市场竞争环境、研发支出异常削减逆转与经营业绩

Market Competition Environment,Abnormal Reduction in R&D Spending Reversal and Operating Performance

聚焦于研发活动中的真实盈余管理行为,发现以研发支出异常削减后逆转对研发活动中真实盈余管理行为进行衡量更为准确。以我国2008—2018年沪深A股上市公司为研究样本,研究市场竞争环境、真实盈余管理与公司未来经营业绩的关系,实证检验结果表明:与研发支出异常削减而未逆转相比,研发支出异常削减后逆转行为明显损害公司未来经营业绩;激烈的行业竞争加剧了该逆转对未来经营业绩的损害;公司在行业内的竞争优势可缓解该逆转对未来经营业绩的损害。进一步研究发现高质量审计对研发支出异常削减逆转有抑制作用。研究结果为抑制管理层研发操控的真实盈余管理提供了实证依据。

Focusing on real earnings management behavior in R&D activities,this paper finds that the reversal of R&D spending after abnormal reduction is a more accurate measurement of the real earnings management behavior in R&D activities.Take the Shanghai and Shenzhen A-share listed companies in 2008 to 2018 as samples,to explore the relationship among market competition environment,real earnings management behavior and future performance of companies.The empirical results show that:Compared with companies that do not reverse the abnormal R&D spending reduction,the reversal behavior after the abnormal reduction are associated with lower future operating performance;Intense competition in the industry intensified the damage of reversal to future operating performance;The company s competitive advantage in the industry can however,alleviate this damage.Further analysis shows that high-quality auditing has a restraining effect on the reversal of R&D spending after abnormal reduction.The results provide an empirical basis for real earnings management to restrain management s R&D manipulation.