中小投资者“研发关注”与企业研发操纵行为——来自交易所互动平台的证据  

Small and Medium Investors' “R&D Attention” andEnterprise R&D Manipulation Behavior:Evidence from Exchange Interactive Platform

作　　者：孙畅 Sun Chang(School of Accounting,Guizhou University of Finance and Economics,Guiyang 550025,China)

机构地区：[1]贵州财经大学会计学院,贵阳550025

出　　处：《无锡商业职业技术学院学报》2025年第1期48-60,共13页Journal of Wuxi Vocational Institute of Commerce

基　　金：贵州财经大学在校学生科研项目“中小投资者‘研发关注’对研发操纵行为的影响——来自交易所互动平台的证据”(2024ZXSY007)。

摘　　要：以2015—2022年沪深A股上市公司为研究样本,运用大语言模型对文本语义进行测度,实证研究中小投资者“研发关注”对企业研发操纵行为的监管有效性。研究表明:第一,中小投资者“研发关注”可以有效抑制企业未来研发操纵行为;第二,中小投资者“研发关注”对研发操纵行为的治理作用主要通过增加交易所一线监管压力和社交媒体关注压力来实现;第三,研发相关问答文本的详细程度能显著影响企业研发操纵行为的监督治理效果;第四,中小投资者“研发关注”对研发操纵行为的治理效应在避税动机较强的企业中更显著。建议强化中小投资者对资本市场的监管,建立多主体共同参与的研发治理体系,构建税收监管的中小投资者治理模式等。Using A-share listed companies in Shanghai and Shenzhen from 2015 to 2022 as research samples,this study uses the large language model method to measure the semantics of the text,and empirically investigates the regulatory effectiveness of small and medium investors'“R&D attention”on enterprise R&D manipulation behavior.The findings are as follows:firstly,the“R&D attention”of small and medium investors can effectively inhibit the future R&D manipulation behavior of enterprises;secondly,the governance effect of small and medium investors'“R&D attention”on R&D manipulation is mainly achieved by increasing the frontline regulatory pressure on exchanges and social media attention pressure;thirdly,the level of specificity in R&D related Q&A texts can significantly affect the supervision and governance effect of enterprises'R&D manipulation behavior;fourthly,the governance effect of small and medium investors'“R&D attention”on R&D manipulation is more significant in enterprises with strong tax avoidance motivation.It is suggested to strengthen the supervision of small and medium investors in the capital market,establishing a multi-party R&D governance system,and constructing a tax regulatory governance model for small and medium investors.

关 键 词：中小投资者 “研发关注” 研发操纵行为 交易所互动平台 高新技术产业政策 大语言模型 

分 类 号：F270.7[经济管理—企业管理]