研发投入是否存在“资源诅咒”效应?

The dark side of R&D: Resource curse and stock market collapse

企业的研发活动与股票市场的互动关系,一直都是学术界研究的重要话题。采用2007-2017年中国A股非金融类上市公司的数据,实证研究了研发投入与股价崩盘风险之间的关系与作用机制,结论表明:(1)上市公司的研发投入显著增加了下期的股价崩盘风险,且研发投入的崩盘效应仅存在于过度研发的上市公司。(2)第一大股东的持股比例会显著抑制研发投入与股价崩盘风险之间的正相关,而管理层持股比例并未影响研发投入的崩盘效应,可见大股东监督机制有效,而管理层激励机制失效。(3)上市公司的研发投入通过现金持有和避税两种渠道影响股价崩盘风险,且研发投入的崩盘效应仅在聘请非四大、现金持有量较低以及非高新技术的上市公司中显著。结论拓展了股价崩盘风险的相关研究,丰富了研发投入经济后果的相关文献,也为上市公司的日常经营和防范研发投入引起的相关风险提供了参考。

This paper investigates the relation between R&D investment and risk of stock price crash. The results show that firms’ R&D investment significantly increases the risk of stock price crash,which is only exists in firms with excessive investment in R&D. The proportion of shares holding by the largest shareholder significantly inhibit the positive relation between R&D investment and risk of stock price crash, which mean supervision mechanism of large shareholders is functioning. Further studies show that there exist partial channels of cash holding and tax avoidance and the positive relationship between R&D investment and risk of stock price crash is only significant in firms with non-Big 4 auditors, low cash holdings and non-high-tech industry. The conclusion deepens the understanding of negative economic consequences of R&D investment. It is practically meaningful for promoting the development of capital market.