Does R&D Investment Cause Stock Prices To Fluctuate?

The global focus of competition has shifted from resources and market competition to innovation capability competition represented by independent innovation.Independent innovation has become a very important indicator for promoting market demand expansion,economic development mode optimization,and industrial upgrading and transformation.The current economic uncertainty and enterprise transformation need to increase the intensity of independent innovation,which requires enterprises to continuously increase investment in research and development to achieve industrial upgrading and transformation.Enterprises carrying out research and development activities need to finance funds from the capital market,and the stock price fluctuations of enterprises in the secondary market will have an impact on the financing of enterprises.China's capital market is still in the stage of emerging and transition,will the company's R&D activities have an impact on the company's stock price:fluctuations?What effect does it have?Do other factors change the relationship between them?In view of the above problems,this paper combines behavioral finance theory,information asymmetry theory and capital market effective theory to analyze it,and puts forward research hypotheses based on the actual situation of investors' incomplete rationality and market noise.Based on the data of 50 listed high-tech enterprises in Ch:ina's SZSE high-tech sector from 2010 to 2017,the relationship between R&D investment and stock price fluctuations is analyzed.After controlling a series of corporate characteristics,empirical analysis is used to test the correlation between the two;at the same time,in order to further study the different media attention and environmental uncertainty,whether the impact of R&D investment on stock price fluctuations is different,Comparative analysis and regression analysis were performed on the samples according to media attention and environmental uncertainty.On the basis of combining the characteristics of the data with the previous studies,the robustness test is carried out by replacing the agent index and the explanatory variable of the explanatory variable and the explanatory variable,and further research is carried out to test the lagging influence of the R&D investment on the stock price fluctuation.The conclusions of the study show that:First,R&D investment is significantly positively correlated with stock price volatility.As the R&D investment of listed companies increases,stock price volatility also increases.Second,the increase in media attention has strengthened the positive impact of R&D investment on stock price volatility.Third,the rise in environmental uncertainty has strengthened the positive impact of R&D investment on stock price volatility.Finally,this paper proposes suggestions based on relevant theories and research conclusions.