Will Market Sentiment Influence the R&D Investment of Companies?

被引：0
|
作者：
Wu, Cuifeng [1 ]
Zhang, Yurong [2 ]
机构：
[1] Xiamen Univ Technol, Coll Econ & Management, Dept Accountancy, Xiamen, Peoples R China
[2] Xiamen Univ Technol, Int Coll, Dept Financial Management, Xiamen, Peoples R China
来源：
PROCEEDINGS OF THE 6TH INTERNATIONAL CONFERENCE ON E-COMMERCE, E-BUSINESS AND E-GOVERNMENT, ICEEG 2022 | 2022年
关键词：
Market sentiment; GEM; R&D investment;
D O I：
10.1145/3537693.3537741
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Business transactions will be influenced by the market sentiment, and market sentiment can generate volatility for many transactions. This paper wants to study the impact of market sentiment on the R&D investment of Chinese GEM listed companies. Taking the IPO companies listed on GEM from 2013 to 2018 as the research object. The regression research results show that: the number of IPO issuance, annual transaction amount, and IPO return rate are positively correlated with the listed company 's R&D investment in the next year and R&D investment in the next two years, and after joining the control variable of ROA in the year of IPO, the result remains unchanged. It shows that whether short-term or long-term, market sentiment has a positive impact on the company's R&D investment, this conclusion can be used as a reference when the company makes relevant decisions.
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页码：291 / 295
页数：5
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