分析师乐观偏差与企业研发投入——基于利益冲突和信息透明度的实证研究  

Analyst optimism bias and corporate R&D investment:An empirical study based on conflicts of interest and transparency of information

作　　者：董竹 张欣[2] Dong Zhu;Zhang Xin(Research Center for Quantitative Economics,Jilin University,Changchun 130012,Jilin,China;School of Business,Jilin University,Changchun 130012,Jilin,China)

机构地区：[1]吉林大学数量经济研究中心,吉林长春130012 [2]吉林大学商学院,吉林长春130012

出　　处：《科研管理》2022年第7期181-188,共8页Science Research Management

基　　金：教育部哲学社会科学研究重大攻关项目:“资本市场的系统性风险测度与防范体系构建研究”(17JZD016,2017.12—2020.12);教育部人文社会科学重点研究基地重大项目:“新常态下我国资本市场与经济增长的长期协调发展研究”(16JJD790016,2016.11—2020.12)。

摘　　要：利用2007—2017年沪深A股上市公司的数据,本文研究了分析师乐观偏差对企业研发投入的影响,并进一步考察分析师面临的“利益冲突”和企业的信息透明度在其中发挥的作用。研究发现:(1)分析师乐观偏差与企业研发投入之间显著负相关,表明分析师的乐观偏差会抑制企业的研发投入;(2)机构投资者持股比例越高,企业存在再融资行为,分析师乐观偏差与企业研发投入之间的负向关系就越为显著,说明“利益冲突”会加剧两者的关系;(3)企业信息透明度的提高能够缓解分析师乐观偏差对研发投入的负面影响。研究结果对于全面认识分析师在企业创新活动中的影响,以及如何充分发挥分析师作为资本市场信息中介角色的作用具有重要的理论和现实意义。Innovation is the primary driving force behind development.In the current period,China′s scientific and technological innovation has become the focus of world attention.Faced with the squeeze and competition from the "First Group" countries such as the United States,Japan and European countries,the construction of an innovative country has entered a decisive stage.As a basic guarantee for the continuous development of innovation activities,R&D investment is essential to promote corporate innovation.In 2017,the intensity of China′s R&D expenditure(ratio to GDP) reached 2.15%,but there was still a gap compared with the level of 2.5%-4% in major developed countries.In recent years,how to increase R&D investment has attracted extensive attention from the academic community.We focus on the impact of analysts as information intermediaries in the capital market on R&D investment of enterprises.Although analysts can reduce the degree of information asymmetry between company and outside,they will also increase the pressure on short-term performance goals of company.According to the information interpretation mechanism,analysts rely on their professional information collection,processing,and analysis capabilities to communicate the intrinsic value of the company through profit forecasting and rating reports,reducing the information asymmetry between external investors and the company,and alleviating the company′s financing constraints and entrusted agency issues,thereby increasing the company′s R&D investment and promoting corporate innovation;according to the performance pressure mechanism,the analyst′s job content is to predict and evaluate the short-term performance of the company,which will cause performance pressure on managers,and due to concerns about their reputation,wealth,and career development,managers will reduce long-term innovation investment in order to pursue short-term performance goals,reduce corporate R&D investment,and inhibit corporate innovation.Therefore,the existing literature on the impac

关 键 词：分析师乐观偏差 研发投入 利益冲突 信息透明度 

分 类 号：F830.91[经济管理—金融学]