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论文编号：	11813
作者编号：	2120182919
上传时间：	2020/6/22 11:18:05
中文题目：	分析师关注、金融生态环境与企业研发投入
英文题目：	Analyst Coverage, Financial Ecology Environment and Corporate R&D Investment
指导老师：	梅丹
中文关键字：	金融生态环境；分析师关注；研发投入
英文关键字：	financial ecological environment; analysts coverage; R&D investment
中文摘要：	当前我国处于经济发展的关键转型期，从追求经济高速发展转为保持经济平稳较快发展，从追求发展速度转为重视发展质量，而企业创新正是达成这一“新常态”必不可少的环节。企业对研发活动的投入是保证创新成果的前提，本文从外部宏观视角探讨影响企业研发投入的因素。作为信息中介的分析师是资本市场的重要组成部分。分析师关注对企业研发活动投入可能产生两种不同的影响，一方面，分析师依据企业财务状况和经营现状做出的业绩预测和评价可能对管理者产生业绩压力，使其可能减少对长期研发项目的投入以提升短期业绩；另一方面，长期跟踪关注企业的分析师能够以更低成本获取企业信息，尤其是较复杂研发项目的信息，再进行解读并传递给股东和外部投资者，缓解信息不对称问题，这有利于管理层增加对研发项目的投入。此外，在优质的金融生态环境中，相关部门对企业的监察更加严格，企业也会自觉披露更高质量的信息、提高信息透明度；且良好的金融生态环境可以提供多种融资渠道，降低企业的资本成本。因此，本文拟从我国制度环境背景和上市公司实际出发，理论分析并实证检验分析师关注和企业研发投入的关系，并在此基础上引入金融生态环境作为调节变量，进一步探究在不同产权性质、融资约束程度和董事长兼任行为下金融生态环境对二者关系的影响。 本文首先从金融生态环境、分析师关注和企业研发投入三个方面对前人的文献进行了梳理和总结。接下来，界定了金融生态环境和分析师关注的概念，并在理论分析的基础上提出了两个研究假设，构造了研究所用模型。选取2014-2018年A股上市公司的数据进行实证检验以及稳健性检验和进一步分析，得出了以下结论：（1）分析师关注可以增加企业的研发投入；（2）良好的金融生态环境抑制了分析师关注对企业研发投入的促进作用。最后本文根据得出的结论提出了建议并针对不足之处进行未来展望。
英文摘要：	Nowadays, China is in a critical transition period of economic development. From the pursuit of high-speed economic development to maintaining stable and rapid economic development and from the pursuit of development speed to the emphasis on development quality, it is essential to achieve this "new normal" from enterprise innovation. Enterprise investment in R&D activities is a prerequisite for ensuring innovation achievements. This article explores the factors that affect enterprise R&D investment from an external macro perspective. As an information intermediary analyst is an important part of the capital market. Analysts are concerned that the investment in corporate R&D activities may have two different effects. On the one hand, analysts’ performance predictions and evaluations based on the company’s financial status and operating status may generate performance pressure on managers, which may reduce long-term R&D Project investment to improve short-term performance; on the other hand, analysts who follow the company for a long time can obtain corporate information at a lower cost, especially information on more complex R&D projects, and then interpret and pass it to shareholders and external investors to ease. The problem of information asymmetry helps the management increase its investment in R&D projects. In addition, in the high-quality financial ecological environment, relevant departments have stricter supervision on enterprises, and companies will voluntarily disclose higher-quality information and improve information transparency; and a good financial ecological environment can provide multiple financing channels and reduce corporate Capital cost. Therefore, this article intends to proceed from the background of China's institutional environment and the reality of listed companies, theoretically analyze and empirically test the relationship between analysts' concerns and corporate R&D investment, and on this basis, introduce the financial ecological environment as a regulatory variable to further explore the impact of the financial ecological environment on the relationship between the two under the nature of property rights, the degree of financing constraints and the concurrent act of chairman. This article first sorts out and summarizes the previous literature from three aspects: financial ecological environment, analysts' attention and enterprise R&D investment. Next, the concepts of financial ecological environment and analysts' concerns were defined, and two research hypotheses were proposed based on theoretical analysis, and a model for research was constructed. The data of A-share listed companies from 2014 to 2018 was selected for empirical testing and robustness testing. The following conclusions are drawn: (1) Analysts coverage can increase the company’s R&D investment; (2) Good financial ecological environment restrains analysts' attention to promote the R&D investment of enterprises. Finally, this article puts forward suggestions based on the conclusions and looks forward to the shortcomings.
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