公司诚信文化与创新研发操纵行为  

Corporate Integrity Culture and Innovative R&D Manipulation

作　　者：卜美文 BU Mei-wen(Tianjin University of Technology,Tianjin 300384,China)

机构地区：[1]天津理工大学财务处,天津300384

出　　处：《当代财经》2020年第11期88-99,共12页Contemporary Finance and Economics

基　　金：国家自然科学基金面上项目“产权视角下审计师声誉机制及其经济后果研究”(71272189);国家自然科学基金青年项目“公允价值估计中的管理者自由裁量及其行为后果与治理:基于股权激励表外信息的研究”(71502122)。

摘　　要：以2012-2018年中国上市公司为样本,采用文本分析、普通最小二乘法、工具变量法及倾向得分匹配法,考察作为一种非正式制度的公司诚信文化对创新研发操纵行为的影响。研究结果表明,具有诚信文化背景的公司,其创新研发操纵程度较低;法律环境与公司诚信文化对公司创新研发操纵的影响具有一定的替代效应,即在法律环境较差时,公司诚信文化更能有效地抑制公司的创新研发操纵行为;作为一种缓解代理问题的股权激励机制,管理层持股与公司诚信文化对公司创新研发操纵的影响同样具有替代效应,即管理层持股较低时,公司诚信文化更能有效地抑制公司创新研发操纵行为。进一步研究表明,在公司诚信文化对创新研发操纵行为的影响机制中,内部控制起部分中介作用。Taking China's listed companies in 2012-2018 as samples,this paper employs the methods of text analysis,ordinary least squares,instrumental variables and propensity score matching to investigate the impact of corporate integrity culture as an informal system on the behavior of innovative R&D manipulation.The results show that companies with integrity cultural background have a low degree of innovative R&D manipulation.The legal environment and corporate integrity culture have a certain substitution effect on the corporate innovative R&D manipulation,that is,when the legal environment is worse,the corporate integrity culture can inhibit corporate innovative R&D manipulation more effectively.As an equity incentive mechanism to alleviate agency problems,the impact of managerial shareholdings and corporate integrity culture on corporate innovative R&D manipulation has the same substitution effect,i.e.,when the managerial shareholding is lower,the company integrity culture can more effectively inhibit the company's innovative R&D manipulation.Further research shows that in the influencing mechanism of corporate integrity culture on the innovative R&D manipulation,the internal control plays a part of intermediary role.

关 键 词：公司诚信文化 研发操纵 法制环境 管理层持股 内控质量 

分 类 号：F275.5[经济管理—企业管理]