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《Securities Market Herald》 2018-04
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Does Management Forecasting Ability Improve Firms' R&D Investments? Evidence from Chinese A-share Listed Companies

Zhao Hui;Song Jie;Zhang Junmin;  
Firms' RD investment decisions depend on managements' forecasting ability. Using a sample of A-share Chinese listed companies that disclosed the RD investment information from 2009 to 2015, the paper studies the impact of the forecasting ability on firms' RD investment. This paper finds that the stronger the managements' forecasting ability, the more RD investments, and the relationship is stronger for fi rms with higher environment uncertainty and stronger fi nancial constraints. Further, this paper fi nds that the ability of managements to forecast RD investment is conducive to improving the future performance of corporates. This paper extends the theoretical literature on the eff ect of management heterogeneity on the fi rms' RD investment, which provides an important reference for management appointment decision and the long-term value of innovation driven development strategy.
【Fund】: 国家自然科学基金青年项目“公允价值估计中的管理者自由裁量及其行为后果与治理:基于股权激励表外信息的研究”(71502122);国家自然科学基金面上项目“产权视角下的审计师声誉机制及其经济后果研究”(71272189);; 教育部人文社会科学研究青年项目“高管股权激励;媒体报道与企业投资迎合行为研究”(14YJC630048)
【CateGory Index】: F273.1;F275
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