研发投入价值相关性研究——基于创新能力影响因素视角

持续性研发投入能否真正提高企业创新能力和市场价值？基于2008-2020年A股高新技术企业数据，通过构建真实研发增长指标检验研发投入价值相关性，考察战略投资者和管理层研发操纵行为对价值相关性的调节作用。研究发现：①研发投入提供了正向影响买入并持有收益率的盈余无关信息；②战略投资者可以提高研发投入价值相关性；③部分企业管理层为调节市场反应作出研发操纵决策；④当企业研发操纵行为被市场识别时，研发投入价值相关性下降。该结论表明，引入战略投资者有利于企业开展创新活动和提高公司治理效果，研发操纵无法提升企业创新能力。研究结论对于政府优化创新激励政策和创新监管政策，引导企业调整创新策略具有重要启示意义。

A Study about the Value-relevance of R&D Investment: Base on the Interfering Factor of Innovation

Since the US-China trade war, foreign countries have restricted Chinese companies' access to some key technologies that are important to the development of China's manufacturing sector. Increasing R&D input has become an inevitable choice for Chinese enterprises to accelerate technological innovation and acquire key technologies. In addition of the political environment, institutional investors in the Chinese capital market are increasingly paying attention to companies' R&D capability, and try to reflect the R&D capability in the evaluation process. Many researchers have studied the relevance between the R&D capability and the market value, and abundant results have been found with different assumptions. However, the correlativity between the R&D capability and the market value doesn't mean that the R&D capability can affect the market value. For example, a highly profitable company can invest a lot of money to improve its R&D capability, and highly profitable company usually has a high market value. Obviously, there is a correlation between this company's R&D capability and market value, but it is the company's profitability that makes both the R&D capability and the market value high, the R&D capability doesn't make the market value higher directly. That's why this article focuses on the value-relevance between R&D input and the market value, not the relevance. The value-relevance exists only if the capital market can identify the improvement of R&D capability, while the improvement is a complex process that is difficult for the investors to observe. Considering this problem, this paper also focuses on the effect of interfering factor of innovation. Strategic investors focus on long-term investment returns, so they keep eyes on the company's R&D capability. With strategic investor's supervision and support, companies can carry out innovation activities more smoothly. Then the investors in the capital market can observe the company's R&D capability more easily by researching the strategic investor. Besides, some top managements may take R&D manipulation decisions to maintain the market value, and this behavior will reduce the reliability of the company's R&D input data. It will be hard for the investor to infer the company's R&D capability from its R&D input, if the top managements have manipulated the R&D input. To research the incremental information provided by R&D input directly, we design a RR&Dsurp variable to exclude the effect of profitability.#br#This paper selects the high-tech enterprises listed as the initial sample, and collect data from 2008 to 2020. We removed the financial sector sample, the ST/*ST sample and the incomplete sample, and finally obtained 15,022 data to carry out the research. We verify the hypothesis by defining variables and constructing the multiple linear regression model. To make the research more rigorous, we winsorized all continuous variables by 1%, and controlled robust standard error and individual clustering standard error in all models. We use Stata 15.1 to treat and analyze the data.#br#The results show that RR&D surp has a significant positive correlation with the market value, which means that the R&D input provided incremental value-relevance information that was irrelevant to earnings. Moreover, we find that strategic investor can strengthen the value-relevance of R&D input, while the R&D manipulation will reduce the value-relevance of R&D input. However, it's hard for the capital market to perceive the R&D manipulation. The value-relevance's reduction only happens when the investors can notice the top managements' manipulation.#br#This paper focuses on the formation mechanism of the value-relevance between R&D input and the market value, and enriches the research on the relationship between R&D input and the market value. The research results of the article also have deepened the research related to strategic investors, and pioneered the research on the R&D manipulation caused by the motivation to maintain the market value. Finally, this paper's conclusions suggest that government departments should introduce more new policies to attract strategic investors to participate in corporate governance, so as to guide enterprises to adjust their innovation strategies and improve enterprise innovation ability and enterprise market performance.#br#