媒体关注对研发操纵行为的影响:融资约束的中介作用  

Effect of Media Attention on R&D Manipulation:Mediating Role of Financing Constraints

作　　者：彭若弘[1] 刘晓宇 PENG Ruohong;LIU Xiaoyu(School of Economics and Management,Beijing University of Posts and Telecommunications,Beijing 100876,China)

机构地区：[1]北京邮电大学经济管理学院,北京100876

出　　处：《北京邮电大学学报（社会科学版）》2022年第6期48-60,共13页Journal of Beijing University of Posts and Telecommunications(Social Sciences Edition)

摘　　要：研究媒体对研发操纵现象的治理,并考虑媒体在监督外所发挥的信息传导作用,引入融资约束作为中介变量。实证结果表明:融资约束是研发操纵行为出现的动因,负面和非负面的媒体报道对研发操纵起到直接治理和促进作用,但非负面媒体报道和综合的媒体关注均能通过缓解融资约束间接减少研发操纵。进一步研究发现,市场化进程的建设能够从总体上增强媒体发挥的治理作用,国企和非国企在面对媒体时分别受到“帮扶型监管”和“制约型监管”。In order to cater to the policy of high-tech enterprise identification,enterprises falsify innovation and increase R&D expenses.Although enterprises reap financing dividends,this behavior harms the input and output of innovation.In reality,such R&D manipulation is often first discovered by media.The governance of media on R&D manipulation is researched,and the role of media in information transmission is considered,and financing constraint is introduced as a mediator variable.The empirical results show that financing constraints are the motivation of R&D manipulation.Negative and non-negative media reports directly regulate and promote R&D manipulation,respectively.However,both non-negative media reports and comprehensive media attention can indirectly reduce R&D manipulation by alleviating financing constraints.Further research finds that the construction of market-oriented process can enhance the governance role of media on the whole,and state-owned enterprises and non-state-owned enterprises are respectively subjected to“supportive supervision”and“restrictive supervision”when facing the media.

关 键 词：研发操纵 媒体关注 情感倾向 融资约束 

分 类 号：F23[经济管理—会计学]