企业研发投入的“同侪效应”检验
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摘要
以2009—2016年度沪深两市A股上市公司为研究样本,实证检验了企业研发投入同侪效应的形成机制和个体差异性。研究发现,企业研发投入显著受同侪企业的影响,借助工具变量得到的实证结果表明该结论具有稳健性。企业研发同侪效应的形成机制在于获取其决策相关信息和保持竞争优势。此外,该效应存在个体差异性:具有更低市场地位、风险承担水平和融资约束程度的企业,其研发投入同侪效应更显著。丰富了企业研发投入影响因素和同侪效应存在性的研究成果,也为政府研发产业政策的制定提供有益参考。
Based on the sample of A-share listed firms from 2009 to 2016,this paper empirically examines formation mechanism and individual differences of peer effect on corporate R&D investment. The results show that a firm's R&D investment is significantly influenced by that of their peer firms. And the instrumental variable regression results show that the conclusion is robust. The formation mechanism of R&D investment peer effect is to obtain useful information for R&D decision and maintain competitive advantage. In addition,there are individual differences within this kind of peer effect. Corporations with lower market position,risk bearing level and financing constraints are more easily influenced by R&D investment peer effect. This study enriches researches about the influence factors of R&D investment and the existence of peer effect. It also provides references for the formulation of government's R&D industrial policies.
Based on the sample of A-share listed firms from 2009 to 2016,this paper empirically examines formation mechanism and individual differences of peer effect on corporate R&D investment. The results show that a firm's R&D investment is significantly influenced by that of their peer firms. And the instrumental variable regression results show that the conclusion is robust. The formation mechanism of R&D investment peer effect is to obtain useful information for R&D decision and maintain competitive advantage. In addition,there are individual differences within this kind of peer effect. Corporations with lower market position,risk bearing level and financing constraints are more easily influenced by R&D investment peer effect. This study enriches researches about the influence factors of R&D investment and the existence of peer effect. It also provides references for the formulation of government's R&D industrial policies.
引文
[1]HE J,TIAN X.Finance and corporate innovation:a survey[J].Asia-pacific journal of financial studies,2018,47(2):165-212.
[2]BROWN J R,MARTINSSON G,PETERSEN B C.Law,stock markets,and innovation[J].The journal of finance,2013,68(4):1517-1549.
[3]吴延兵.自主研发、技术引进与生产率---基于中国地区工业的实证研究[J].经济研究,2008(8):51-64.
[4]LERNER J,SORENSEN M,STR MBERG P.Private equity and long-run investment:the case of innovation[J].The journal of finance,2011,66(2):445-477.
[5]LI D.Financial constraints,R&D investment,and stock returns[J].The review of financial studies,2011,24(9):2974-3007.
[6]HIRSHLEIFER D,LOW A,TEOH S H.Are overconfident CEOs better innovators?[J].The journal of finance,2012,67(4):1457-1498.
[7]FALEYE O,KOVACS T,VENKATESWARAN A.Do better-connected CEOs innovate more?[J].Journal of financial and quantitative analysis,2014,49(516):1201-1225.
[8]MUKHERJEE A,SINGH M,ALDOKAS A.Do corporate taxes hinder innovation?[J].Journal of financial economics,2017,124(1):195-221.
[9]PARK K,YANG I,YANG T.The peer-firm effect on firm’s investment decisions[J].The north American journal of economics and finance,2017,40:178-199.
[10]CHEN S,MA H.Peer effects in decision-making:evidence from corporate investment[J].China journal of accounting research,2017,10(2):167-188.
[11]万良勇,梁婵娟,饶静.上市公司并购决策的行业同群效应研究[J].南开管理评论,2016(3):40-50.
[12]LEARY M T,ROBERTS M R.Do peer firms affect corporate financial policy?[J].The journal of finance,2014,69(1):139-178.
[13]钟田丽,张天宇.我国企业资本结构决策行为的“同伴效应”---来自深沪两市A股上市公司面板数据的实证检验[J].南开管理评论,2017(2):58-70.
[14]赵颖.中国上市公司高管薪酬的同群效应分析[J].中国工业经济,2016(2):114-129.
[15]CHEN Y-W,CHANG Y.Peer effects on corporate cash holdings[R].Working paper,2013.
[16]LIEBERMAN M B,ASABA S.Why do firms imitate each other?[J].Academy of management review,2006,31(2):366-385.
[17]YUNG C.Making waves:to innovate or be a fast second?[J].Journal of financial and quantitative analysis,2016,51(2):415-433.
[18]刘静,王克敏.同群效应与公司---来自中国的证据研发[J].经济理论与经济管理,2018(1):21-32.
[19]MANSKI C F.Identification of endogenous social effects:the reflection problem[J].The review of economic studies,1993,60(3):531-542.
[20]LAHNO A M,SERRA-GARCIA M.Peer effects in risk taking:envy or conformity?[J].Journal of risk and uncertainty,2015,50(1):73-95.
[21]ZIMMERMAN D J.Peer effects in academic outcomes:evidence from a natural experiment[J].Review of economics and statistics,2003,85(1):9-23.
[22]HOXBY C.Peer effects in the classroom:learning from gender and race variation[R].NBER working paper,2000,NO.7867.
[23]SACERDOTE B.Peer effects with random assignment:results for Dartmouth roommates[J].The quarterly journal of economics,2001,116(2):681-704.
[24]GLAESER E L,SACERDOTE B,SCHEINKMAN J A.Crime and social interactions[J].The quarterly journal of economics,1996,111(2):507-548.
[25]MACKAY P,PHILLIPS G M.How does industry affect firm financial structure?[J].The review of financial studies,2005,18(4):1433-1466.
[26]JOHN K,KADYRZHANOVA D.Peer effects in corporate governance[R].SSRN working paper,2008,NO.1108860.
[27]BIKHCHANDANI S,HIRSHLEIFER D,WELCH I.Learning from the behavior of others:conformity,fads,and informational cascades[J].Journal of economic perspectives,1998,12(3):151-170.
[28]BANERJEE A V.A simple model of herd behavior[J].The quarterly journal of economics,1992,107(3):797-817.
[29]SCHARFSTEIN D S,STEIN J C.Herd behavior and investment[J].The American economic review,1990,80(3):465-479.
[30]陆蓉,王策,邓鸣茂.我国上市公司资本结构“同群效应”研究[J].经济管理,2017(1):181-194..
[31]OZOGUZ A,REBELLO M J.Information,competition,and investment sensitivity to peer stock prices[R].SSRNworking paper,2013,NO.2311344.
[32]KLEMPERER P.Equilibrium product lines:competing head-to-head may be less competitive[J].The American economic review,1992,82(4):740-755.
[33]SEVILIR M.Learning across peer firms and innovation waves[R].Working paper,Indiana UniversityBloomington,2017.
[34]LI V.Do false financial statements distort peer firms’decisions?[J].The accounting review,2015,91(1):251-278.
[35]罗福凯,王京.企业所得税、资本结构与研发支出[J].科研管理,2016(4):44-52.
[36]陈林荣,裘益政,王克敏.股票期权激励计划实施中的研发支出行为研究[J].科研管理,2018(2):86-93.
[37]于茂荐,孙元欣.供应商创新能力有利于企业创新能力提升吗?---基于技术距离视角的实证研究[J].商业经济与管理,2018(7):18-28.
[38]KEDIA S,KOH K,RAJGOPAL S.Evidence on contagion in earnings management[J].The accounting review,2015,90(6):2337-2373.
[39]BROWN J R,PETERSEN B C.Cash holdings and R&D smoothing[J].Journal of corporate finance,2011,17(3):694-709.
[40]杨兴全,曾义.现金持有能够平滑企业的研发投入吗?---基于融资约束与金融发展视角的实证研究[J].科研管理,2014(7):107-115.
[41]周开国,卢允之,杨海生.融资约束、创新能力与企业协同创新[J].经济研究,2017(7):94-108.
[42]SEO H.Peer effects in corporate disclosure decisions[R].SSRN working paper,2017,NO.2773675
[43]DONG M,HIRSHLEIFER D,TEOH S H.Stock market overvaluation,moon shots,and corporate innovation[R].NBER working paper,2017,NO.24142.
[44]TOSI H,ALDAG R,STOREY R.On the measurement of the environment:an assessment of the lawrence and lorsch environmental uncertainty subscale[J].Administrative science quarterly,1973,18(1):27-36.
[45]GHOSH D,OLSEN L.Environmental uncertainty and managers’use of discretionary accruals[J].Accounting,organizations and society,2009,34(2):188-205.
[46]李文贵,余明桂.所有权性质、市场化进程与企业风险承担[J].中国工业经济,2012(12):115-127.
[47]解维敏,方红星.金融发展、融资约束与企业研发投入[J].金融研究,2011(5):171-183.
[48]HADLOCK C J,PIERCE J R.New evidence on measuring financial constraints:moving beyond the KZ index[J].The review of financial studies,2010(5):1909-1940.
[49]姜付秀,石贝贝,马云飙.信息发布者的财务经历与企业融资约束[J].经济研究,2016(6):83-97.
[50]吴秋生,黄贤环.财务公司的职能配置与集团成员上市公司融资约束缓解[J].中国工业经济,2017(9):156-173.
(1)依据吴延兵[3]文献分析,企业技术创新主要依托于自主研发和技术引进两种形式。虽然自主研发的风险性较高,但是企业竞争优势的形成主要依赖该途径。
(2)Lerner et al.[4],Li[5],Hirshleifer et al.[6],Faleye et al.[7]以及Mukherjee et al.[8]均采用了研发支出的数据衡量企业创新活动。
(3)在相关研究中,“同侪效应”又被称为“同群效应”或“同伴效应”。
(4)在研发过程中,多元信息的获取有助于缓解非确定性产生的风险,但是企业将同时面临较高的信息搜寻成本。由此,企业需要在研发风险和信息成本间做出权衡。
(5)通常而言,同侪企业面临相似的制度环境、产业政策和投资机会。当企业内部信息含有较高噪音时,管理者可以理性地借鉴同侪企业相关决策,以此节约信息成本。
(6)依据当前文献,同侪效应普遍存在于个体的风险承担[20]、学术成果[21]、学业成绩[22-23]和犯罪倾向[24]等方面。
(7)研发产出及其成果转化的不确定性促使管理者会在相关决策过程中获取更加充足的信息以缓解创新风险。
[2]BROWN J R,MARTINSSON G,PETERSEN B C.Law,stock markets,and innovation[J].The journal of finance,2013,68(4):1517-1549.
[3]吴延兵.自主研发、技术引进与生产率---基于中国地区工业的实证研究[J].经济研究,2008(8):51-64.
[4]LERNER J,SORENSEN M,STR MBERG P.Private equity and long-run investment:the case of innovation[J].The journal of finance,2011,66(2):445-477.
[5]LI D.Financial constraints,R&D investment,and stock returns[J].The review of financial studies,2011,24(9):2974-3007.
[6]HIRSHLEIFER D,LOW A,TEOH S H.Are overconfident CEOs better innovators?[J].The journal of finance,2012,67(4):1457-1498.
[7]FALEYE O,KOVACS T,VENKATESWARAN A.Do better-connected CEOs innovate more?[J].Journal of financial and quantitative analysis,2014,49(516):1201-1225.
[8]MUKHERJEE A,SINGH M,ALDOKAS A.Do corporate taxes hinder innovation?[J].Journal of financial economics,2017,124(1):195-221.
[9]PARK K,YANG I,YANG T.The peer-firm effect on firm’s investment decisions[J].The north American journal of economics and finance,2017,40:178-199.
[10]CHEN S,MA H.Peer effects in decision-making:evidence from corporate investment[J].China journal of accounting research,2017,10(2):167-188.
[11]万良勇,梁婵娟,饶静.上市公司并购决策的行业同群效应研究[J].南开管理评论,2016(3):40-50.
[12]LEARY M T,ROBERTS M R.Do peer firms affect corporate financial policy?[J].The journal of finance,2014,69(1):139-178.
[13]钟田丽,张天宇.我国企业资本结构决策行为的“同伴效应”---来自深沪两市A股上市公司面板数据的实证检验[J].南开管理评论,2017(2):58-70.
[14]赵颖.中国上市公司高管薪酬的同群效应分析[J].中国工业经济,2016(2):114-129.
[15]CHEN Y-W,CHANG Y.Peer effects on corporate cash holdings[R].Working paper,2013.
[16]LIEBERMAN M B,ASABA S.Why do firms imitate each other?[J].Academy of management review,2006,31(2):366-385.
[17]YUNG C.Making waves:to innovate or be a fast second?[J].Journal of financial and quantitative analysis,2016,51(2):415-433.
[18]刘静,王克敏.同群效应与公司---来自中国的证据研发[J].经济理论与经济管理,2018(1):21-32.
[19]MANSKI C F.Identification of endogenous social effects:the reflection problem[J].The review of economic studies,1993,60(3):531-542.
[20]LAHNO A M,SERRA-GARCIA M.Peer effects in risk taking:envy or conformity?[J].Journal of risk and uncertainty,2015,50(1):73-95.
[21]ZIMMERMAN D J.Peer effects in academic outcomes:evidence from a natural experiment[J].Review of economics and statistics,2003,85(1):9-23.
[22]HOXBY C.Peer effects in the classroom:learning from gender and race variation[R].NBER working paper,2000,NO.7867.
[23]SACERDOTE B.Peer effects with random assignment:results for Dartmouth roommates[J].The quarterly journal of economics,2001,116(2):681-704.
[24]GLAESER E L,SACERDOTE B,SCHEINKMAN J A.Crime and social interactions[J].The quarterly journal of economics,1996,111(2):507-548.
[25]MACKAY P,PHILLIPS G M.How does industry affect firm financial structure?[J].The review of financial studies,2005,18(4):1433-1466.
[26]JOHN K,KADYRZHANOVA D.Peer effects in corporate governance[R].SSRN working paper,2008,NO.1108860.
[27]BIKHCHANDANI S,HIRSHLEIFER D,WELCH I.Learning from the behavior of others:conformity,fads,and informational cascades[J].Journal of economic perspectives,1998,12(3):151-170.
[28]BANERJEE A V.A simple model of herd behavior[J].The quarterly journal of economics,1992,107(3):797-817.
[29]SCHARFSTEIN D S,STEIN J C.Herd behavior and investment[J].The American economic review,1990,80(3):465-479.
[30]陆蓉,王策,邓鸣茂.我国上市公司资本结构“同群效应”研究[J].经济管理,2017(1):181-194..
[31]OZOGUZ A,REBELLO M J.Information,competition,and investment sensitivity to peer stock prices[R].SSRNworking paper,2013,NO.2311344.
[32]KLEMPERER P.Equilibrium product lines:competing head-to-head may be less competitive[J].The American economic review,1992,82(4):740-755.
[33]SEVILIR M.Learning across peer firms and innovation waves[R].Working paper,Indiana UniversityBloomington,2017.
[34]LI V.Do false financial statements distort peer firms’decisions?[J].The accounting review,2015,91(1):251-278.
[35]罗福凯,王京.企业所得税、资本结构与研发支出[J].科研管理,2016(4):44-52.
[36]陈林荣,裘益政,王克敏.股票期权激励计划实施中的研发支出行为研究[J].科研管理,2018(2):86-93.
[37]于茂荐,孙元欣.供应商创新能力有利于企业创新能力提升吗?---基于技术距离视角的实证研究[J].商业经济与管理,2018(7):18-28.
[38]KEDIA S,KOH K,RAJGOPAL S.Evidence on contagion in earnings management[J].The accounting review,2015,90(6):2337-2373.
[39]BROWN J R,PETERSEN B C.Cash holdings and R&D smoothing[J].Journal of corporate finance,2011,17(3):694-709.
[40]杨兴全,曾义.现金持有能够平滑企业的研发投入吗?---基于融资约束与金融发展视角的实证研究[J].科研管理,2014(7):107-115.
[41]周开国,卢允之,杨海生.融资约束、创新能力与企业协同创新[J].经济研究,2017(7):94-108.
[42]SEO H.Peer effects in corporate disclosure decisions[R].SSRN working paper,2017,NO.2773675
[43]DONG M,HIRSHLEIFER D,TEOH S H.Stock market overvaluation,moon shots,and corporate innovation[R].NBER working paper,2017,NO.24142.
[44]TOSI H,ALDAG R,STOREY R.On the measurement of the environment:an assessment of the lawrence and lorsch environmental uncertainty subscale[J].Administrative science quarterly,1973,18(1):27-36.
[45]GHOSH D,OLSEN L.Environmental uncertainty and managers’use of discretionary accruals[J].Accounting,organizations and society,2009,34(2):188-205.
[46]李文贵,余明桂.所有权性质、市场化进程与企业风险承担[J].中国工业经济,2012(12):115-127.
[47]解维敏,方红星.金融发展、融资约束与企业研发投入[J].金融研究,2011(5):171-183.
[48]HADLOCK C J,PIERCE J R.New evidence on measuring financial constraints:moving beyond the KZ index[J].The review of financial studies,2010(5):1909-1940.
[49]姜付秀,石贝贝,马云飙.信息发布者的财务经历与企业融资约束[J].经济研究,2016(6):83-97.
[50]吴秋生,黄贤环.财务公司的职能配置与集团成员上市公司融资约束缓解[J].中国工业经济,2017(9):156-173.
(1)依据吴延兵[3]文献分析,企业技术创新主要依托于自主研发和技术引进两种形式。虽然自主研发的风险性较高,但是企业竞争优势的形成主要依赖该途径。
(2)Lerner et al.[4],Li[5],Hirshleifer et al.[6],Faleye et al.[7]以及Mukherjee et al.[8]均采用了研发支出的数据衡量企业创新活动。
(3)在相关研究中,“同侪效应”又被称为“同群效应”或“同伴效应”。
(4)在研发过程中,多元信息的获取有助于缓解非确定性产生的风险,但是企业将同时面临较高的信息搜寻成本。由此,企业需要在研发风险和信息成本间做出权衡。
(5)通常而言,同侪企业面临相似的制度环境、产业政策和投资机会。当企业内部信息含有较高噪音时,管理者可以理性地借鉴同侪企业相关决策,以此节约信息成本。
(6)依据当前文献,同侪效应普遍存在于个体的风险承担[20]、学术成果[21]、学业成绩[22-23]和犯罪倾向[24]等方面。
(7)研发产出及其成果转化的不确定性促使管理者会在相关决策过程中获取更加充足的信息以缓解创新风险。