研发投入、外界关注与股票表现——来自创业板上市公司的经验证据

R&D Investment, External Concerns and Stock Performance——Empirical Evidence from GEM Listed Companies

本文利用2012～2016年创业板上市公司面板数据,研究了企业研发投入对其股票表现的影响,并考察了研发投入的传导机制。研究发现:(1)创业板公司研发投入越多,股票超额收益越高,流动性越强;(2)研发投入具有公告效应,可以提高了公司的外界关注度;(3)外界关注是研发投入的股票表现重要传导机制,共同影响其股票表现。研究结果表明,创业板上市公司可以通过提高研发信息的透明度,进而改善研发投入的股票表现;同时,监管层应充分利用外界关注机制对研发信息披露的第三方监管,加大对信息披露不合规行为进行及时查处。

This pa per uses the panel data of GEM listed companies from 2012 to 2016 t o study the impact of corporate R&D investment on its stock performance,and examines the transmission mechanism of R&D investment.The study found that:(1)T he more R&D investment the GEM has,the higher the s tock’s excess return,the s tronger the liquidity and the lower the volatility;(2)The R&D investm ent has an announcement effect,which can increase the compa ny’s media atte ntion and analysts attention;(3)The ex ternal conce rn is the impo rtant transmission mechanism of stock investment,which affects the performance of stocks.The research results show that the GEM listed com panies can improve the trans parency of R&D information,improve the stock perform ance of R&D investment,and reduce the information as ymmetry caused by R&D investment.At the same time,the regulatory layer s hould m ake full use of the external attention m echanism to s upervise the third party of R&D information disclosure and timely investigate and punish the non-compliance of information disclosure.