双重代理成本视角下分析师关注对企业研发投入的影响——基于科创板上市公司的实证研究  

The Impact of Analyst Attention on Corporate R&D Investment From the Perspective of Dual Agency Cost:An Empirical Study Based on the Science and Technology Innovation Board Listed Companies

作　　者：夏婷婷 杨卓儒 蔡新怡 赵毅 XIA Tingting;YANG Zhuoru;CAI Xinyi;ZHAO Yi(School of Economics and Management,Hebei University of Technology,Tianjin 300401,China;University College London(UCL),London WC1E6BT,UK;Finance School,NanKai University,Tianjin 300350,China)

机构地区：[1]河北工业大学经济管理学院,天津300401 [2]英国伦敦大学学院,伦敦WC1E6BT [3]南开大学金融学院,天津300350

出　　处：《中州大学学报》2023年第4期34-42,共9页Journal of Zhongzhou University

基　　金：河北省社会科学青年拔尖人才项目“激励创新资本支持雄安新区科技自立自强的长效机制研究”(BJS2023033);河北省社会科学基金重大项目“新时代河北省区域创新驱动发展机制建设研究”(HB19ZD03)。

摘　　要：基于科创板上市公司2019年至2022年数据,揭示并实证检验分析师关注对企业研发投入的影响机理。研究发现:(1)分析师关注对企业研发投入具有显著的促进作用;(2)第一类代理成本对分析师关注促进企业研发投入产生了负向调节作用,且对低融资约束型企业的负向调节作用更强;(3)第二类代理成本在分析师关注与企业研发投入之间具有中介效应,且对于掏空能力弱的企业的中介效应高于掏空能力强的企业的中介效应。研究成果对完善分析师队伍、提高研发投入、加强公司内外部治理建设提供切实可行的建议。Based on the data of listed companies on the China Science and Technology Innovation Board from 2019 to 2022,this paper empirically tests the impact and mechanism of analyst attention on corporate R&D investment.The results show that:(1)Analyst attention plays a significant role in promoting corporate R&D investment.(2)The first type of agency cost has a negative moderating effect on analyst attention to promote corporate R&D investment,and it is further found that the negative moderating effect of enterprises in the low financing constraint group is stronger.(3)The second type of agency cost has a mediating effect between analyst attention and corporate R&D investment,and it is further found that the intermediary effect of enterprises with weak hollowing ability is higher than that of enterprises with strong hollowing ability.Based on this,it provides practical suggestions for improving the analyst team,increasing R&D investment,and strengthening the company’s internal and external governance construction.

关 键 词：分析师关注 研发投入 代理成本 

分 类 号：F272.3[经济管理—企业管理]