制造业企业数字化转型与研发操纵——抑制还是加剧?

摘要/Abstract

摘要： 企业加快数字化转型可能产生利用数据优势以缓解信息不对称并抑制研发操纵和恶化信息不对称进而加剧研发操纵的两种对立可能，本文基于2012—2020年A股制造业上市公司数据，考察数字化转型对研发操纵的影响效果和作用机制。研究发现，制造业企业数字化转型能有效抑制研发操纵，表现为显著降低研发操纵公司的异常研发投入；机制检验表明数字化转型能发挥“信息效应”和“信号效应”以优化信息供给和强化市场监督，从企业内外部缓解信息不对称进而抑制研发操纵；异质性分析发现这种抑制作用在创新信息不对称程度更高的国有企业、高科技企业和高管有研发背景企业中更为显著；数字化转型通过抑制研发操纵有助于促进制造业企业提高研发绩效。本文研究丰富了数字化转型微观经济结果认识，也为政府更好推行产业政策以激励企业创新提供了参考。

关键词: 数字化转型, 研发操纵, 信息效应, 信号效应, 研发绩效

Abstract: In the process of accelerating digital transformation, enterprises may go to two extremes: one is to restrain R&D manipulation by using data advantages to alleviate information asymmetry and the other is to intensify R&D manipulation by worsening information asymmetry. Based on the data of China’s A-share listed manufacturing companies from 2012 to 2020, this paper examines the effect of digital transformation on R&D manipulation and the mechanism underlying the effect. The results show that the digital transformation of manufacturing enterprises can effectively restrain R&D manipulation, as evidenced by s significant decrease in their abnormal R&D investment. The mechanism test shows that digital transformation can exert “information effect” and “signal effect” to optimize information supply and strengthen market supervision, alleviate information asymmetry from inside and outside, and then restrain R&D manipulation; Heterogeneity analysis finds that this restraining effect is more significant in state-owned enterprises and high-tech enterprises where innovation information is highly asymmetric and enterprises whose executives have R&D background. Digital transformation can help manufacturing enterprises improve innovation quality by restrain R&D manipulation. This study enriches the understanding of the microeconomic results of digital transformation, and provides a reference for the government to better implement industrial policies to stimulate enterprise innovation.

Key words: digital transformation, R&D manipulation, information effect, signal effect, R&D performance

朱浩, 李林, 蔡丹, 何建洪. 制造业企业数字化转型与研发操纵——抑制还是加剧?[J]. 管理评论, 2025, 37(3): 123-135.

Zhu Hao, Li Lin, Cai Dan, He Jianhong. Digital Transformation and R&D Manipulation of Manufacturing Enterprises—Restrain or Intensify R&D Manipulation?[J]. Management Review, 2025, 37(3): 123-135.

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