关键词: 研发支出 , 同群效应 , 地理距离 , 分析师覆盖

Abstract: This paper investigates the impact of peer firms R&D expenditure on corporate R&D investment behaviorWe find that firms tend to give higher weight on their own R&D investment if their peers raise R&D input levelMoreover, the R&D peer effects are more significant if firms and their peers locate in the same province, or if peers are covered by more analystsFurther, R&D peer effect appears to be positive since it could increase corporate R&D investment efficiencyThe preceding results imply that firms will change their R&D investment behavior if they have learned what their peers doAlso, corporate R&D peer effects might be more significant when the cost of decoding information is relatively lowThis paper enriches research that concerns factors affect R&D input, as well as developing studies related to R&D spillover effectsBesides, findings of this paper could shed light on the corporate R&D policy

Key words: &D expenditure , peer effect , geographic proximity , analyst coverage