上市公司与非上市公司的投资差异：来自美国纳税申报表的证据

中文摘要

利用税收数据，我们在涵盖全部美国公司的代表性样本上比较上市公司与非上市公司的投资行为。我们发现，两类企业在实物资本上的投资水平相近，但上市公司在研发（R&D）上的投资超过非上市公司。与可观测特征相似的非上市公司相比，上市公司相对于其资产规模的研发投资高出约50%。此外，上市公司投资中用于研发的比重比非上市公司高出7.4个百分点。当股东盈利压力加大时，上市公司这一更强的研发投资会有所减弱，但减弱幅度尚不足以抵消其基准水平上的投资优势。

Abstract

Using tax data, we compare the investment behavior of public and private firms for a representative sample of all U.S. corporations. We find that while both types of firms invest similarly in physical capital, public firms out-invest private firms in R&D. Compared to observationally-similar private firms, public firms invest roughly 50% more in R&D relative to their asset bases. Further, public firms dedicate 7.4 percentage points more of their investments to R&D than private firms. This stronger public firm R&D investment is muted when shareholder earnings pressures are heightened, but not so much as to overcome the baseline investment advantage.