上下游企业研发投入的同伴效应研究——基于上市公司与其核心上市客户配对的经验证据

The Peer Effect of R&D Investment of Upstream and Downstream Enterprises——Empirical Evidence Based on Pairing Between Listed Companies and Their Core Listed Customers

本文基于2009~2021年我国A股非金融类上市企业(供应商)与其核心上市客户配对形成的供应商-客户样本,理论分析和实证检验上下游企业研发投入同伴效应的存在性。研究结果显示,客户研发投入强度越高,供应商研发投入强度就越高,且在市场地位低和外部环境不确定性高的供应商中表现得更为显著,表明上下游企业研发投入存在显著的同伴效应,且该同伴效应源于信息获取机理和市场竞争机理。立足于我国上市公司大股东在企业经营决策中的主导权,引入公司股权结构特征,从股权集中度、股权制衡度和机构投资者持股3个视角考察供应商股权结构因素对上述同伴效应的影响。研究发现,供应商股权集中度越低,股权制衡度越高,机构投资者持股比例越高,对同伴效应的发挥越有利。

Based on the supplier-customer sample formed by pairing A-share non-financial listed enterprises(suppliers)with their core listed customers in China from 2009 to 2021,this paper theoretically analyzes and empirically tests the existence of the R&D investment peer effect of upstream and downstream enterprises.The results show that the higher the R&D investment inten⁃sity of customers,the higher the R&D investment intensity of suppliers,and it is more significant among suppliers with low market position and high external environment uncertainty,indicating that there is a significant peer effect in R&D investment of upstream and downstream enterprises,and this effect derived from the mechanism of information acquisition and market competition mecha⁃nism.Based on the dominant power of major shareholders of listed companies in China in enterprise operation decision-making,this paper introduces the characteristics of corporate equity structure,and examines the impact of supplier equity structure factors on the aforementioned peer effects from three perspectives:equity concentration,equity checks and balances,and institutional inves⁃tor ownership.It is found that the lower the concentration of suppliers'equity,the higher the degree of equity checks and balances,and the higher the shareholding ratio of institutional investors,the more conducive to the play of the peer effect.