研发投入增长、大股东减持与会计信息可靠性——基于创业板上市公司的实证检验

R&D Investment Growth, Holdings Reduction of Major Shareholders and Accounting Information Reliability——Empirical Test of GEM Listed Companies

以2012—2016年的创业板上市公司为研究对象,实证检验了企业研发投入增长对会计信息可靠性的影响方向和程度。研究发现,企业研发投入增长率与会计信息可靠性负相关,且在大股东减持时,研发投入增长与会计信息可靠性的负相关关系更为显著。这说明企业研发投入增长虽然有利于企业创新能力的提高,但其可能会对会计信息的可靠性产生负面影响,特别是在大股东减持的情况下,这种负面影响更为显著。因此,国家应在促进企业研发支出增长的同时,加强对研发支出的外部监管,规范大股东减持,并督促企业加强内部控制。

Taking GEM listed companies disclosed from 2012 to 2016 as research objective, this paper studies the influencing direction and degree of R＆D investment growth on accounting information reliability. We find that, the growth rate of enterprise R＆D investment is negatively correlated with accounting information reliability. And after major shareholders have reduced their holdings, the negative relationship is more deeper. The results reveal that, although the growth of corporate R＆D investment is conducive to the improvement of corporate innovation capability, it may negatively affect accounting information reliability, especially after the holdings reduction of major shareholders. We propose that, governments should simuhineously support the growth of R＆D investment, strengthen the external supervision of holdings reduction of major shareholders and promote enterprise internal control.