双重代理成本视角下分析师关注对企业研发投入的影响——基于科创板上市公司的实证研究

The Impact of Analyst Attention on Corporate R&D Investment From the Perspective of Dual Agency Cost:An Empirical Study Based on the Science and Technology Innovation Board Listed Companies

基于科创板上市公司2019年至2022年数据,揭示并实证检验分析师关注对企业研发投入的影响机理。研究发现:(1)分析师关注对企业研发投入具有显著的促进作用;(2)第一类代理成本对分析师关注促进企业研发投入产生了负向调节作用,且对低融资约束型企业的负向调节作用更强;(3)第二类代理成本在分析师关注与企业研发投入之间具有中介效应,且对于掏空能力弱的企业的中介效应高于掏空能力强的企业的中介效应。研究成果对完善分析师队伍、提高研发投入、加强公司内外部治理建设提供切实可行的建议。

Based on the data of listed companies on the China Science and Technology Innovation Board from 2019 to 2022,this paper empirically tests the impact and mechanism of analyst attention on corporate R&D investment.The results show that:(1)Analyst attention plays a significant role in promoting corporate R&D investment.(2)The first type of agency cost has a negative moderating effect on analyst attention to promote corporate R&D investment,and it is further found that the negative moderating effect of enterprises in the low financing constraint group is stronger.(3)The second type of agency cost has a mediating effect between analyst attention and corporate R&D investment,and it is further found that the intermediary effect of enterprises with weak hollowing ability is higher than that of enterprises with strong hollowing ability.Based on this,it provides practical suggestions for improving the analyst team,increasing R&D investment,and strengthening the company’s internal and external governance construction.