Journal of Financial & Quantitative Analysis. Volume 53, Issue 3 June 2018

市场情绪与创新

作者Tri Vi Dang (Columbia University Department of Economics)

Zhaoxia Xu (University of New South Wales)

摘要：我们研究了市场情绪对公司创新活动产生影响的可能机制。我们发现相对于在高市场情绪下没有金融约束的公司而言，存在金融约束的公司更倾向于发行股票并且在R&D上的投入更多，这为金融影响机制的存在提供了证据。利用时变的经理人情绪度量方法，我们发现市场情绪通过影响经理人的情绪对R&D投入产生影响，该影响通过情绪溢出的机制产生。进一步的研究发现，情绪较高的市场R&D的投入能产生更好的专利组合，并且市场情绪对R&D的影响比对存在金融约束公司的资本支出的影响要更强烈。

Market Sentiment and Innovation Activities

Tri Vi Dang (Columbia University Department of Economics)

Zhaoxia Xu (University of New South Wales)

ABSTRACT

We investigate potential mechanisms through which market-wide sentiment affects firms’ innovation activities. We provide evidence for the financing channel by showing that financially constrained firms are more likely to issue equity and invest more in research and development (R&D) than financially unconstrained firms at high market sentiment. Using time-varying manager sentiment measures, we find suggestive evidence for a sentiment spillover channel whereby market sentiment affects R&D investments through influencing manager sentiment. Furthermore, better patent portfolios are produced from R&D investments stimulated by high market sentiment. Market sentiment has a stronger impact on R&D than the capital expenditures of financially constrained firms.

原文链接: https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/market-sentiment-and-innovation-activities/90512C13FA41C5C61767E09726BA954D

翻译：汪国颂