University of Jinan, Jinan City, Shandong Province, China.
Renmin University of China, Beijing, China.
PLoS One. 2023 Jan 26;18(1):e0280237. doi: 10.1371/journal.pone.0280237. eCollection 2023.
In the era of innovation dividends, whether investors, as the main participants in the capital market, can tolerate enterprise innovation activities is the key to whether the capital market can help enterprises innovate. This paper takes the listed companies of Shanghai and Shenzhen A-shares in China that disclosed quantitative performance forecasts from 2016 to 2021 as samples, obtains the market reaction of performance forecasts through the event study method and uses them as proxy variables of investors' short-term performance expectations, and uses multiple regression analysis to explore the impact of corporate R&D on investors' short-term performance expectations. The results are as follows: (1) corporate R&D investment significantly reduces investors' short-term performance expectations (that is, investors have a significant tolerance effect on enterprises with higher R&D investment); (2) the increase in the shareholding ratio of institutional investors weakens the tolerance effect; and (3) with the implementation of China's innovation-driven strategy, the tolerance effect of its capital market on enterprise R&D gradually increases, especially for high-tech companies, but has a low tolerance effect on state-owned companies' R&D risk. The results show that investors in China's capital market are not completely rational in their response to corporate R&D, and investors are willing to bear more short-term performance losses for high R&D investment, which is consistent with prospect theory.
在创新红利时代,投资者作为资本市场的主要参与方,能否容忍企业的创新活动,是资本市场能否助力企业创新的关键。本文以 2016-2021 年我国沪深 A 股披露定量业绩预告的上市公司为样本,通过事件研究法获取业绩预告的市场反应,并将其作为投资者短期业绩预期的代理变量,运用多元回归分析方法,探究企业研发投入对投资者短期业绩预期的影响。结果表明:(1)企业研发投入显著降低投资者短期业绩预期(即投资者对研发投入较高的企业容忍度较高);(2)机构投资者持股比例的增加削弱了容忍度效应;(3)随着我国创新驱动战略的实施,其资本市场对企业研发的容忍度逐渐提高,尤其是对高科技企业,但对国有企业研发风险的容忍度较低。研究结果表明,我国资本市场投资者在对企业研发投入的反应上并非完全理性,投资者愿意为较高的研发投入承担更多的短期业绩损失,这与前景理论一致。