并购融资影响下的企业研发——以真实和粉饰的经营业绩为结果的分析

R&D Activity under the Influence of M&A Financing：An Analysis Taking the Real and the Whitewashed Business Performances as Results

摘要:

以并购融资事件为起点，分析了融资方式选择对融资后企业研发的影响，以及影响的传递情况。通过综合运用OLS/GLS估计、GMM估计和PSM评估发现：相对于股权融资方式，当上市公司在并购融资中采用债权融资方式时，后续的研发投入强度会减弱。而研发投入强度的减弱一方面会造成经济增加值动量下降，另一方面会导致盈余管理程度加深。当研发投入强度减弱时，上市公司通过真实盈余管理上调利润比通过应计盈余管理更为常见且程度更深。如果上市公司属于非高新技术企业，或者面临的行业竞争程度较大时，研发投入强度的减弱更容易引发程度较深的盈余管理。

Abstract:

Starting from M&A financing events, this article analyzed the influence of financing approach on enterprise’s R&D activity and the transmission of the influence. After making comprehensive use of OLS/GLS estimation, GMM estimation and PSM evaluation, this article found that compared with equity financing, if listed companies adopt debt financing for M&A project, the subsequent R&D investment intensity will be weakened. And the weakening of R&D investment intensity will, on the one hand, cause the EVA momentum to decline, and on the other hand, lead to the deepening of earnings management. When the R&D investment intensity decreases, it is more common and deeper for listed companies to raise profit by real earnings management than by accrued earnings management. If listed companies belong to non-high-tech enterprises, or face higher industry competition, the weakening of R&D investment intensity is more likely to result in deeper earnings management behavior.