高新技术企业盈余管理、政府补助和研发投入

Earnings Management,Government Subsidy and R&D Input of High-Tech Enterprises

本文以2012—2017年中国持续认证为高新技术企业的非金融上市公司为样本,采用分组回归和组间系数差异性检验的方法,实证研究高新技术企业是否为获取更多的政府补助和研发补贴进行盈余管理,以及该行为是否有效促进上述补助与研发投入的相关关系。研究表明:①高新技术企业的正向盈余管理获得了更多政府补助,且正向盈余管理程度越高,政府补助与研发投入之间的正相关关系越弱;②高新技术企业的盈余管理行为并没有获得更多研发补贴,但会负向调节研发补贴与研发投入的关系,且盈余管理程度越高,研发补贴与研发投入之间的正相关关系越弱。研究结果说明,政府对高新技术企业的补助发放和监管存在政策性风险,为了提高企业的研发意愿和能力,需优化补助资金的发放和监管措施,促进补贴资源合理配置。

Based on the sample of Chinese non-financial listed companies which have been continuously certified as high-tech enterprises in China from 2012 to 2017,this paper adopts the methods of group regression and inter-group coefficient difference test to empirically study whether the high-tech enterprises conduct earnings management to obtain more government and R&D subsidies and whether this behavior effectively promotes the correlation between the aboved subsidies and R&D Input.The findings are as follows.①The positive earnings management of high-tech enterprises obtained more government subsidies,and the higher the degree of positive earnings management,the weaker the positive correlation between government subsidies and R&D input.②High-tech enterprises'earnings management doesn't obtain more R&D subsidies,but negatively adjusts the relationship between R&D subsidies and input,and the higher the degree of earnings management,the weaker the positive correlation between R&D subsidies and input.The findings show that there are policy risks in the distribution and supervision of government subsidies to high-tech enterprises.In order to improve enterprises'R&D willingness and ability,it's necessary to optimize the distribution and supervision of subsidies and promote the rational allocation of subsidy resources.