企业生命周期视角下互联网公司股票流动性对研发投入的影响  

The Impact of Stock Liquidity on R&D Investment of Internet Companies from the Perspective of Enterprise Life Cycle

作　　者：李延军[1] 李孝文 王诗惠 Li Yanjun;Li Xiaowen;Wang Shihui(School of Economics and Management,Hebei University of Technology,Tianjin 300401,China;Jinneng Holding Group,Datong 037000,Shanxi,China)

机构地区：[1]河北工业大学经济管理学院,天津300401 [2]晋能控股煤业集团有限公司,山西大同037000

出　　处：《金融发展研究》2022年第2期51-58,共8页Journal Of Financial Development Research

基　　金：国家社会科学基金项目“我国证券流动性风险的影响因素与预警机制研究”(19BGL054)。

摘　　要：本文从企业生命周期这一新的视角下探究互联网公司股票流动性与企业研发投入水平和效率的关系。整体而言,股票流动性对企业研发投入具有显著的正向影响。在企业不同生命周期阶段,股票流动性与互联网企业研发投入之间存在着非线性关系:股票流动性对研发投入水平的影响在初创期与成长期最大,对研发投入效率的影响在成长期最大,两种影响都在衰退期达到最低,表现出周期性规律;相应地,随着股票流动性变化,其对互联网企业研发投入的正向影响在初创期并不明显,但在成熟期和成长期表现为积极的正向影响,随后进入衰退期出现较大起伏和阶段性负向影响。本文研究结果为互联网公司在生命周期不同阶段合理安排研发投入提供参考,帮助互联网公司更有效地进行研发投入的分配和优化。From the new perspective of enterprise life cycle,this paper explores the relationship between the stock liquidity of Internet companies and the level and efficiency of enterprise R&D investment.On the whole,stock liquidity has a significant positive effect on corporate R&D investment.In different life cycle stages of enterprises,There is a non-linear relationship between stock liquidity and R&D investment of Internet companies:the impact of stock liquidity on the level of R&D investment is greatest in the start-up and growth periods,and the impact on the efficiency of R&D investment is greatest in the growth period,and both effects reach their lowest in the decline period,showing a cyclical pattern;accordingly,with the change of stock liquidity,its positive impact on R&D investment of Internet companies is not obvious in the start-up period,but shows a positive positive impact in the maturity and growth periods,followed by large ups and downs and negative phase effects in the decline period.The results of this paper provide a reference for Internet companies to rationalize their R&D investment in different stages of their life cycle,and help them to allocate and optimize their R&D investment more effectively.

关 键 词：企业生命周期 股票流动性 研发投入水平 研发投入效率 随机森林回归 

分 类 号：F830.91[经济管理—金融学]