投资者调研影响创业板公司研发投入强度吗

以中国创业板市场2010-2014年上市公司为研究样本，实证检验了投资者调研对研发投入强度的影响，研究发现：①投资者调研能够显著提高公司研发投入强度，且这一影响在不确定性较高的研究阶段更为明显；②投资者调研对公司研发投入强度的影响在金融发展程度较低地区或高科技行业中更为明显；③相对于“常规式创新”企业，“探索式创新”企业的研发支出更容易受到投资者调研的影响。

Research of the Impact of Investor Investigate on GEM Companies' R&D Expenditure

By selecting the sample of Chinese listed companies on the GEM from 2010-2014,this paper empirically examines the relationship between investors' investigate and R&D expenditure. The results show that, Information of investor investigation enhance the intensity of companies' R&D expenditure, and this impact is more significant at research stage with higher uncertainty; The impact of investors' investigate on companies' R&D expenditure is more significant in the companies that located in areas with lower financial development or in high-tech industries; Additionally, compared with the exploratory innovation companies, the routine innovation companies' R&D expenditure is more sensitive with the information of investor investigation.