企业研发投资对超额收益的影响研究
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摘要
大众创业万众创新是我国目前的重要战略,创新创业是当今时代的主题,越来越多的企业逐渐意识到创新对于企业发展起着关键作用,创新投入能否真正推动企业的发展值得关注。企业的股价在一定程度上反应了其经营状况,同时可以有效体现研发投入成果。而股票的超额收益是实际股票收益与预期股票收益的差值,"超额"部分是企业发展和进步的重要展现。因此本文探讨企业研发投资对超额收益的影响。基于2008年-2016年上市公司的研发数据和股票价格,利用Fama和MacBeth的回归方法探究在不同的情境下,研发投入所引起的市场对公司估值的变化。研究发现,企业的研发投入对超额收益率具有显著的正向影响。同时,竞争是企业必须面临的问题。外界环境的竞争程度会对企业决策和绩效产生影响。本文既而探讨在不同的竞争环境中,企业研发投资对超额收益影响的变化。研究结果显示,行业的竞争程度可以正向调节研发投入与超额收益率的关系。然而面对激烈的竞争环境,孤军奋战的企业无法长久生存,唯有学会分工合作,才能持续发展。因而继续探讨企业与其他企业之间的合作对上述作用产生的影响。研究表明,在分工程度高的企业中,研发投入与超额收益率的关系更加突显,但是只有在分工程度高的企业中,行业竞争才能发挥对二者的调节作用。同时,本文在进一步分析中探究了企业竞争与合作之间的关系,并发现,行业竞争也可以进一步促进企业的分工程度。这表明,研发可以促进企业的发展,同时在竞争的压力下寻求分工合作,对企业的成长至关重要。行业的竞争程度是企业外部环境要素的重要组成部分,企业分工又是企业与其他企业之间沟通合作的重要桥梁,二者都对企业有着重要的影响。这也从侧面验证了竞合战略对企业的关键意义。这样的结论对企业的发展提供了一定启示:首先,创新投资往往伴随着正向的股票收益,一定程度的研发投入有利于企业发展。在"大众创业,万众创新"的大环境下,增加研发投入水平,提升科研能力,无疑是现代企业培养竞争优势的重要手段。管理者应当在鼓励创新的同时,注意提升研发效率。其次,对于处在优胜劣汰环境的企业来说,一定的竞争可以有效地推动企业进步。竞争的压力,迫使企业更谨慎地投资,更有效地取得创新成果。最后,高程度的竞争与高程度的分工合作可以进一步促进企业的发展。一定的竞争压力促进管理者理性决策,而高水平的分工合作降低了企业的生产成本,有效的竞合战略对企业创造价值起到至关重要的作用。
Mass entrepreneurship and innovation is an important strategy for the development of our country. Innovation and entrepreneurship are significant topic of the present era. More and more enterprises are gradually aware that innovation plays a vital role in enterprises. Whether the innovation investment can really promote the development of enterprises deserves attention. Stock price partly reflects a firm's operating conditions, and at the same time, it can effectively reflect the results of R&D investment. The excess return of stocks is the difference between the actual return and the expected return. The excess part is an important manifestation of a firm's development and progress. So, this paper discusses the impact of R&D investment on excess returns. Based on the R&D data and stock prices of Listed Companies between 2008 and 2016, this paper uses Fama and MacBeth regression method to explore the market valuation changes caused by R&D investment in different situations. The results show that the R&D expenditure has a significant positive impact on the excess return rate. At the same time, competition is a problem that must be faced by enterprises. The level of competition will have an impact on the firm's decision-making and innovative performance. This paper also explores the different effects of R&D investment on excess returns in different competitive environments. The results showed that the level of industry competition can positively moderate the relationship between R&D expenditure and excess returns. However, facing the fierce competition environment, enterprises struggling alone cannot survive for a long time. Only by learning to cooperate with others can they continue to develop. Therefore, this article continues to explore the role of cooperation. The results show that the relationship between R&D and excess returns is more prominent in enterprises with high degree of division of labor, and only in the enterprises with high degree of division of labor, industry competition can play a moderating role. This paper continues to explore the relationship between enterprise competition and cooperation in additional test. And we find that industry competition can further promote the division of enterprises. This shows that R&D can promote the development of enterprises. Also, seeking cooperative partners under the pressure of competition is crucial. Competition is an important part of the external environment factors of enterprises. In the same time, division of labor is a major bridge among enterprises. Competition and cooperation both play a key role in enterprises. This also partly verifies the importance of co-opetition strategy to enterprises. These conclusions provide some enlightenment for the development of enterprises. Firstly, innovation investment is often accompanied by positive stock returns, and R&D investment is conducive to the development of enterprises. Under the environment of "mass entrepreneurship and mass innovation", increasing R&D investment level and enhancing scientific research ability are undoubtedly important means for modern enterprises to cultivate competitive advantage. Managers should pay attention to improving R&D efficiency while encouraging innovation. Secondly, for enterprises in the environment of survival of the fittest, certain competition can effectively promote the progress of enterprises. The existence of competition makes enterprises more cautious in choosing investment. The pressure of competition forces enterprises to invest more cautiously and achieve innovative results more effectively. Finally, high level of competition and high degree of cooperation can further promote the development of enterprises. Competition promotes rational decision-making of managers, while high-level division of labor reduces the cost of production. Effective competition and cooperation strategy will play a vital role in creating value for enterprises.
Mass entrepreneurship and innovation is an important strategy for the development of our country. Innovation and entrepreneurship are significant topic of the present era. More and more enterprises are gradually aware that innovation plays a vital role in enterprises. Whether the innovation investment can really promote the development of enterprises deserves attention. Stock price partly reflects a firm's operating conditions, and at the same time, it can effectively reflect the results of R&D investment. The excess return of stocks is the difference between the actual return and the expected return. The excess part is an important manifestation of a firm's development and progress. So, this paper discusses the impact of R&D investment on excess returns. Based on the R&D data and stock prices of Listed Companies between 2008 and 2016, this paper uses Fama and MacBeth regression method to explore the market valuation changes caused by R&D investment in different situations. The results show that the R&D expenditure has a significant positive impact on the excess return rate. At the same time, competition is a problem that must be faced by enterprises. The level of competition will have an impact on the firm's decision-making and innovative performance. This paper also explores the different effects of R&D investment on excess returns in different competitive environments. The results showed that the level of industry competition can positively moderate the relationship between R&D expenditure and excess returns. However, facing the fierce competition environment, enterprises struggling alone cannot survive for a long time. Only by learning to cooperate with others can they continue to develop. Therefore, this article continues to explore the role of cooperation. The results show that the relationship between R&D and excess returns is more prominent in enterprises with high degree of division of labor, and only in the enterprises with high degree of division of labor, industry competition can play a moderating role. This paper continues to explore the relationship between enterprise competition and cooperation in additional test. And we find that industry competition can further promote the division of enterprises. This shows that R&D can promote the development of enterprises. Also, seeking cooperative partners under the pressure of competition is crucial. Competition is an important part of the external environment factors of enterprises. In the same time, division of labor is a major bridge among enterprises. Competition and cooperation both play a key role in enterprises. This also partly verifies the importance of co-opetition strategy to enterprises. These conclusions provide some enlightenment for the development of enterprises. Firstly, innovation investment is often accompanied by positive stock returns, and R&D investment is conducive to the development of enterprises. Under the environment of "mass entrepreneurship and mass innovation", increasing R&D investment level and enhancing scientific research ability are undoubtedly important means for modern enterprises to cultivate competitive advantage. Managers should pay attention to improving R&D efficiency while encouraging innovation. Secondly, for enterprises in the environment of survival of the fittest, certain competition can effectively promote the progress of enterprises. The existence of competition makes enterprises more cautious in choosing investment. The pressure of competition forces enterprises to invest more cautiously and achieve innovative results more effectively. Finally, high level of competition and high degree of cooperation can further promote the development of enterprises. Competition promotes rational decision-making of managers, while high-level division of labor reduces the cost of production. Effective competition and cooperation strategy will play a vital role in creating value for enterprises.
引文
[1] Bublitz B,Ettredge M.The information in discretionary outlays:Advertising,research and development [J].The Accounting Review,1989,64 (1):108-124.
[2] Chan L K C,Lakonishok J,Sougiannis T.The stock market valuation of research and development expenditures [J].Journal of Finance,2001,56 (6):2431-2456.
[3] 杨亭亭,黎智滔,李仲飞.上市公司技术创新能力与股票收益——来自中国资本市场的证据 [J].当代财经,2017(8):56-68.Yang Tingting,Li Zhitao,Li Zhongfei.Technological innovation capability and stock returns of listed companies:Evidences from China’s capital market [J].Contemporary Finance & Economics,2017(8):56-68.
[4] 苏宝通,陈炜,陈浪南.公开信息与股票回报率相关性的实证研究 [J].管理科学,2004 (6):67-75.Su Baotong,Chen Wei,Chen Langnan.An empirical study of the relationship between public infornation and market activities [J].Journal of Management Science,2004 (6):67-75.
[5] Gu L.Product market competition,R&D investment,and stock returns [J].Journal of Financial Economics,2016,119 (2):441-455.
[6] Bublitz B,Ettredge M.The information in discretionary outlays:Advertising,research and development [J].The Accounting Review,1989,64 (1):108-124.
[7] 张海洋.R&D两面性、外资活动与中国工业生产率增长 [J].经济研究,2005 (5):107-117.Zhang Haiyang.Two faces of R&D,activity of FDI and the growth of productivity of domestic manufacturing in China [J].Economy Research,2005 (5):107-117.
[8] 李小平,朱钟棣.国际贸易、R&D溢出和生产率增长 [J].经济研究,2006 (2):31-43.Li Xiaoping,Zhu Zhongdi.International trade,R&D spillover and productivity development [J].Economy Research,2006 (2):31-43.
[9] Chan S H,Martin J D,Kensinger J W.Corporate research and development expenditures and share value [J].Journal of Financial Economics,1990,26 (2):255-276.
[10] Hall B H.The stock markets valuation if R&D investment during the 1980s [J].American Economic Review,1993,83(2):259-264.
[11] 陈收,邹增明,刘端.技术创新能力生命周期与研发投入对企业绩效的影响 [J].科技进步与对策,2015(12):72-78.Chen Shou,Zou Zengming,Liu Duan.Effects of R&D investment and technology innovation capability life cycle of firm performance [J].Science Technology Progress and Policy,2015(12):72-78.
[12] Lev B,Sougiannis T.The capitalization,amortization and value-relevance of R&D [J].Journal of Accounting and Economics,1996,21 (1):107-138.
[13] Chambers D,Jennings R,Thompson R B.Excess returns to R&D intensive firms [J].Review of Accounting Studies,2002,7 (2-3):133-158.
[14] Li D.Financial constraints,R&D invment,and stock returns [J].Review of Financial Studies,2011,24 (9):2974-3007.
[15] Lev B,Sarath B,Sougiannis T.R&D reporting biases and their consequences [J].Contemporary Accounting Research,2005,22 (4):977-1026.
[16] 徐二明,衣凤鹏.中国上市公司企业社会责任与财务绩效关系——行业竞争的调节作用 [J].辽宁大学学报(哲学社会科学版),2014 (1):91-98.Xu Erming,Yi Fengpeng.Corporate social responsibility and corporate financial performance:Moderating effect of industry competition [J].Journal of Liaoning University (Philosophy and Social Sciences Edition),2014 (1):91-98.
[17] 何熙琼,尹长萍,毛洪涛.产业政策对企业投资效率的影响及其作用机制研究——基于银行信贷的中介作用与市场竞争的调节作用 [J].南开管理评论,2016 (5):161-170.He Xiqiong,Yin Changping,Mao Hongtao.The effect and mechanism of industrial policy on investment efficiency:The mediating role of bank credit and the moderating effect of market competition [J].Nankai Business Review,2016(5):161-170.
[18] 王智波,李长洪.轻资产运营对企业利润率的影响——基于中国工业企业数据的实证研究 [J].中国工业经济,2015 (6):108-121.Wang Zhibo,Li Changhong.The impact of asset-light strategy on firm’s profit margin—Evidence from China’s manufacturing firms [J].China Industrial Economics,2015 (6):108-121.
[19] Brandenburger A M,Nalebuff B J.The right game:Use game theory to shape strategy [J].Harvard Business Review,1995,76 (7):57-71.
[20] 徐亮,张宗益,龙勇,周旭.竞合战略与技术创新绩效的实证研究 [J].科研管理,2009 (1):87-96.Xu Liang,Zhang Zongyi,Long Yong,Zhou Xu.An empirical study on co-opetition strategy and technological innovation performance [J].Science Research Management,2009 (1):87-96.
[21] Fama E F,MacBeth J D.Risk,return,and equilibrium:Empirical tests [J].Journal of Political Economy,1973,81 (3):607-636.
[22] Fama E F,French K R.The cross-section of expected stock returns [J].Journal of Finance,1992,47(2):427-465.
[23] Fama E F,French K R.Common risk factors in the returns on stocks and bonds [J].Journal of Financial Economics,1993,33 (1):03-56.
[24] Fama E F,French K R.A five-factor asset pricing model [J].Journal of Financial Economics,2015,116 (1):01-22.
[25] Booth L,Zhou J.Market power and dividend policy [J].Managerial Finance,2015,41(2):145-163.
[26] 范子英,彭飞.“营改增”的减税效应和分工效应:基于产业互联的视角 [J].经济研究,2017 (2):82-95.Fan Ziying,Peng Fei.The effects of“business tax replaced with VAT reform” on firms’ tax cuts and industrial division based on the perspective of industrial interconnection [J].Economy Research,2017 (2):82-95.
[27] Buzzell R D.Is vertical integration profitable [J].Harvard Business Review,1983,61 (1):92-102.
[2] Chan L K C,Lakonishok J,Sougiannis T.The stock market valuation of research and development expenditures [J].Journal of Finance,2001,56 (6):2431-2456.
[3] 杨亭亭,黎智滔,李仲飞.上市公司技术创新能力与股票收益——来自中国资本市场的证据 [J].当代财经,2017(8):56-68.Yang Tingting,Li Zhitao,Li Zhongfei.Technological innovation capability and stock returns of listed companies:Evidences from China’s capital market [J].Contemporary Finance & Economics,2017(8):56-68.
[4] 苏宝通,陈炜,陈浪南.公开信息与股票回报率相关性的实证研究 [J].管理科学,2004 (6):67-75.Su Baotong,Chen Wei,Chen Langnan.An empirical study of the relationship between public infornation and market activities [J].Journal of Management Science,2004 (6):67-75.
[5] Gu L.Product market competition,R&D investment,and stock returns [J].Journal of Financial Economics,2016,119 (2):441-455.
[6] Bublitz B,Ettredge M.The information in discretionary outlays:Advertising,research and development [J].The Accounting Review,1989,64 (1):108-124.
[7] 张海洋.R&D两面性、外资活动与中国工业生产率增长 [J].经济研究,2005 (5):107-117.Zhang Haiyang.Two faces of R&D,activity of FDI and the growth of productivity of domestic manufacturing in China [J].Economy Research,2005 (5):107-117.
[8] 李小平,朱钟棣.国际贸易、R&D溢出和生产率增长 [J].经济研究,2006 (2):31-43.Li Xiaoping,Zhu Zhongdi.International trade,R&D spillover and productivity development [J].Economy Research,2006 (2):31-43.
[9] Chan S H,Martin J D,Kensinger J W.Corporate research and development expenditures and share value [J].Journal of Financial Economics,1990,26 (2):255-276.
[10] Hall B H.The stock markets valuation if R&D investment during the 1980s [J].American Economic Review,1993,83(2):259-264.
[11] 陈收,邹增明,刘端.技术创新能力生命周期与研发投入对企业绩效的影响 [J].科技进步与对策,2015(12):72-78.Chen Shou,Zou Zengming,Liu Duan.Effects of R&D investment and technology innovation capability life cycle of firm performance [J].Science Technology Progress and Policy,2015(12):72-78.
[12] Lev B,Sougiannis T.The capitalization,amortization and value-relevance of R&D [J].Journal of Accounting and Economics,1996,21 (1):107-138.
[13] Chambers D,Jennings R,Thompson R B.Excess returns to R&D intensive firms [J].Review of Accounting Studies,2002,7 (2-3):133-158.
[14] Li D.Financial constraints,R&D invment,and stock returns [J].Review of Financial Studies,2011,24 (9):2974-3007.
[15] Lev B,Sarath B,Sougiannis T.R&D reporting biases and their consequences [J].Contemporary Accounting Research,2005,22 (4):977-1026.
[16] 徐二明,衣凤鹏.中国上市公司企业社会责任与财务绩效关系——行业竞争的调节作用 [J].辽宁大学学报(哲学社会科学版),2014 (1):91-98.Xu Erming,Yi Fengpeng.Corporate social responsibility and corporate financial performance:Moderating effect of industry competition [J].Journal of Liaoning University (Philosophy and Social Sciences Edition),2014 (1):91-98.
[17] 何熙琼,尹长萍,毛洪涛.产业政策对企业投资效率的影响及其作用机制研究——基于银行信贷的中介作用与市场竞争的调节作用 [J].南开管理评论,2016 (5):161-170.He Xiqiong,Yin Changping,Mao Hongtao.The effect and mechanism of industrial policy on investment efficiency:The mediating role of bank credit and the moderating effect of market competition [J].Nankai Business Review,2016(5):161-170.
[18] 王智波,李长洪.轻资产运营对企业利润率的影响——基于中国工业企业数据的实证研究 [J].中国工业经济,2015 (6):108-121.Wang Zhibo,Li Changhong.The impact of asset-light strategy on firm’s profit margin—Evidence from China’s manufacturing firms [J].China Industrial Economics,2015 (6):108-121.
[19] Brandenburger A M,Nalebuff B J.The right game:Use game theory to shape strategy [J].Harvard Business Review,1995,76 (7):57-71.
[20] 徐亮,张宗益,龙勇,周旭.竞合战略与技术创新绩效的实证研究 [J].科研管理,2009 (1):87-96.Xu Liang,Zhang Zongyi,Long Yong,Zhou Xu.An empirical study on co-opetition strategy and technological innovation performance [J].Science Research Management,2009 (1):87-96.
[21] Fama E F,MacBeth J D.Risk,return,and equilibrium:Empirical tests [J].Journal of Political Economy,1973,81 (3):607-636.
[22] Fama E F,French K R.The cross-section of expected stock returns [J].Journal of Finance,1992,47(2):427-465.
[23] Fama E F,French K R.Common risk factors in the returns on stocks and bonds [J].Journal of Financial Economics,1993,33 (1):03-56.
[24] Fama E F,French K R.A five-factor asset pricing model [J].Journal of Financial Economics,2015,116 (1):01-22.
[25] Booth L,Zhou J.Market power and dividend policy [J].Managerial Finance,2015,41(2):145-163.
[26] 范子英,彭飞.“营改增”的减税效应和分工效应:基于产业互联的视角 [J].经济研究,2017 (2):82-95.Fan Ziying,Peng Fei.The effects of“business tax replaced with VAT reform” on firms’ tax cuts and industrial division based on the perspective of industrial interconnection [J].Economy Research,2017 (2):82-95.
[27] Buzzell R D.Is vertical integration profitable [J].Harvard Business Review,1983,61 (1):92-102.