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| Research on the Peer Effect of R&D Investment of Chinese Listed Companies |
| Bao Shuchen1,Dai Ming2 |
| (1.School of Economics and Management, Zhejiang Sci-Tech University, Hangzhou 310018, China; 2.School of Business, Hunan University, Changsha 410006, China) |
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Abstract R&D decisions in company are not completely independent, and may be affected by companies in the same industry. Based on the data of R&D investment of Chinese A-share listed companies from 2008 to 2018,this studyempirically tests the existence, formation mechanism and influencing factors of the peer effect of listed companies R&D investment.The resultsshow that Chinese listed companies have a peer effect in R&D investment; information advantage and competitive pressure are the formation mechanisms of the peer effect of R&D investment; policy shocks, property rights, industry status and financing constraints have impact on the peer effect of R&D investment. The conclusion of thispaper provides important guiding significance for Chinese listed companies to grasp the rules of R&D decision-making.
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Received: 16 December 2020
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