证券分析师关注与企业研发投入

Analyst Attention and Corporate R&D Investment

本文基于2015—2019年中国A股上市企业财务数据,以信息中介假说和业绩压力假说为理论基础,考察了分析师关注对企业研发投入的影响。研究发现:(1)分析师关注对企业研发投入存在倒U形影响,但呈现抑制作用的样本较少,更多呈现出促进作用,且结论在2SLS及GMM估计下依然稳健;(2)分析师关注通过信息解读与业绩压力机制共同影响研发投入;(3)明星分析师关注会引起管理层业绩压力,从而造成研发投入的挤出效应,而低声誉分析师关注不引起该效应;(4)高机构持股可缓解业绩压力效应,使分析师关注促进研发投入提升。本文对于解读分析师功能及分析师与微观企业研发投资决策之间的联系提供了新视角,拓展了企业研发投资研究的逻辑边界。

Based on the financial data of Chinese A-share listed firms from 2015 to 2019,this paper examines the impact of analysts’ attention on firms’ R&D investment based on the information intermediation hypothesis and the performance pressure hypothesis as the theoretical basis. It is found that:(1) there is an inverted U-shaped effect of analyst attention on firms’ R&D investment,but fewer samples show inhibitory effects and more show facilitative effects,and the findings remain robust to 2SLS and GMM estimation;(2) analysts are concerned about influencing R&D investment through a combination of information interpretation and performance pressure mechanisms;(3) celebrity analyst attention induces pressure on management performance,resulting in a crowding-out effect on R&D investment,while low-reputation analyst attention does not induce this effect;(4) high institutional holdings can alleviate the performance pressure effect and make analysts focus on promoting higher R&D investment. This paper provides a new perspective for interpreting the link between analyst functions and analysts’ R&D investment decisions with micro firms,and expands the logical boundaries of corporate R&D investment research.