中国企业研发决策同群效应的空间计量分析

考虑到企业间策略互动对研发决策的影响,将空间面板计量模型引入同群效应实证研究。基于2013—2019年中国A股上市公司数据,构建地区、行业和财务特征3类空间权重矩阵,结果发现：中国上市公司研发投入具有明显的惯性;企业研发决策主要受同行业同群企业研发决策（内生同群效应）及其特征变量（外生同群效应）的影响,同地区和相似财务特征的同群企业可以通过特征变量（外生同群效应）对本企业研发决策产生影响;尽管企业研发牺牲了短期盈利,但对股市估值的影响显著为正,说明中国资本市场投资者已具备一定的价值投资意识,而同群企业研发投入对本企业盈利和股市估值的影响均为负,说明中国企业研发互动主要体现为竞争效应而非协同效应;在国家实施创新驱动发展战略后,企业平均研发投入强度显著提升,3类同群效应显著增强。从全局视角对中国企业研发行为进行研究,以期为企业经理人提供有关激励研发创新、提升企业价值的启示。

Spatial Econometric Analysis of the Peer Effects among Chinese Companies' R&D Strategies

Considering the influence of strategic interaction on firms' R&D strategies, this paper innovatively employs spatial panel econometric models to investigate peer effects among Chinese companies. Based on the data of Chinese A-share listed companies from 2013 to 2019, three spatial weight matrices of region, industrial and financial characteristics were constructed. Our conclusions include: R&D investment of Chinese listed companies has obvious inertia; companies' R&D decisions are mainly influenced by those of peer companies in the same industry (endogenous peer effect) and their characteristic variables (exogenous peer effect), and the peer companies with the same region and similar financial characteristics only have an impact through their characteristic variables (exogenous peer effect); although R&D investment sacrifices companies' short-term profits, its impact on stock market valuation is significantly positive, indicating that investors in China's capital market have acquired a certain sense of value investment. However, R&D investments of peer companies have a negative impact on the earnings and stock market valuation, indicating that R&D interaction among Chinese companies is mainly reflected in competition rather than synergies; after the implementation of the innovationdriven development strategy, the intensity of companies' average R&D investment has increased significantly. At the same time, the intensity of the three kinds of peer effects has also shown a significant increasing trend. This paper expands the research on R&D behavior of Chinese companies from an isolated perspective to a global perspective, which is helpful to provide inspiration for managers to provide inspiration on stimulating R&D innovation and enhancing enterprise value.