国际化程度与企业价值关系研究--基于盈余管理与技术创新的视角

Research on the Relationship between Internationalization Degree and Enterprise Value--Based on the Perspective of Earnings Management and Technological Innovation

以我国制造业上市公司2015—2019年相关数据为样本,探讨国际化程度与企业价值的关系,并进一步分析技术创新对国际化程度与企业价值关系的中介效应以及盈余管理对国际化程度与技术创新的调节效应。研究表明:国际化程度与技术创新、企业价值具有正相关关系;技术创新在国际化程度与企业价值关系中存在中介作用;盈余管理在国际化程度与技术创新关系中存在调节作用。

Taking the relevant data of China's manufacturing listed companies from 2015 to 2019 as a sample,on the basis of exploring the relationship between the internationalization degree and enterprise value,the mediating effect of technological innovation on the relationship between the internationalization degree and enterprise value and the regulating effect of earnings management on the international degree and technological innovation are analyzed.Studies have shown that:The internationalization degree has a positive correlation with technological innovation and enterprise value;technological innovation has an intermediary role in the relationship between the internationalization degree and enterprise value;earnings management has a regulating role in the relationship between the internationalization degree and technological innovation.