研发投入与MD&A文本信息披露特征——影响效果及机制检验  

R&D Investment and MD&A Text Information Disclosure Characteristics: Effect and Mechanism Test

作　　者：张英明 徐晨 ZHANG Ying-ming;XU Chen(Jiangsu Normal University,Xuzhou 221116,China)

机构地区：[1]江苏师范大学商学院,江苏徐州221116

出　　处：《山东工商学院学报》2022年第5期68-82,共15页Journal of Shandong Technology and Business University

基　　金：国家社科基金一般项目“中小企业集合年金制度构建研究”(12BJY041);江苏师范大学研究生创新项目“区块链技术、会计信息质量与R&D融资约束的相关性研究”(2020XKT423)。

摘　　要：以2010-2019年沪深A股上市公司为样本,实证检验了研发投入对MD&A文本信息披露特征的影响,并探究了其内在作用机制。研究发现,研发投入会降低MD&A报告的可读性和横向文本相似度,但会提升MD&A报告的纵向文本相似度以及语调的积极程度。高管过度自信、竞争地位和融资约束对研发投入与MD&A文本信息披露特征两者间的关系具有调节效应;且通过bootstrap法验证了“财政补贴-研发投入-企业绩效-文本信息披露特征”这一链式中介路径的存在。Based on the sample of Shanghai and Shenzhen A-share listed companies from 2010 to 2019, this paper empirically tests the influence of R&D investment on MD&A text information disclosure characteristics, and explores its internal mechanism. The research found that: R&D investment will reduce the readability and the horizontal text similarity of MD&A reports, but will improve the vertical text similarity and the tone positivity. Executive overconfidence, competitive status and financing constraints have regulatory effect on the relationship between R&D investment and MD&A text information disclosure characteristics;and the existence of the chain intermediary path "financial subsidy-R&D investment-enterprise performance-text information disclosure characteristics" is verified by bootstrap method.

关 键 词：研发投入 MD&A 文本信息披露 企业绩效 知识产权保护制度 

分 类 号：F273.1[经济管理—企业管理] F279.246[经济管理—国民经济]