资本市场开放能抑制企业研发操纵吗?——基于信息效应的实证研究

摘要/Abstract

摘要： 聚焦于高新技术企业认定过程中的企业研发操纵现象，本文选取2010—2022年沪深A股上市的高新技术企业为研究样本，以沪深港通交易制度为一个准自然实验，主要考察资本市场开放对企业研发操纵的影响，并尝试从信息效应路径揭示具体的作用机制。研究发现，资本市场开放能够抑制企业研发操纵。作用机制分析表明，资本市场开放通过改善企业信息环境路径抑制企业研发操纵，表现出信息效应。异质性分析发现，在处于竞争程度较高行业和内部控制质量较低的企业以及非国有企业中，资本市场开放对企业研发操纵的抑制作用更为明显，解释了资本市场开放的信息效应所适用的情境因素。最后，经济后果分析表明，资本市场开放对企业研发操纵的抑制作用在促进企业研发产出中具有积极影响。本文拓展了企业研发操纵影响因素的研究视角，特别是对于抑制企业研发操纵具有一定的启示意义，同时丰富了资本市场开放微观经济后果的相关文献。

关键词: 高新技术企业认定, 资本市场开放, 研发操纵, 信息效应

Abstract: Focusing on the phenomenon of R&D manipulation in the identification of high-tech enterprises, this paper studies the impact of capital market liberalization on R&D manipulation by using the data of China’s A-share listed and high-tech companies throughout 2010 to 2022 in the background of the quasi-natural experiment of the “Shanghai-Hong Kong” and “Shenzhen-Hong Kong” stock connect and tries to reveal its specific mechanism by the information effect. This study finds that capital market liberalization significantly inhibits R&D manipulation. Our mechanism test shows that capital market liberalization mainly affects R&D manipulation by improving the corporate information environment, which reflects the information effect of capital market liberalization. Heterogeneity analysis finds that the inhibitory effect of capital market liberalization on R&D manipulation is more significant for firms exposed to high industrial competition, inferior in internal control, and non-state-owned, explaining the situational factors that the information effect of capital market liberalization depends on. Finally, economic consequence analysis shows that the inhibitory effect of capital market liberalization on R&D manipulation has a positive impact on promoting R&D output. This study not only expands the perspective on the governance factors of R&D manipulation, especially its significance in inhibiting R&D manipulation, but also enriches the literature on the microeconomic consequences of capital market liberalization.

Key words: identification of high-tech enterprises, capital market liberalization, R&D manipulation, information effect

王琦, 王孔文, 马茜群. 资本市场开放能抑制企业研发操纵吗?——基于信息效应的实证研究[J]. 管理评论, 2025, 37(8): 91-104.

Wang Qi, Wang Kongwen, Ma Qianqun. Can Capital Market Liberalization Inhibit R&D Manipulation? Empirical Study Based on Information Effect[J]. Management Review, 2025, 37(8): 91-104.

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