Research On The Impact Of R&D Investment On Stock Price Crash Risk

In recent years,the phenomenon of stock price rising and falling frequently occurs in China’s capital market.The risk of a crash in share prices,with no obvious signs of it,can hit investors’ fortunes hard.Facing the huge uncertainty of the capital market,investors gradually give birth to panic,and this constant spread of panic will play a further role in the stock price slump,which will undoubtedly seriously affect and disrupt the order of the capital market.As a barometer of the real economy,the drastic fluctuations of the capital market will inevitably affect the transformation and high-quality development of the real economy.Under the current "double cycle" development pattern of consumption growth slowing down,effective investment growth is weak,financial risk prevention is still in the core position,and the domestic economy is under obvious pressure,research and discussion on the influencing factors of stock price crash has important theoretical and practical significance for maintaining the long-term stability of capital market.Under the national strategy of "innovation-driven development",innovation is a key link for enterprises to maintain their competitiveness in the fierce market competition.However,the innovation activities of enterprises are characterized by high capital investment,long return cycle and strong information asymmetry,so it is difficult for investors to judge the value of enterprise R&D investment,which may be used by the management to gloss over the operating situation.So,as a key business decision of a company,how does R&D investment affect the stock price crash risk?Further,this influencing process may not be a single path.The innovation activities of enterprises can attract the attention of more analysts.As the most important information intermediary in China’s securities market,analysts interpret the public information of listed enterprises and mine private information for investors,thus influencing the risk of stock price collapse of enterprises.So,in the process of corporate R&D investment affecting the risk of stock price crash,has analyst attention played a partial intermediary role? Therefore,this paper selects A-share listed companies from 2010 to 2020 as the research object and uses empirical analysis method to test the above problems.Further,this paper also examines the impact of different audit quality and agency costs on the risk brought by enterprise R&D investment.According to the empirical test results,the following conclusions can be drawn :(1)There is a significant positive correlation between corporate R&D investment and the degree of stock price crash risk,that is,the more R&D investment of a company,the higher the risk of stock price crash.(2)Analysts are significantly positively correlated with R&D investment and stock price crash risk;In the process of the impact of corporate R&D investment on the risk of stock price collapse,analysts’ concern has a partial mediating effect.(3)Improving audit quality and reducing agency costs can alleviate the adverse impact of R&D investment on the risk of corporate stock price crash.