高新认定、研发操纵与企业财务困境

High-Tech Enterprise Recognition,R&D Manipulation and Corporate Financial Distress

基于2008—2020年沪深A股上市公司面板数据,分析高新技术企业认定对企业财务困境的影响效应及作用机制,研究发现:获得高新认定的企业更容易发生财务困境,分析师关注对该表现存在显著的抑制性;研发操纵在高新认定对企业财务困境的影响中发挥中介作用。进一步研究发现,高新认定对公司财务困境的影响存在异质性,具体表现为小规模企业、处于高市场竞争水平的行业和经济欠发达地区的高新认定企业更容易发生财务困境。因此,一方面,可进一步完善高新认定政策,加大对研发操纵行为的打击力度;另一方面,强化分析师在政策信息传递中的参与度,充分发挥正向引导作用。

Based on the panel data of A-share listed companies in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2008 to 2020,this paper analyzes the impact of high-tech enterprise recognition and R&D manipulation on corporate financial distress.The results show that recognized high-tech enterprises are more prone to financial distress.R&D manipulation plays an intermediary role in the impact of“high-tech enterprise recognition”on corporate financial distress.Further research shows that analyst attention has a significant inhibitory effect on the relationship between“high-tech enterprise recognition”and corporate financial distress.There is a certain heterogeneity in the impact of“high-tech enterprise recognition”on corporate financial distress.Small-scale enterprises are more sensitive to“high-tech enterprise recognition”than large-scale enterprises,and enterprises in industries with high market competition and in economically underdeveloped areas are more prone to financial distress.Based on this,we should further promulgate more detailed recognition procedures for high-tech enterprises and strengthen the crackdown on R&D manipulation.Meanwhile,it is expected to strengthen the participation of analysts in policy information transmission and give full play to the role of positive guidance.Moreover,differentiation policies should be actively implemented to avoid one-size-fits-all approach to management.