分析师关注度对企业R&D投资影响的实证检验

Empirical Estimation of the Influence of Analysts' Attention on Corporate R&D Investment

文章以2006—2015年间我国A股上市公司为样本,采用多元回归和两阶段回归的方法,实证检验分析师关注度对公司R&D投入的影响。结果表明:(1)在我国,分析师关注对企业创新投资有积极作用,"信息解读"机制占主导地位;(2)"施压机制"的影响在我国也存在,但明显弱于"解读机制"的影响;(3)不同情境下,"施压机制"的影响强弱不同。分析师"施压机制"的负面作用在民营企业中更强。

This paper takes China＇s A-share listed companies from 2006 to 2013 as samples for research, and uses two meth- ods of multivariate regression and two-stage regressions to empirically test and analyze the influence of the analyst attention on corporate R＆D investment. The analysis result shows that （1） analysts coverage has a positive effect on corporate innovation in- vestment totally in China, and＂interpreting hypothesis＂ mechanism as a positive effect takes the predominant role; （2） Although analyst coverage＇s ＂Pressure Hypothesis＂ as a negative effect on innovation also exists in China, it is much smaller than the positive effect; （3）The degree of analyst coverage＇ s negative effect differs in different types of corporations. The negative effect of ＂Pressure Mechanism＂ is stronger in private enterprises.