中国制造业上市公司合作研发对企业价值的影响研究

Research on the Impact of Chinese Publicly Listed Manufacturing Firms’ R&D Cooperation to Firm Value

合作研发是企业重要的战略投资决策,对企业价值有重要的影响。本文基于吸收能力视角和权变理论,分析了2008~2018年间的中国A股制造业上市公司合作研发事件的股市反应。结果表明:合作研发能为企业创造价值,公告企业的研发投入对企业价值有显著的正向影响。股权联盟治理机制和非竞争性联盟更有利于企业价值的提高。股权联盟治理机制正向调节研发投入与企业价值之间的关系,然而竞争性联盟负向调节研发投入与企业价值之间的关系。本文将为我国制造业企业有效管理和利用研发联盟以提升企业价值提供重要指导。

R&D cooperation,one of the crucial strategic investment decisions,plays a vital role in influencing the firms’market value.Drawing upon the absorptive capacity and contingency theory,this study investigates the stock market response to the R&D cooperation announcement.The event study of the R&D cooperation announcement made by Chinese publicly listed manufacturing firms in A-shares suggests that R&D cooperation can create value,R&D investment of the announcing company has significant positive impact on firm value.Equity alliance governance mechanisms and non-competitive alliances are more conducive to the improvement of firm value.The equity alliances governance mechanism positively moderate the relationship between R&D investment and firm value,while competitive alliances negatively moderate the relationship between R&D investment and firm value.This study will provide important guidance for China’s manufacturing firms to effectively manage and use R&D cooperation to enhance firm va-lue.