投资者对研发投入的反应过程中企业资源与环境波动的信号作用研究

发布时间：2018-01-24 17:11

  本文关键词： 投资者反应 研发投入 企业资源 环境波动 信号作用　出处：《哈尔滨工业大学》2017年博士论文　论文类型：学位论文

【摘要】：在全球化的竞争时代,创新能力是企业能够在全球市场的竞争中获得一席之地的最为重要的企业内部因素。从资源基础观的视角来看,研发活动提高企业的创新能力,通过产出新产品与技术使企业获得不可替代性和不可模仿性的资源,进而提高企业的竞争优势,使企业产生持久的业绩增长。鉴于研发活动对企业未来发展潜力所起到的重要作用,于是便成为投资者在评价企业未来价值过程中所重点关注的企业因素。但由于我国上市公司仍然存在着非常严重的信息披露质量过低等问题,使得外部投资者在企业的创新方面处于信息的劣势。由于投资者无法获取所有有关研发项目进展与收益的真实信息,因此无法对研发投入的潜在价值做出准确的判断,使得上市公司与外部投资者之间出现严重的信息不对称问题。但通过对现有文献的梳理,发现现有研究大部分都是从企业的视角来研究研发投入的价值,而很少从信息不对称问题的视角出发,来研究投资者对研发投入价值的评价过程。针对现有研究的不足,本文主要研究在信息不对称的情况下,投资者对研发投入的反馈,在投资者评价研发价值的过程中有哪些因素影响了投资者对研发投入的价值做出判断,以及研发投入的信息价值又是通过哪些路径传递给投资者。基于市场信号理论、战略匹配理论和资源基础观理论,研发投入被看做是具有不确定质量的信息。为减小信息不对称,对研发投入的潜在价值做出更为合理的判断,本文认为投资者会寻找企业有意或者无意所发出的信号,来判断研发投入的价值。进一步,基于战略匹配理论,企业是否具有与研发活动相匹配的资源以及研发活动是否与外部环境相匹配为投资者评价研发投入的潜在的价值提供了进一步的参考信息。于是,本文认为研发的匹配资源和外部环境波动便是投资者用以判断研发投入潜在质量的信号,也就是说研发的匹配资源与外部环境对投资者产生了信号作用。对于研发投入的信息价值传递问题,本文认为,企业所释放的技术资源信号可以提高研发投入的信息有效性,进而促进研发投入的价值传递。因此,本文认为研发投入的信息价值通过技术资源路径传递给投资者。以上分析建构了全文的理论框架与研究假设,为后续的实证检验提供了理论基础。首先,本文实证研究了在信息不对称的情况下,投资者对研发投入的直接反馈。以2008年到2011年间的我国医药行业上市公司为样本,运用SPSS19.0软件对样本数据进行OLS回归方程检验,发现在信息不对称的情况下,投资者对研发投入产生正向的反馈。其次,分别检验了财务资源与高管团队的信号作用。本文用成长能力、盈利能力与资本结构(负债水平)来表征企业的财务资源,分别论述了以上三方面因素在投资者评价研发投入质量过程中所起到的信号作用,并对以上假设进行实证检验。结果表明,成长能力具有正向的信号作用,负债水平具有负向的信号作用,盈利能力不具有信号作用。应用Modprobe软件,对财务资源的信号作用进行有条件的交互效应分析,发现只有当成长能力处于很高水平时,负债水平处在较低水平时,信号作用才显著。同时,本文用高管规模、高管任期、高管持股和高管薪酬来表征高管团队,通过理论论述来假设以上因素可能的信号作用方向,并对假设进行实证检验。发现高管规模具有正向信号作用、高管持股和高管薪酬都具有负向信号作用,高管任期不具有信号作用。通过有条件的交互效应分析,发现无论高管规模处于哪一个水平,信号作用都是显著的,高管持股只有处于较低水平时,信号作用才显著,而高管薪酬只有处于较高水平时,信号作用才显著。再次,检验了环境波动的信号作用,以及在不同环境波动下,财务资源和高管团队的信号作用。本文用技术环境波动和市场环境波动来表征环境波动,通过实证检验,本文发现,市场环境波动具有正向的信号作用,技术环境波动具有负向的信号作用,通过有条件的交互效应分析,发现只有当市场环境波动的水平处于较高或较低时,其信号作用才显著,而对于技术环境来说,无论处于哪一个水平,其信号作用都是显著的;在市场波动和技术波动程度高的环境下,财务资源和高管团队的信号作用更为显著。最后,实证检验了技术资源的价值传递信号作用。本文首先在理论上分析了技术资源对于研发投入所产生的具有中介效应的信号作用,构建了技术资源在研发投入与投资者反馈之间的中介效应模型,并进行实证检验。结果表明,新产品是企业将研发投入价值传递给投资者的唯一路径,新技术与新专利并没有产生具有中介效应的信号作用。从信息不对称问题出发,本文研究投资者对研发投入的反馈,以及在反馈过程中企业资源与环境波动所起到的信号作用。在理论上,本文首次将市场信号理论引入到研发价值领域,丰富了该领域的研究视角;构建了在信息不对称情况下,投资者对研发投入反应的理论模型,以及研发投入信息价值的传递过程模型。在实践上,使得投资者了解企业与自身的信号传递博弈过程,帮助投资者做出更为合理的投资决策;使企业更加了解投资者对信号的解读,帮助企业获得来自投资者的正向反馈。
[Abstract]:In the era of globalization, the innovation ability is the most important internal factors for enterprises to obtain a space for one person in the global market competition. From the resource-based view of research and development activities to improve the innovation ability of enterprises, through the production of new products and technologies to enable enterprises to get the irreplaceable and imitative resources, and improve the competitive advantage of enterprises, so that enterprises have a lasting growth. In view of research and development activities to play an important role in the future development potential of the enterprise, they will become investors in the evaluation of enterprise value in the future the process focus attention enterprise factors. But because of China's listed companies are still very serious information the disclosure of low quality and other issues, the external investors at a disadvantage in the innovation of enterprise information. Because investors can not obtain the progress of all relevant research and development project The real income information, to the potential value of R & D investment to make accurate judgments, resulting in serious problems of information asymmetry between listed companies and external investors. But based on existing literature, found that the existing research is mostly on the R & D investment value from the enterprise perspective, while seldom from the information asymmetry problem from the angle of research to investors on the R & D investment value evaluation process. Aiming at the shortage of existing research, this paper mainly studies in the case of asymmetric information, investors in the R & D investment feedback, the factors which influence the investors to judge the value of R & D investment in R & D value in the evaluation of investors, as well as the value of information R & D investment and transfer to investors through which the market signal path. Based on the theory of strategic matching theory and resource based view of Science The R & D investment is regarded as uncertain quality information. In order to reduce the information asymmetry, the potential value of R & D investment to make more reasonable judgment, this paper argues that investors will be looking for signals from companies intentionally or unintentionally, to determine the value of R & D investment. Further, the matching strategy based on the theory of whether the enterprise has matching and research activities and resources research and development activities and the external environment is matched to provide further reference information for investors to evaluate the potential value of R & D investment. So, the research of matching resources and external environment fluctuation is used to judge the signal investors R & D investment potential quality, that is to say, the development of resources with the external environment has a signal to investors. The information value of R & D investment transfer, this paper argues that the release of enterprise technology The signal can improve the effectiveness of information resources investment in research and development, and promote the value of R & D investment transfer. Therefore, the information value of R & D investment transfer to investors through technical resources path. The above analysis constructs a theoretical framework and research hypothesis of the thesis, provides a theoretical basis for the subsequent empirical test. First, this paper empirical research in the case of asymmetric information, investors direct feedback on R & D investment. From 2008 to 2011 years of China's pharmaceutical industry listed companies as a sample, using the sample data to test the regression equation OLS SPSS19.0 software, found in the case of asymmetric information, investors have positive feedback on the R & D investment. Secondly, test the signal of financial resources and senior management team. The growth ability, profitability and capital structure (debt) to characterize the enterprise property Service resources, signal respectively discusses the above three factors play in the evaluation of investors in the process of R & D investment quality, and through the empirical test of the above hypothesis. The results show that the signal has a positive growth ability, debt has a negative effect to the signal level, profitability has no signal. The application of Modprobe software. Analyze the interaction effect of conditional signal effect on financial resources, found only when the ability to grow at a very high level, the level of debt in the low level, signal effect was significant. At the same time, the executive scale, executive tenure, managerial ownership and executive compensation to characterize the executive team, the direction of the signal through the theory assume that the above factors, and tested the hypothesis. The scale has a positive signal that the executive function, executive ownership and executive pay has a negative Signal, executive tenure does not have a signal. Through the interaction of conditional analysis, found that the scale at which a executive level signal are significant, executive ownership only is in the low level, signal effect is significant, and executive compensation only at a high level, the signal effect significantly again. The role of environmental inspection, signal fluctuations, and fluctuations in different environment, signal functions of financial resources and senior management team. The technology of environmental fluctuations and market fluctuation to characterize environmental fluctuations, through the empirical test, this paper found that the market environment has positive fluctuation signal, environment fluctuation has a negative signal to the through the interaction, condition analysis, found that only when the market fluctuation level is higher or lower, the signal effect is significant, and for environmental technology , no matter in which one level, the signal effect is significant; in the market volatility and the volatility of high technology environment, signal function of financial resources and the executive team is more significant. Finally, empirical test of the technology resource value signal. This paper first analyzed the resources the signal generated by the R & D investment has a mediating effect, constructing the technical resources in R & D investment intermediary effect model and feedback between investors, and conduct empirical tests. The results show that the new product is the enterprise R & D investment value passed to the only path of investors, new technology and new patent and did not produce a signal with the mediating effect. From the point of view of the problem of asymmetric information, this paper studies investors feedback on R & D investment, as well as in the feedback process of enterprise resource and environmental fluctuations play a letter No.. In theory, the market theory is introduced into the research field of signal value, enrich the research perspective in this field; built in the condition of information asymmetry, investors in the theoretical model of R & D investment reaction, and R & D investment value of information transfer process model. In practice, the signal for investors to understand the enterprise with the passing game process, help investors make more reasonable investment decision; to enable enterprises to better understand that investors interpret the signal, help the enterprise to obtain positive feedback from investors.

【学位授予单位】：哈尔滨工业大学
【学位级别】：博士
【学位授予年份】：2017
【分类号】：F406.7;F426.72
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本文编号：1460557