研发操纵行为是否抑制上市公司高质量发展?

Dose R&D Manipulation Inhibit the High-quality Development of Listed Companies?

经济高质量发展是中国经济转型升级必由之路,而整体经济高质量增长离不开企业高质量发展。该研究首先通过logistic模型构建上市公司高质量发展的量化判别模型,然后研究了研发操纵行为对上市公司高质量发展的影响,以及融资约束和创新效率的调节效应。主要研究结论包括四点:第一,上市公司的发展质量应该从产品卓越、社会责任等四个维度评判。第二,在其他影响因素不变,且不引入变量调节效应的情况下,研发操纵对公司高质量发展有抑制作用。第三,融资约束的调节效应是负向的,随着融资约束程度的提升,研发操纵对公司发展质量的边际效应由负转为正;创新效率的调节效应是正向的,随着创新效率提高,会加大研发操纵的抑制作用。研究结论表明,政府需要加强创新监管同时充分考虑影响企业发展的融资约束问题,制定合理政策,以实现微观经济层面的高质量发展。

High-quality economic development is the only way for China’s economic transformation,and high-quality growth of the overall economy cannot be separated from high-quality development of enterprises.In this paper,firstly,a quantitative discriminant model of high-quality development of listed companies is constructed by logistic model.Then,the regulatory effect of financing constraints and innovation efficiency arc studied.The main research conclusions include four points.First,the development quality of listed companies should be judged from four dimensions such as product excellence and social responsibility.Second,when other influencing factors remain unchanged and variable adjustment effect isn’t introduced,R&D manipulation could inhibit the high-quality development of the company.Thirdly,the regulating effect of financing constraint is negative.With the improvement of financing constraint,the marginal effect of R&D manipulation on the development quality changed from negative to positive.The regulating effect of innovation efficiency is positive.With the improvement of innovation efficiency,the inhibiting effect of R&D manipulation will increase.The conclusion shows that the government needs to strengthen innovation supervision and fully consider the financing constraints that influence the development of enterprises,and formulate reasonable policies to achieve highquality development at the micro economic level.