Stock Mispricing,Managerial Shareholdings and Firms' R&D Investment ——Empirical Evidence from China's High-Tech Listed Firms

Abstract

Abstract: Using a sample of high-tech listed firms during 2007～2015,this paper investigates the impact of managerial shareholdings on the sensitivity of firms' R&D investment to stock mispricing,and subsequent insider trading and R&D performance. We find that managerial shareholdings cause exacerbating effect by increasing the positive impact of stock over-mispricing on R&D investment. However,managerial shareholdings play governance effect by partly reducing the negative link of stock under-mispricing to R&D investment. It is further found that the level of stock over-mispricing significantly increases the size of selling shares held by managers of over-mispriced firms,and over-mispriced firms have weaker R&D performance.

Key words: Managerial Shareholdings, Stock Mispricing, R&D Investment, Catering, Managers' Self-Interest

摘要： 本文以2007～2015年A股高新技术上市公司样本,考察管理层持股在股票误定价影响企业R&D投资中的作用效应,以及其中的内部人交易与研发绩效。研究发现:管理层持股加剧了股票高估对R&D投资的正向影响,在股票高估引致的R&D投资中产生“恶化效应”,但同时却一定程度有助于缓解股票低估对R&D投资的负向影响,发挥“治理效应”。进一步集中于股票高估公司发现:股票高估程度越大,持股管理层出售持股规模越大,且高估公司随后研发绩效更差。

关键词: 管理层持股, 股票误定价, R&D投资, 迎合理论, 管理层自利

CLC Number:

F275.1

HU Guoqiang, XIAO Zhichao. Stock Mispricing,Managerial Shareholdings and Firms' R&D Investment ——Empirical Evidence from China's High-Tech Listed Firms[J]. , 2018, 34(2): 58-68.

胡国强, 肖志超. 股票误定价、管理层持股与企业R&D投资——基于我国高新技术上市公司的经验证据[J]. 财经论丛, 2018, 34(2): 58-68.

References

[1] 李万福,杜静. 税收优惠、调整成本与R&D投资[J]. 会计研究,2016,(12):58-63.
[2] 翟淑萍,毕晓方. 高管持股、政府资助与高新技术企业研发投资——兼议股权结构的治理效应[J]. 科学学研究,2016,34(9):1371-1380.
[3] 陈爽英,井润田,龙小宁,邵云飞. 民营企业家社会关系资本对研发投资决策影响因素的实证研究[J],管理世界,2010,(1):88-97.
[4] 杨风. 市场环境与研发投资——基于创业板上市公司的经验证据[J]. 科学学研究,2016,34(6):896-905.
[5] 成力为,戴小勇. 研发投入分布特征与研发投资强度影响因素的分析——基于我国30万个工业企业面板数据[J]. 中国软科学,2012,(8):152-165.
[6] 刘胜强,林志军,孙芳城,陈汉文. 融资约束、代理成本对企业R&D投资的影响——基于我国上市公司的经验证据[J]. 会计研究,2015,(11):62-68.
[7] 陈爽英,井润田,廖开容. 社会资本、公司治理对研发投资强度影响——基于中国民营企业的实[J]. 科学学研究,2012,30(6):916-922.
[8] 李文贵,余明桂. 民营化企业的股权结构与企业创新[J]. 管理世界,2015,(4):112-125.
[9] 文芳,胡玉明. 中国上市公司高管个人特质与R&D投资[J]. 管理评论,2009,21(11):84-91.
[10] Stein,J.C. Rational Capital Budgeting in An Irrational World[J]. Journal of Business,1996,69(4):429-455.
[11] Baker,M.P.,Stein,J.C.,Wurgler,J. When Does the Market Matter？ Stock Prices and the Investment of Equity-Dependent Firms[J]. The Quarterly Journal of Economics,2003,118(3):969-1005.
[12] Polk,C.,Sapienza,P. The Stock Market and Corporate Investment: A Test of Catering Theory[J]. The Review of Financial Studies,2009,22(1):187-217.
[13] 张庆,朱迪星. 投资者情绪、管理层持股与企业实际投资——来自中国上市公司的经验证据[J]. 南开管理评论,2014,17(4):120-127.
[14] Jensen,M.C.,Meckling,W.H. Theory of the Firm: Managerial Behavior,Agency Costs and Ownership Structure[J]. Journal of Financial Economics,1976,3(4):305-360.
[15] 花贵如,刘志远,许骞. 投资者情绪、企业投资行为与资源配置效率[J]. 会计研究,2010,(11):49-55.
[16] Jensen,M.C. Agency Costs of Overvalued Equity[J]. Financial Management,2005,34(1):5-19.
[17] Kothari,S.P.,Loutskina,E.,Nikolaev,V.V. Agency Theory of Overvalued Equity as an Explanation for the Accrual Anomaly [Z]. Working Paper, 2006, http://papers.ssrn.com/sol3/papers.cfm？abstract_id=871750.
[18] Sawicki,J.,Shrestha,K. Misvaluation and Insider Trading Incentives for Accrual-Based and Real Earnings Management [J]. Journal of Business,Finance & Accounting,2014,41(7/8):926-949.
[19] Derrien,F.,Kecskes,A.,Thesmar,D. Investor Horizons and Corporate Policies[J]. Journal of Financial and Quantitative Analysis,2013,48(6):1755-1780.
[20] Arif,S.,Lee,C.M.C. Aggregate Investment and Investor Sentiment[J]. The Review of Financial Studies,2014,27(11):3241-3279.
[21] 刘端,陈收. 中国市场管理者短视、投资者情绪与公司投资行为扭曲研究[J]. 中国管理科学,2006,14(2):16-23.
[22] 屈文洲,叶震南,闫丽梅. 股价泡沫真的会影响公司资本投资吗？——基于股权融资机制和迎合机制的实证检验[J]. 证券市场导报,2016,(6):33-41.
[23] Morck,R.,Shleifer,A.,Vishny,R.W. The Stock Market and Investment: Is the Market a Sideshow？[J]. Brookings Papers on Economic Activity,1990,21(2):157-216.
[24] Bakke,T.E,Whited,T.M. Which Firms Follow the Market？ An Analysis of Corporate Investment Decisions[J]. The Review of Financial Studies,2010,23(5):1941-1980.
[25] Lou,X.,Wang,Y.A. Flow-Induced Mispricing and Corporate Investment[Z]. Working Paper, 2016, http://papers.ssrn.com/sol3/papers.cfm？abstract-_id=2169135.
[26] 肖虹,曲晓辉. R&D投资迎合行为:理性迎合渠道与股权融资渠道？——基于中国上市公司的经验证据[J]. 会计研究,2012,(2):42-49.
[27] Dong,M.,Hirshleifer,D.,Teoh,S.H. Stock Market Misvaluation and Corporate Investment[Z]. Working Paper, 2007, http://papers.ssrn.com/sol3/pa-pers.cfm？abstract_id=972765.
[28] Alzahrani,M.,Rao,R.P. Managerial Behavior and the Link between Stock Mispricing and Corporate Investments: Evidence from Market-to-Book Ratio Decomposition[J]. The Financial Review,2014,49(1):89-116.
[29] Grundy,B.D.,Li,H. Investor Sentiment,Executive Compensation,and Corporate Investment[J]. Journal of Banking & Finance,2010,34(10):2439-2449.
[30] 夏冠军. 投资者情绪、经理激励契约与企业投资[J]. 投资研究,2012,31(3):139-149.
[31] Rhodes-Kropf,M.,Robinson,D.T,Viswanathan S. Valuation Waves and Merger Activity: The Empirical Evidence[J]. Journal of Financial Economics,2005,77(3):561-603.
[32] Kaplan,S.,Zingales,L. Do Financing Constraints Explain Why Investment is Correlated with Cash Flow？ [J]. Quarterly Journal of Economics,1997,112(1):169-215.