摘要
基于战略成长期权理论,采用2011—2018年中国沪深上市公司面板数据,实证检验了不确定性对企业R&D投入影响的作用机制。研究发现,不确定性环境下,不同特征的企业在进行创新活动时获取的战略优势有差异,进而对R&D投入的影响具有异质性。主要体现在相对于非高科技行业企业,不确定性对高科技行业企业R&D投入的正向影响更显著;竞争是不确定性对企业R&D投入产生积极影响的驱动力,市场竞争程度越强,不确定性对企业R&D投入的正向影响越大。研究结论支持成长期权理论,即竞争中的企业在面临高度不确定性时会采取先发制人策略。
This paper uses the panel data of China’s Shanghai and Shenzhen listed companies from 2011 to 2018,based on the theory of strategic growth options,to empirically test the mechanism of the impact of uncertainty on corporate R&D investment.It is found that under the uncertain environment,firms with different characteristics acquire different strategic advantages during innovation activities,and their impact on R&D investment is heterogeneous.It is mainly reflected in the following aspects:compared with non-high-tech enterprises,uncertainty has a more significant positive impact on R&D investment of high-tech enterprises;the stronger the market competition,the greater the positive impact of uncertainty on the R&D investment of enterprises.The research supports the growth option theory,that is,enterprises in competition will take pre-emptive strategy when facing high uncertainty,which provides a new perspective for the research on the determinants of R&D investment.
作者
刘伟
戴冰清
LIU Wei;DAI Bingqing(School of Economics and Management,Qingdao University of Science and Technology,Qingdao,Shandong 266061,China)
出处
《金融教育研究》
2022年第4期49-58,共10页
Research of Finance and Education
基金
教育部人文社科项目“国家自主创新示范区创新生态系统和创业生态系统耦合机制研究”(19YJAZH002)
2020年度青岛市社会科学规划项目“数字金融、融资约束与企业创新研究——以青岛市为例”(QDSKL2001248)。
关键词
R&D投入
成长期权
特质波动率
不确定性
R&D investment
Growth options
Idiosyncratic volatility
Uncertainty
