产品市场竞争、研发投入与股票收益——来自中国A股上市公司的证据

Product Market Competition,R&D Investment,and Stock Returns：Evidence from Chinese A-share Listed Companies

摘要:

为拓展产品市场、企业与股票市场等领域相关文献的研究,以2010-2016年沪深两市A股上市公司为研究对象,分别采用投资组合分析与面板数据回归的方法,考察产品市场竞争、研发投入与股票收益这三者之间的具体关系。研究结果表明,对中国市场来说,产品市场竞争在一定程度上会为公司带来高收益,但随着竞争的进一步加剧收益反而会有所下降,研发投入水平较高的公司会获得更高的收益,且研发投入会强化产品市场竞争对股票收益的作用效果。最后进行了一系列稳健性检验,主要结论均未发生变化。

Abstract:

In order to expanding the literature about product market, enterprises and stock market, taking 2010-2016 Shanghai and Shenzhen A-share listed companies as research object, using both portfolio analysis and panel data regression, we investigate the relationship between product market competition, R D investment and stock returns. The results suggest that to some extent higher product market competition will bring higher returns, however, as the competition getting more stronger, stock return will be declined, and there is a positive relationship between R D investment and stock returns, at the same time, R D investment will strengthen the effect of product market competition on stock returns. Finally, we conduct a series of robustness text, the results still valid.