经济不确定性对我国上市公司研发投入同群效应的影响

Impact of Economic Uncertainty on the Peer Effects of R&D Investment of Listed Companies in China

我国A股上市公司研发投入会受到同群企业研发投资行为的正向影响,经济的不确定性会对上市公司的研发投入产生显著的抑制作用,这是由于企业对政策导向把握不准确,从而实施相对稳健的投资策略导致的.经济的不确定性会加剧上市公司研发投入的同群效应,同行业的企业更倾向于模仿行业中的领导企业,非国有企业更倾向于模仿行业中的国有企业.因此,政府应当保证发布经济政策的谨慎性与稳健性,确保长期政策的完整性与连贯性,适当引导企业研发投资的"去趋同化",还应当提升企业管理者的能力,使公司管理层制定有效性更强的投资决策.

The R&D investment behavior of the peer companies will have a positive impact on the R&D investment of A-share listed companies in China.Economic uncertainty will have a significant inhibitory effect on the R&D investment of listed companies due to the relatively stable investment strategy resulting from the inaccurate grasp of the policy orientation of the company.Economic uncertainty will exacerbate the peer effects of the R&D investment of listed companies.Companies in the same industry tend to imitate leading companies,and nonstate-owned enterprises are more inclined to imitate state-owned enterprises in the industry.Therefore,the government should ensure the prudence and robustness of issuing economic policies and guarantee the integrity and continuity of long-term policies.Additionally,the government should appropriately guide companies to de-assimilate the R&D investment.Finally,the capabilities of corporate managers should be enhanced so that the managers of the company could make more effective investment decisions.