盈余管理对企业技术创新的影响研究

A Study of the Impact of Surplus Management on Corporate Technological Innovation

摘要: 作为一项财务指标，盈余信息反映了企业在某一会计年度的经营状况，也能够预测未来的经营潜力。通过财务报告披露盈余信息是企业与资本市场沟通的重要渠道，管理层的盈余管理行为不仅会干涉企业的经营业绩，更会干预投资者的决策行为。在我国实施创新驱动发展战略这个背景下，只有具备核心竞争力，企业才能不淹没于经济潮流中。具备核心竞争力的关键在于技术创新能力，包括研发资金的投入、高质量研发人员和高效管理团队。管理者作为企业经营活动的决策者，对企业的发展前景起着关键的作用。因此，本文以我国沪深A股上市公司为研究对象，以其2006~2021年的财务数据和专利申请数据为样本，通过建立固定效应回归模型来研究盈余管理对企业技术创新的影响。研究结果显示：管理层的盈余管理活动会显著抑制企业的技术创新水平，通过替换变量的稳健性检验后结论依然成立。研究结论对企业如何减少盈余管理行为、提高技术创新水平以及投资者如何正确决策有着重要启示。

Abstract: As a financial indicator, surplus information reflects the operating status of an enterprise in a certain accounting year and can also predict the future operating potential. Disclosure of surplus information through financial reporting is an important channel of communication between enterprises and the capital market, and management’s surplus management behaviour not only interferes with the operating performance of enterprises, but also interferes with the decision-making behaviour of investors. In the context of China’s innovation-driven development strategy, only with core competitiveness, enterprises can not drown in the economic trend. The key to core competitiveness lies in technological innovation capability, including investment in R&D funds, high-quality R&D personnel and efficient management team. As the decision makers of the enterprise’s business activities, managers play a key role in the development prospects of the enterprise. Therefore, this paper takes China’s A-share listed companies in Shanghai and Shenzhen as the research object, and takes their financial data and patent application data from 2006 to 2021 as the samples, and investigates the impact of surplus management on corporate technological innovation by building a fixed-effects regression model. The research results show that management’s surplus management activities significantly inhibit the level of technological innovation of enterprises, and the conclusion still holds after the robustness test with replacement variables. The findings of the study have important implications for how enterprises can reduce surplus management behaviours, improve technological innovation and how investors can make correct decisions.