研發支出增加對競爭對手的影響

Abstract

我們發現在控制其他決定因素後，每增加一個同行研發投資的標準差，會提升大約13%的公司研發支出。我們使用股票流動性以及商業祕密的法律保護當作工具變數，發現同行研發投資與公司研發支出的關係依然存在。此外，公司如有較強的財務限制，過度自信的執行長(CEO)，較高的成長機會以及處在競爭激烈的產業之下，同行效果在該公司的研發支出上會更為顯著。我們也發現較高的同行研發投資會使公司提升研發產出及公司價值。然而，高研發產出及公司價值會造成該公司更高的股票波動性及崩盤風險。我們的結果提供了新的證據在同行效果與公司的研發支出。

We find that a one-standard-deviation increase in peer R&D investment is associated with about 13 percent rise in a firm’s R&D after controlling for known determinants. We use stock liquidity and trade secret legal protection among peers as instrumental variables and find similar results. In addition, the peer effect on R&D spending is more prominent for firms with tighter financial constraints, overconfident or highly incentive CEOs, high growth opportunity, and in more competitive or innovative industries. We also find that firms with more peer R&D spending have higher subsequent innovation output and firm value. However, these benefits come together with higher stock return volatility and stock price crash risk. Overall, our results provide novel evidence on a robust peer effect in R&D investment.