Enterprise Innovation Investment And Investor Information Search Intensity

This paper adopts the method of multiple regression to study the influence and regulating factors of innovation investment on investors' information search behavior and the role of investors' information search behavior in the process of R&D information transmission.From 2011 to 2018 Chinese gem listed companies as the research object,use Baidu search index as investors measure of information search intensity,the empirical results show that the strength of the innovation investment increased investor information search,and lower in the information transparency and analysts in a higher degree of differences enterprises,innovation investment increased the strength of investors information search effect is more significant.Using stock price synchronization as a measure of information transmission efficiency,this paper further studies and finds that as an important way for innovation investment to affect stock price synchronization,investors' information search behavior can inhibit the improvement of innovation investment on stock price synchronization.In this paper,the fixed effect of the company is controlled in the regression model,and the median innovation input of other enterprises in the industry,government subsidy and debt maturity structure are used as the instrumental variables for endogenous control of innovation input,and the results remain unchanged.Finally,the robustness test of the replacement variable is carried out,and the results remain unchanged.This paper not only from the perspective of investor information search,enriched the relevant literature on the economic consequences of innovation investment,but also found that investors' information search behavior is conducive to improving the pricing efficiency of stocks,further proving that investors' information search behavior can improve the efficiency of R&D information transmission.In terms of research methods,this paper USES Baidu search index to measure investors' active information searching behavior.This paper has some inspirations for the government to standardize the disclosure of R&D information.On the one hand,in order to reduce the degree of information asymmetry between capital markets,relevant management departments should encourage enterprises to disclose more research and development information.On the other hand,the government should further regulate the R&D information exchange platform.