文章研究了2008-2016年间上市公司的研发操纵行为和动机,及其对上市公司创新效率的影响。首先通过断点回归方法实证了上市公司研发操纵行为的存在性；其次文章分析了研发操纵行为及其融资约束动机之间的关系；最后检验了上市公司研发操纵行为以及融资约束对公司创新效率的影响。研究得出主要结论包括三点：第一,在3%的研发门槛附近存在显著的上市公司研发操纵现象；第二,研发操纵显著的帮助公司缓解融资约束；第三,在研发门槛之上的非研发操纵公司创新效率显著降低,研发操纵公司创新效率没有显著提高,这说明存在创新资源冗余现象。研究表明融资约束是研发操纵主要动机之一,此外政府对高新技术企业投入了过多的创新资源,研究发现有助于提升上市公司创新监管效率和促进创新资源配置优化。

This paper studied the R D manipulation and motivation of listed companies from 2008 to 2016, and its impact on the innovation efficiency of listed companies. Firstly, the existence of R D manipulation of listed companies is demonstrated by regression discontinue method. Secondly, this paper empirically analysed the relationship between R D manipulation and its financing constraint motivation. Finally, this study examines the influence of listed companies" R D manipulation and financing constraints on their innovation efficiency. The main conclusions of the study include three points: first, there was a significant phenomenon of listed companies" R D manipulation around the R D threshold; Second, R D manipulation significantly helped companies to ease financing constraints; Third, the innovation efficiency of non- manipulation companies above the R D threshold was significantly reduced, at the same time the innovation efficiency of R D manipulation companies was not significantly improved. This result indicated the existence of innovation resource redundancy. The research demonstrates the new motivation of R D manipulation, further clarifies the relationship between R D manipulation and innovation efficiency, and has some enlightenment on promoting the innovation supervision of listed companies.

国家社会科学资助(14XJY009)；广西高校中青年教师基础能力提升项目(KY2016YB526)；上海市科委重点课题(18692103000)