同群效应与公司研发——来自中国的证据

PEER EFFECT ON CORPORATE R&D——Evidence from China

本文研究了"同群公司"的研发支出对公司自身研发行为的影响。研究发现,同群公司研发支出越多,公司自身研发支出也越多。进一步研究发现,在公司与同群公司地理距离较近或同群公司分析师覆盖程度较高情况下,同群公司研发支出与公司自身研发支出的正相关关系更强。此外,同群公司研发支出会提高公司自身研发支出与未来业绩的正相关程度。研究表明,公司会学习同群公司的研发决策,进而改变其自身研发决策,呈现显著的研发支出同群效应;且公司信息解读成本较低时,研发支出同群效应更为显著。本文不仅丰富了关于研发支出影响因素的研究,还拓展了对研发溢出效应的研究。本文的研究结论对公司制定研发决策具有重要指导意义。

This paper investigates the impact of peer firms＇ R＆D expenditure on corporate R＆D in vestment behavior. We find that firms tend to give higher weight on their own R＆D investment if their peers raise R＆D input level. Moreover, the R＆D peer effects are more significant if firms and their peers locate in the same province, or if peers are covered by more analysts. Further, R＆D peer effect appears to be positive since it could increase corporate R＆D investment efficiency. The preceding results imply that firms will change their R＆D investment behavior if they have learned what their peers do. Also, corporate R＆D peer effects might be more significant when the cost of decoding information is relatively low. This paper enriches research that concerns factors affect R＆D input, as well as developing studies related to R＆D spillover effects. Besides, findings of this paper could shed light on the corporate R＆D policy.