Can Capital Market Liberalization Inhibit R&D Manipulation? Empirical Study Based on Information Effect

Abstract

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

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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