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| Does Enterprise R&D Investment Provide “Insurance-like” Effects? |
| Zhang Xinrong,Shen Jingqi,Chen Xujiang |
| (Chongqing Technology and Business University, Accounting Institute, Chongqing 400067,China) |
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Abstract On September 8, 2016, the results of the survey on China’s new energy vehicle fraud event were released, which aroused widespread concern in society. This paper first conducts case studies on the companies involved, and then takes the data of 123 listed companies in the new energy vehicle industry as a sample to examine the relationship between R&D investment and Cumulative Abnormal Return (CAR). The study found that during the event window period, the reaction of the capital markets to involved companies was generally negative. And the degree of negative influence varies among R&D investment. Besides, this event causes an overflow effect on the new energy vehicle industry. The capital markets react negatively to the industry, but R&D investment can reduce the degree of negative reaction, providing “insurance-like” effects. The conclusions of the study can be used for enterprises to make scientific R&D strategies, and help industry associations, governments and the public effectively supervise companies to improve their innovation capabilities and fulfill their social responsibilities.
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Received: 15 May 2019
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