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笔者从理论与实证角度分析资本市场的经营预期与公司实际绩效差距对公司研发行为的影响,得到研究结论:公司实际绩效低于资本市场的经营预期时,经理人倾向于减少研发投入,而实际绩效高于资本市场的经营预期时,经理人为了能继续实现资本市场的经营预期,仍将减少研发投入;机构持股比例和分析师关注度在绩效压力与研发行为的关系中起到了调节作用,相对于机构持股比例或分析师关注度较低的公司,机构持股比例或分析师关注度较高的公司的期望绩效差距对研发行为的负向影响将减弱,有利于解决经理人与股东间的代理问题。
From theoretical and empirical perspectives, the author analyzes the influence of the expectation of capital market operations and the actual performance gap on the R & D performance of the company. The conclusions are as follows: When the actual performance of the company is lower than the expected operating performance in the capital market, managers tend to reduce R & D investment, Performance is higher than the capital market operating expectations, the manager in order to continue to achieve the operating expectations of capital markets, will continue to reduce R & D investment; institutional ownership and analyst attention in the relationship between performance pressures and R & D played a regulatory role , Compared with the proportion of institutional ownership or analysts less concerned about the company, the proportion of institutional ownership or analysts concerned about the higher the expected performance gap between the negative impact on research and development will be weakened, help solve the problem of managers and Acting among shareholders.