资本市场业绩预期压力、投资者情绪与企业研发投资

Capital market performance expectations pressure,investor sentiment and enterprises R&D investment

本文在投资者非理性、管理者理性框架下探讨投资者情绪能否通过理性迎合渠道对企业研发投资产生影响,以及资本市场业绩预期压力能否对这种迎合效应起到抑制作用,并进一步比较不同规模、盈利能力和管理层持股企业间迎合效应的差异。研究结果显示:总体而言,投资者情绪对企业研发投资的影响支持了迎合假说;资本市场业绩预期压力能够抑制企业研发投资对投资者情绪的迎合程度;而以上效应只存在于小规模、低盈利能力以及管理层高持股的企业,说明企业规模、盈利能力和管理层持股是管理层迎合投资者情绪和维护资本市场形象动机的重要影响因素。本文研究结论对于上市公司、投资者、证券分析师以及市场监管部门都具有重要的政策涵义。

Irrational investors and rational managers framework is presented in this paper to investigate whether investor sentiment affect enterprises R＆D investment through rational cater channel, and capital market performance expectations pressure can inhibit the cate- ring effect, and further compare the differences of catering effect between enterprises with different size, profitability and management stock ownership. The results show that： In general, the effect of investor sentiment to the enterprises R＆D investment is supported to the catering hypothesis; The capital market performance expectations pressure can restrain the catering degree of enterprises R＆D in- vestment to investor sentiment; The above effect is only found in small scale, low profitability, and high management stock ownership enterprises. That shows firm size, profitability and management stock ownership are important factors which influence the motivations that managers cater to investor sentiment and maintenance of the capital market image. This article research conclusions have important policy implications for listed companies, investors, securities analysts and market regulators.