征与推理方法研究”(71871210)。

摘　　要：基于文献分析,建构机构持股比例差异下分析师乐观评级影响高技术企业研发人力资本存量向研发产出转化过程的理论模型,并使用2011—2017年间A股汽车制造业上市企业样本,结合层次回归和门限回归对相关效应进行检验。实证分析结果在识别研发人力资本存量经由研发支出中介向研发产出转化过程的基础上,揭示机构持股比例较低状态下高技术企业研发支出向研发产出转化过程无法稳定实现的问题,以及机构持股比例较高时分析师乐观评级对高技术企业研发支出向研发产出转化的强化作用。In this paper,based on the literature analysis,we open the"black box"of R&D process,and construct a theoretical model to illustrate how the analysts'optimistic rating will impact the transformation from stock of human capital to R&D output in high-tech companies with different proportions of institutional ownership.Then,we choose public listed automobile companies in A-share market from 2011 to 2017 as samples.We examined the effects with hierarchical regression and threshold regression.The empirical result verified the identification of transformation from stock of human capital to R&D output through R&D input.Also,it indicated that the R&D input cannot be steadily transformed into R&D output when proportion of institutional ownership is low;furthermore,when proportion of institutional ownership is high,analysts'optimistic rating would strengthen the transformation from R&D input to R&D output.

关 键 词：高技术企业 研发过程 分析师评级 机构投资者持股 股票交易市场 

分 类 号：F273.1[经济管理—企业管理] F812.45[经济管理—国民经济]