公司创新、投资者情绪与研发投入——来自中国上市公司的经验证据

Corporate Innovation,Investor Sentiment and R&D Input——Empirical Evidence from Chinese Listed Companies

文章以行为金融学视角重新审视了公司创新产出与投入之间的关系。基于2007-2014年沪深A股上市公司的混合截面数据,实证检验了投资者情绪对公司创新能力与研发投入水平的影响。实证结果表明:公司的创新产出、投资者情绪与研发投入强度显著正相关,投资者情绪在创新产出和研发投入强度的正向关系中具有调节效应,即投资者情绪波动幅度越大,创新产出对研发投入的敏感性越高。进一步区分企业属性的研究发现,在非国有企业、更高融资约束程度的高新技术企业分组中,投资者情绪的调节作用更为显著。研究结论拓展了公司研发与创新领域的研究视角,丰富了行为金融理论在公司投资领域的研究范畴。

This paper reexamines the relationship between the output and the input of corporate innovation from the perspective of behavioral finance.Based on the mixed section data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2007 to 2014,the paper empirically tests the effect of investor sentiment on the relationship between corporate innovation and R&D input level.The results show that:There is a significant positive relationship between corporate innovation output,investor sentiment and R&D input.Investor sentiment has a moderating effect on the positive relationship between innovation output and R&D input.Namely the greater the fluctuation of investor sentiment,the higher the sensitivity of innovation output to R&D input.A further study of classifying corporate attributes finds that the moderating effect of investor sentiment is more pronounced for non-state-owned firms and high-tech firms with tighter financing constraints.The conclusions of this paper expand the perspective of corporate R&D and innovation research,and enrich the research category of behavioral finance theory in corporate investment.