市场认同企业的研发投入价值吗? 来自沪深A股市场的经验证据

Does Market Recognize the Value of Business Investment in R&D?Empirical Evidence from Shanghai & Shenzhen Stock Market

市场是否认同企业的研发投入价值直接影响到企业R&D投入的动机和效果,进而影响到企业的可持续发展。本文通过理论和构建多元线性回归模型,分别研究了产品市场和股票市场是否认同企业的研发投入价值。实证结果表明:(1)在产品市场上,消费者认同企业的研发投入价值;高新技术行业的企业与非高新技术行业的企业所获得研究发投入的市场效果不同,前者获得了更高的销售毛利率,有更大的市场认同度;相比第一大股东为国有控股公司,消费者对第一大股东性质为非国有控股企业的研发投入价值有更大的认同度。(2)在股票市场上,投资者对公司披露的研发投入价值并没有得到显著性认同的证据,这在一定程度上反映了我国股票市场支持企业成为自主创新主体的动力不足。

Whether the market accepts the value of business investment in R＆D directly affects motives and the effects of R＆D expenditure, thereby affecting the sustainable devel-opment of enterprises. The study is constructed to examine whether the product market and stock market will recognize the value of business investment in R＆D. The main conclusions are as follows： （1） The empirical evidences indicate that consumers in the product market recognize the value of business investment in R＆D. Studies have shown that R＆D intensity of listed com- panies and their gross profit ratio has a significant positive correlation. The results come from the fact that development of new technologies, technological accumulation and integration based on investment in R＆D will form and enhance the core competitiveness of enterprises. Enterprise＇s core competitiveness and competitive advantage in the market needs more prod- ucts with high technical content or update the technology of existing products by much R＆D activity. This process implicates in turn that in the R＆D innovation decision-making, we must consider the market recognition to develop new products that consumers identify the level of R＆D in order to reduce market risks, forming an effective mechanism of R＆D cycles to make investment in R＆D a positive interaction with the market recognition. （2） There is a significant different economical efficiency in product market between hightech and non-high-tech enterprises, the former receive a higher gross profit ratio and greater market acceptance. The results show that high-tech enterprises in R＆D investment have a significant difference statistically and R^D intensity has a greater contribution to gross profit ratio than non-high-tech enterprises. In other words, the products market is the place that consumers are inclined to more high-tech enterprises and recognize the value of R＆D, willing to pay higher prices. This result implicates that the higher the technological content of the enterprise, the more likely investment in R＆D will be transformed into realized wealth, which become a greater driving force for continuous innovation and a strong R＆D body by itself innovation investment. （3） Different ownerships of the first stock shareholder have significant difference statisti- cally in gross profit ratio due to agency costs in R＆D investments. Consumers in product market give non-state-owned enterprise higher gross profit ratio, demonstrating greater mar- ket recognition of investment in R＆D for non-state-owned enterprises. This result implicates that governance characteristics of different enterprises will influence effects of R＆D, such as the different ownership structure of enterprises having different behaviors and agency costs in R＆D activities. Moreover, different agency costs in R＆D investment will be finally trans- mitted to markets and enterprises get different market recognition from consumers in varying degrees. （4） In the stock market, there are no significant evidences that investors recognize the value of R＆D expenditure in financial reporting. The results indicate much concern of investors for risks and uncertainties in R＆D spending than other investment projects. Therefore, investors in stock market do not recognize the potential future value of R＆D. To some extent, it indicates that there is not enough incentive for the stock market to support the enterprise to be the main body of R＆D spending.