私募股权投资、投资者情绪与科技型企业R&D投入

根据2009-2017年深圳证券交易所科技型上市企业相关面板数据，研究私募股权投资、投资者情绪与企业R&D投入之间的关系。研究发现：存在私募股权投资的科技型企业R&D投资强度更大；投资者情绪在私募股权投资与企业R&D投入之间起中介效应，即存在私募股权投资的科技型企业的投资者情绪更为高涨，高涨的投资者情绪会促使企业加大R&D投入。企业异质性检验发现，不同于国有企业和外资企业，民营企业的投资者情绪在私募股权投资与研发投入中的中介效应更加显著，并且处于不同生命周期的企业，无论是年轻企业还是成熟企业，投资者情绪的中介效应均不显著。将投资者情绪纳入分析框架，深入研究私募股权投资对企业研发活动的影响，对私募股权投资机构、企业、政府等进行科学决策具有重要理论价值和实践意义。

Private Equity Investment,Investor Sentiment and R&D Investment in Technology Companies

Based on the relevant panel data of technology-based enterprises listed on the Shenzhen Stock Exchange in 2009-2017, the relationship between private equity investment, investor sentiment and corporate R&D investment is studied. The study shows that R&D investment in technology-based companies with private equity investments is stronger. Investor sentiment has a mediating effect between private equity investment and corporate R&D investment, that is, the investor sentiment of technology-based enterprises with private equity investment is higher, and the high investor sentiment will encourage enterprises to increase R&D investment. Through heterogeneity test, it is found that unlike state-owned enterprises and foreign-funded enterprises, the investor sentiment of private enterprises plays a more significant role in private equity investment and R&D investment, and enterprises in different life cycles, whether young or mature enterprises, the mediating effects of investor sentiment are not significant. This paper incorporates investor sentiment into the analytical framework, and deeply studies the impact of private equity investment on corporate R&D activities, and provides important theoretical and practical reference for scientific decision-making of private equity investment institutions, enterprises and the government.