管理者短视对企业绿色创新产出的影响——盈余管理和研发投入的中介作用

The Impact of Managers'Short-sightedness on Enterprises'Green Innovation Output:The Intermediary Role of Earnings Management and R&D Investment

基于中国2007—2020年A股上市企业样本,从管理者短视视角实证探究了企业绿色创新产出的影响机理。结果表明,管理者短视会抑制企业绿色创新产出。中介效应分析表明管理者短视通过提高企业盈余管理以及缩减研发投入,进而抑制了企业绿色创新产出。异质性分析发现,国有产权性质、所属为重污染行业、政府环境规制更强时,可以削弱管理者短视对企业绿色创新产出的抑制作用。

Based on the sample of China's A-share listed enterprises from 2007 to 2020,this paper empirically discusses the impact of managers'short-termism on enterprises'green innovation output.It is found that managers'short-sightedness significantly reduces enterprises'green innovation output.The intermediary effect analysis shows that managers'short-sight-edness will improve enterprises'upward earnings management and reduce R&D expenditure,thus inhibiting enterprises'green innovation output.Heterogeneity analysis shows that when the nature of state-owned property rights,belonging to heavily polluting industries,and government environmental regulations are stronger,the inhibiting effect of managers'short-sightedness on enterprise innovation output can be weakened.