研发投入、代理成本和企业风险
R&D Investment, Agency Costs, and Enterprise Risks

文章选取2013~2022年中国上市公司年度数据，采用面板回归模型，实证探究了研发投入对企业风险的影响及其作用机制。研究表明：(1) 研发投入与企业风险之间存在显著的U型关系，这意味着研发投入对企业风险的促进与抑制作用同时存在于企业的研发活动之中，随着研发投入的增加，研发投入对企业风险的影响由抑制作用转为促进作用。(2) 机制检验表明，研发投入主要通过影响代理成本进而影响企业风险，一定程度的研发投入会缓解代理问题，而过多的研发投入会增加管理层机会主义行为，使得股东与管理层之间的代理成本增加。(3) 进一步分析表明，研发投入和企业风险之间的U型关系在高新技术企业中表现的更加明显，且其拐点出现的更早。本文的研究揭示了研发投入对企业风险的内在作用机制，丰富了企业研发投入和企业风险关系的相关研究，为企业研发投入决策的制定提供了重要的理论依据。
This article selects annual data of Chinese listed companies from 2013 to 2022 and uses a panel regression model to empirically explore the impact and mechanism of R&D investment on corporate risk. Research has shown that: (1) There is a significant U-shaped relationship between R&D investment and corporate risk, which means that both the promoting and inhibitory effects of R&D investment on corporate risk exist in the R&D activities of enterprises. As R&D investment increases, the impact of R&D investment on corporate risk shifts from inhibitory to promoting. (2) Mechanism testing shows that R&D investment mainly affects enterprise risks by affecting agency costs. A certain degree of R&D investment can alleviate agency problems, while excessive R&D investment can increase management opportunistic behavior, leading to an increase in agency costs between shareholders and management. (3) Further analysis shows that the U-shaped relationship between R&D investment and enterprise risk is more pronounced in high-tech enterprises, and its inflection point appears earlier. This study reveals the inherent mechanism of R&D investment on corporate risk, enriches the relevant research on the relationship between R&D investment and corporate risk, and provides important theoretical basis for the formulation of R&D investment decisions in enterprises.