私募股权投资、投资者情绪与科技型企业R&D投入
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摘要
根据2009-2017年深圳证券交易所科技型上市企业相关面板数据,研究私募股权投资、投资者情绪与企业R&D投入之间的关系。研究发现:存在私募股权投资的科技型企业R&D投资强度更大;投资者情绪在私募股权投资与企业R&D投入之间起中介效应,即存在私募股权投资的科技型企业的投资者情绪更为高涨,高涨的投资者情绪会促使企业加大R&D投入。企业异质性检验发现,不同于国有企业和外资企业,民营企业的投资者情绪在私募股权投资与研发投入中的中介效应更加显著,并且处于不同生命周期的企业,无论是年轻企业还是成熟企业,投资者情绪的中介效应均不显著。将投资者情绪纳入分析框架,深入研究私募股权投资对企业研发活动的影响,对私募股权投资机构、企业、政府等进行科学决策具有重要理论价值和实践意义。
Based on the relevant panel data of technology-based enterprises listed on the Shenzhen Stock Exchange in 2009-2017,the relationship between private equity investment,investor sentiment and corporate R&D investment is studied.The study shows that R&D investment in technology-based companies with private equity investments is stronger.Investor sentiment has a mediating effect between private equity investment and corporate R&D investment,that is,the investor sentiment of technology-based enterprises with private equity investment is higher,and the high investor sentiment will encourage enterprises to increase R&D investment.Through heterogeneity test,it is found that unlike state-owned enterprises and foreign-funded enterprises,the investor sentiment of private enterprises plays a more significant role in private equity investment and R&D investment,and enterprises in different life cycles,whether young or mature enterprises,the mediating effects of investor sentiment are not significant.This paper incorporates investor sentiment into the analytical framework,and deeply studies the impact of private equity investment on corporate R&D activities,and provides important theoretical and practical reference for scientific decision-making of private equity investment institutions,enterprises and the government.
Based on the relevant panel data of technology-based enterprises listed on the Shenzhen Stock Exchange in 2009-2017,the relationship between private equity investment,investor sentiment and corporate R&D investment is studied.The study shows that R&D investment in technology-based companies with private equity investments is stronger.Investor sentiment has a mediating effect between private equity investment and corporate R&D investment,that is,the investor sentiment of technology-based enterprises with private equity investment is higher,and the high investor sentiment will encourage enterprises to increase R&D investment.Through heterogeneity test,it is found that unlike state-owned enterprises and foreign-funded enterprises,the investor sentiment of private enterprises plays a more significant role in private equity investment and R&D investment,and enterprises in different life cycles,whether young or mature enterprises,the mediating effects of investor sentiment are not significant.This paper incorporates investor sentiment into the analytical framework,and deeply studies the impact of private equity investment on corporate R&D activities,and provides important theoretical and practical reference for scientific decision-making of private equity investment institutions,enterprises and the government.
引文
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[2]卢馨,郑阳飞,李建明.融资约束对企业R&D投资的影响研究---来自中国高新技术上市公司的经验证据[J].会计研究,2013(5):51-58+96.
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[12]CUMMING D,JOHAN S.Venture′s economic impact in Australia[J].Journal of Technology Transfer,2016,41(1):25-59.
[13]巴曙松,朱虹.融资融券、投资者情绪与市场波动[J].国际金融研究,2016(8):82-96.
[14]黄宏斌,翟淑萍,陈静楠.企业生命周期、融资方式与融资约束---基于投资者情绪调节效应的研究[J].金融研究,2016(7):96-112.
[15]POLK C,SAPIENZA P.The stock market and corporate investment:a test of catering theory[J].The Review of Financial Studies,2008,22(1):187-217.
[16]崔晓蕾,何婧,徐龙炳.投资者情绪对企业资源配置效率的影响---基于过度投资的视角[J].上海财经大学学报,2014,16(3):86-94.
[17]肖虹,曲晓辉.R&D投资迎合行为:理性迎合渠道与股权融资渠道---基于中国上市公司的经验证据[J].会计研究,2012(2):42-49+96.
[18]朱迪星.市场情绪、研发投入与企业实际投资---基于迎合渠道视角的实证研究[J].科技进步与对策,2011,28(9):75-79.
[19]张耘,钟少颖.上市企业研发投入的现状和影响因素研究---基于跨行业数据的分析[J].中国科技论坛,2014(3):92-98.
[20]温忠麟,张雷,侯杰泰.有中介的调节变量和有调节的中介变量[J].心理学报,2006(3):448-452.
[21]肖土盛,宋顺林,李路.信息披露质量与股价崩盘风险:分析师预测的中介作用[J].财经研究,2017,43(2):110-121.
[2]卢馨,郑阳飞,李建明.融资约束对企业R&D投资的影响研究---来自中国高新技术上市公司的经验证据[J].会计研究,2013(5):51-58+96.
[3]COLOMBO M G,MURTINU S.Venture capital investments in Europe and portfolio firms'economic performance:independent versus corporate investors[J].Journal of Economics&Management Strategy,2016,26(1):35-66.
[4]李九斤,王福胜,徐畅.私募股权投资特征对被投资企业价值的影响---基于2008-2012年IPO企业经验数据的研究[J].南开管理评论,2015,18(5):151-160.
[5]WILSON N,WRIGHT M,SIEGEL D S,et al.Private equity portfolio company performance during the global recession[J].Journal of Corporate Finance,2012,18(1):193-205.
[6]BROWN J R,MARTINSSON G,PETERSEN B C.Do financing constraints matter for R&D?[J].European Economic Review,2012,56(8):1512-1529.
[7]DALZIEL T,GENTRY R J,BOWERMAN M.An integrated agency-resource dependence view of the influence of directors'human and relational capital on firms'R&Dspending[J].Journal of Management Studies,2011,48(6):1217-1242.
[8]徐小阳,陈业昕,韦庆云.投资者情绪对科技型企业R&D投入不足的校正效应---基于自由现金流与股权融资约束的检验[J].科技进步与对策,2018,35(12):69-75.
[9]胡妍,阮坚.私募股权影响企业绩效的传导路径---基于现金持有、研发投入的视角实证[J].金融经济学研究,2017,32(5):107-116.
[10]DAN G,HAYN C K,KATZ S P.Does public ownership of equity improve earnings quality[J].Accounting Review,2010,85(1):195-225.
[11]CHEN G,KANG J K,KIM J M,et al.Sources of value gains in minority equity investments by private equity funds:evidence from block share acquisitions[J].Journal of Corporate Finance,2014,29(C):449-474.
[12]CUMMING D,JOHAN S.Venture′s economic impact in Australia[J].Journal of Technology Transfer,2016,41(1):25-59.
[13]巴曙松,朱虹.融资融券、投资者情绪与市场波动[J].国际金融研究,2016(8):82-96.
[14]黄宏斌,翟淑萍,陈静楠.企业生命周期、融资方式与融资约束---基于投资者情绪调节效应的研究[J].金融研究,2016(7):96-112.
[15]POLK C,SAPIENZA P.The stock market and corporate investment:a test of catering theory[J].The Review of Financial Studies,2008,22(1):187-217.
[16]崔晓蕾,何婧,徐龙炳.投资者情绪对企业资源配置效率的影响---基于过度投资的视角[J].上海财经大学学报,2014,16(3):86-94.
[17]肖虹,曲晓辉.R&D投资迎合行为:理性迎合渠道与股权融资渠道---基于中国上市公司的经验证据[J].会计研究,2012(2):42-49+96.
[18]朱迪星.市场情绪、研发投入与企业实际投资---基于迎合渠道视角的实证研究[J].科技进步与对策,2011,28(9):75-79.
[19]张耘,钟少颖.上市企业研发投入的现状和影响因素研究---基于跨行业数据的分析[J].中国科技论坛,2014(3):92-98.
[20]温忠麟,张雷,侯杰泰.有中介的调节变量和有调节的中介变量[J].心理学报,2006(3):448-452.
[21]肖土盛,宋顺林,李路.信息披露质量与股价崩盘风险:分析师预测的中介作用[J].财经研究,2017,43(2):110-121.
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