Research On The Peer Effect Of R&D Investment Of Listed Companies In China

Under the strategic background of the new economic normal,we are striving to build a new engine of the national economy.Mass innovation and mass entrepreneurship have now become a new driving force for China’s economic development.The 18 th National Congress of the Communist Party of China proposed that China should implement an innovation-driven development strategy,and technological innovation was placed at the core of the country’s overall development.The Nineteenth National Congress again emphasized the need to firmly implement the innovation-driven development strategy.In the process of using technological innovation to promote social and economic development,enterprises occupy a dominant position.In order to survive better in market competition and improve competitiveness,companies have taken R & D investment behaviors that have a direct impact and decision-making role on their independent innovation capabilities as important strategic investment decision-making behaviors.Since the 18 th National Congress of the Communist Party of China,China ’s total R & D expenditure has been second only to the United States,ranking second in the world,but the growth rate of investment intensity is still very slow,still lower than the overall level of OECD countries.Research on cohort effects is more common in the fields of education,sociology,and psychology,and it has gradually been introduced into the financial world in recent years.For listed companies,when making R & D investment decisions,in order to alleviate information asymmetry,entrusted agency problems,and based on reputation considerations,managers have a strong incentive to choose to learn from companies in the same industry,that is,China ’s listed companies have R & D investment It may be affected by the R & D investment behavior of companies in the same industry,and there is a synergistic effect.The implementation of R & D investment activities of listed companies is affected by many factors,and corporate governance is one of the more critical ones.A perfect corporate governance structure should be able to alleviate the principal-agent problem existing in the company to a large extent,and promote the company’s long-term stable development.This article selects 2007-2017 A-share listed companies in Shenzhen and Shanghai as the research sample,and studies the following issues:(1)The existence of the R & D investment cluster effect of China’s listed companies;(2)The corporate governance of R & D investment cluster effect The regulatory effect of(3)The interaction between internal and external corporate governance on the adjustment of the same group effect.This study finds that(1)there is a synergistic effect on the R & D investment of China ’s listed companies;(2)external corporate governance(degree of market competition)has a significant positive regulatory effect on this synergistic effect,while internal corporate governance(equity concentration,(The two posts of chairman and CEO and the proportion of executives holding shares)have a significant negative adjustment effect;(3)The degree of market competition and the concentration of equity and the proportion of executives holding shares have an alternative relationship to the adjustment of the same group effect.And there is a complementary relationship between the two roles of chairman and CEO.Based on the research conclusions of this paper,the following enlightenment is obtained:(1)For listed companies,the synergy effect of R & D investment has two sides.In order to improve market competitiveness,listed companies should pay attention to the improvement and improvement of corporate governance.The degree of market competition can promote the generation of cohort effects,but if the cohort effect is excessive,it will trigger industry convergence.Internal corporate governance has an inhibitory effect on the cohort effect,and the existing shareholding structure of listed companies should be optimized,and the role of major shareholders in supervising and restricting the management ’s decision-making should be exerted;the functions of the board of directors should be improved,the two positions should be separated,and the chairman and CEO should be maintained Independence;improve the incentive mechanism for senior executives,increase the proportion of executives holding shares,so that the interests of management and company shareholders are consistent.(2)For regulators,it is necessary to strengthen and improve the information disclosure supervision mechanism of listed companies,and increase the supervision of listed companies ’R & D investments to improve the timeliness,authenticity and comprehensiveness of listed companies’ disclosure of R & D investment information;When issuing relevant systems and regulations,the influence of co-effects is taken into account in order to better guide the healthy development of companies,industries,and the entire market.