企业研发的“羊群效应”及其负面影响
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摘要
低端产品过度供给、高端产品却供给不足是困扰我国制造业的结构性难题,供给侧改革成为近些年的关键举措。企业在研发等投资活动中的盲目跟风是造成产品结构性问题的重要原因之一。鉴于此,本文利用来自中国工业企业数据库的大样本数据,从制度和市场的双重视角检验了地区-行业层面的企业研发联动的影响因素,并检验了研发联动对经营绩效的影响。研究结果表明:政府过度干预,或者市场的技术和需求波动性越强,企业越有可能"跟风"研发,即联动程度越高;相反,法律保护制度越完善,或者市场竞争越激烈,企业越不倾向于"跟风"研发,即联动程度越低。进一步地,研发联动显著降低了企业的经营绩效,这在政府过度干预的地区-行业体现的尤为明显。本文揭示了企业研发"羊群效应"的形成原因及其负面影响,研究结论对当前的供给侧改革有着重要的政策启示。
Oversupply in low-value products whilst insufficiency in high-value products has been the structural problem for the Chinese manufacturing, thereby necessitating the reform of supply side. Further, we believe that the herding behavior of firm R&D is one of the main causes leading to the issue of the industrial structure. Drawing upon the dataset from the Annual Census of Chinese Industrial Enterprises, this study explores the determinants of R&D comovement and its effect on corporate performance. Government intervention and market turbulence have a positive effect on R&D comovement, while legislation environment and market competition make a negative effect. Furthermore, R&D comovement hinders corporate performance. Our findings reveal the causes of herding behavior and its effect, and offer valuable managerial implications and policy suggestions.
Oversupply in low-value products whilst insufficiency in high-value products has been the structural problem for the Chinese manufacturing, thereby necessitating the reform of supply side. Further, we believe that the herding behavior of firm R&D is one of the main causes leading to the issue of the industrial structure. Drawing upon the dataset from the Annual Census of Chinese Industrial Enterprises, this study explores the determinants of R&D comovement and its effect on corporate performance. Government intervention and market turbulence have a positive effect on R&D comovement, while legislation environment and market competition make a negative effect. Furthermore, R&D comovement hinders corporate performance. Our findings reveal the causes of herding behavior and its effect, and offer valuable managerial implications and policy suggestions.
引文
[1] 秦黎丽. 要素市场供给侧改革视角下中国产能过剩问题及化解路径[J]. 改革与战略,2017,(2):42-45.
[2] Zuckerman E W, Rao H. Shrewd, crude or simply deluded? Comovement and the internet stock phenomenon [J]. Industrial and Corporate Change, 2004, 13(1): 171-212.
[3] Bikhchandani S, Sharma S. Herd behavior in financial markets [J]. IMF Staff Papers, 2000, 47(3): 279-310.
[4] 朱曦济,彭建凯,吴雪清. 金融市场羊群行为研究综述[J]. 国际金融,2012,(4):75-80.
[5] 施东晖. 证券投资基金的交易行为及其市场影响[J]. 世界经济,2001,(10):26-31.
[6] 许年行,于上尧,伊志宏. 机构投资者羊群行为与股价崩盘风险[J]. 管理世界, 2013,(7):31-43.
[7] 蔡庆丰,杨侃,林剑波. 羊群行为的叠加及其市场影响——基于证券分析师与机构投资者行为的实证研究[J]. 中国工业经济,2011,(12):111-121.
[8] Morck R, Yeung B, Yu W. The information content of stock markets: Why do emerging markets have synchronous stock price movements? [J]. Journal of Financial Economics, 2000, 58(1-2): 215-260.
[9] Ribeiro R, Veronesi P. Excess Comovement of International Stock Markets in Bad Times: A rational Expectations Equilibrium Model[C]. II Encontro Brasileiro de Finan?as, 2008.
[10] Knyazeva A, Knyazeva D, Morck R, et al. Comovement in investment and corporate governance[R]. Working Paper, New York University, New York, NY, USA,2007.
[11] Chen D, Khan S, Yu X, et al. Government intervention and investment comovement: Chinese evidence [J]. Journal of Business Finance & Accounting, 2013, 40(3-4): 564-587.
[12] 方军雄. 企业投资决策趋同:羊群效应抑或“潮涌现象”?[J]. 财经研究,2012,(11):92-102.
[13] 郑江淮. 信息追随、管理者从众行为与报酬合约[J]. 中国工业经济,2002,(3):77-82.
[14] North C D. Institutions, institutional change and economic performance [J]. Journal of Economic Perspectives, 1990, 5(1): 97-112.
[15] Acemoglu D, Johnson S. Unbundling institutions [J]. Journal of Political Economy, 2005, 113(5): 949-995.
[16] 余明桂,李文贵,潘红波. 民营化、产权保护与企业风险承担[J]. 经济研究,2013,(9):112-124.
[17] Murphy K M, Shleifer A, Vishny R W. Why is rent-seeking so costly to growth? [J]. The American Economic Review, 1993, 83(2): 409-414.
[18] 蔡地,万迪昉. 制度环境影响企业的研发投入吗?[J]. 科学学与科学技术管理,2012,33(4):121-128.
[19] Matusik S F, Hill C W L. The utilization of contingent work, knowledge creation, and competitive advantage [J]. Academy of Management Review, 1998, 23(4): 680-697.
[20] Griffin A, Hauser J R. The voice of the customer [J]. Marketing Science, 1993, 12(1): 1-27.
[21] Miller D. The structural and environmental correlates of business strategy [J]. Strategic Management Journal, 1987, 8(1): 55-76.
[22] Fang E. The effect of strategic alliance knowledge complementarity on new product innovativeness in China [J]. Organization Science, 2011, 22(1): 158-172.
[23] 聂辉华,江艇,杨汝岱. 中国工业企业数据库的使用现状和潜在问题[J]. 世界经济,2012,(5):142-158.
[24] 谢千里,罗斯基,张轶凡. 中国工业生产率的增长与收敛[J]. 经济学,2008,(2):809-826.
[25] Fang E, Palmatier R W, Steenkamp J B E M. Effect of service transition strategies on firm value [J]. Journal of Marketing, 2008, 72(5): 1-14.
[2] Zuckerman E W, Rao H. Shrewd, crude or simply deluded? Comovement and the internet stock phenomenon [J]. Industrial and Corporate Change, 2004, 13(1): 171-212.
[3] Bikhchandani S, Sharma S. Herd behavior in financial markets [J]. IMF Staff Papers, 2000, 47(3): 279-310.
[4] 朱曦济,彭建凯,吴雪清. 金融市场羊群行为研究综述[J]. 国际金融,2012,(4):75-80.
[5] 施东晖. 证券投资基金的交易行为及其市场影响[J]. 世界经济,2001,(10):26-31.
[6] 许年行,于上尧,伊志宏. 机构投资者羊群行为与股价崩盘风险[J]. 管理世界, 2013,(7):31-43.
[7] 蔡庆丰,杨侃,林剑波. 羊群行为的叠加及其市场影响——基于证券分析师与机构投资者行为的实证研究[J]. 中国工业经济,2011,(12):111-121.
[8] Morck R, Yeung B, Yu W. The information content of stock markets: Why do emerging markets have synchronous stock price movements? [J]. Journal of Financial Economics, 2000, 58(1-2): 215-260.
[9] Ribeiro R, Veronesi P. Excess Comovement of International Stock Markets in Bad Times: A rational Expectations Equilibrium Model[C]. II Encontro Brasileiro de Finan?as, 2008.
[10] Knyazeva A, Knyazeva D, Morck R, et al. Comovement in investment and corporate governance[R]. Working Paper, New York University, New York, NY, USA,2007.
[11] Chen D, Khan S, Yu X, et al. Government intervention and investment comovement: Chinese evidence [J]. Journal of Business Finance & Accounting, 2013, 40(3-4): 564-587.
[12] 方军雄. 企业投资决策趋同:羊群效应抑或“潮涌现象”?[J]. 财经研究,2012,(11):92-102.
[13] 郑江淮. 信息追随、管理者从众行为与报酬合约[J]. 中国工业经济,2002,(3):77-82.
[14] North C D. Institutions, institutional change and economic performance [J]. Journal of Economic Perspectives, 1990, 5(1): 97-112.
[15] Acemoglu D, Johnson S. Unbundling institutions [J]. Journal of Political Economy, 2005, 113(5): 949-995.
[16] 余明桂,李文贵,潘红波. 民营化、产权保护与企业风险承担[J]. 经济研究,2013,(9):112-124.
[17] Murphy K M, Shleifer A, Vishny R W. Why is rent-seeking so costly to growth? [J]. The American Economic Review, 1993, 83(2): 409-414.
[18] 蔡地,万迪昉. 制度环境影响企业的研发投入吗?[J]. 科学学与科学技术管理,2012,33(4):121-128.
[19] Matusik S F, Hill C W L. The utilization of contingent work, knowledge creation, and competitive advantage [J]. Academy of Management Review, 1998, 23(4): 680-697.
[20] Griffin A, Hauser J R. The voice of the customer [J]. Marketing Science, 1993, 12(1): 1-27.
[21] Miller D. The structural and environmental correlates of business strategy [J]. Strategic Management Journal, 1987, 8(1): 55-76.
[22] Fang E. The effect of strategic alliance knowledge complementarity on new product innovativeness in China [J]. Organization Science, 2011, 22(1): 158-172.
[23] 聂辉华,江艇,杨汝岱. 中国工业企业数据库的使用现状和潜在问题[J]. 世界经济,2012,(5):142-158.
[24] 谢千里,罗斯基,张轶凡. 中国工业生产率的增长与收敛[J]. 经济学,2008,(2):809-826.
[25] Fang E, Palmatier R W, Steenkamp J B E M. Effect of service transition strategies on firm value [J]. Journal of Marketing, 2008, 72(5): 1-14.