摘要
本文基于中国上市公司与投资者的行为互动视角,对公司R&D投资行为的误定价迎合性进行研究检验。总体而言,本文研究结果支持了R&D投资迎合行为假说,发现在中国制度环境下R&D投资迎合行为的实施主体为民营终极控制上市公司。误定价影响R&D投资的传导路径与股权融资渠道密切相关,与股票市场外部治理压力下的理性迎合渠道不显著相关,不存在公司管理者为最大化股权薪酬利益而迎合投资者短视的R&D投资行为。此外,R&D投资迎合行为与盈余管理行为之间的关联性也主要是通过股权融资渠道而结合起来。
This paper explores the catering effect of mispricing on R&D investment from the interaction view between the listed company and investor.As a whole,the results support the hypothesis of the catering effect of mispricing on R&D investment,and make sure that its mechanism is related to the equity financing channel and no the rational catering channel.It also finds that the company with equity financing motivation usually uses earning management to fit this catering behavior,which is also linked by the equity financing channel.
出处
《会计研究》
CSSCI
北大核心
2012年第2期42-49,96,共8页
Accounting Research
基金
作者所主持的国家自然科学基金面上项目(70972112
70972113)
教育部人文社科研究重点基地重大项目(X11015)
国家软科学基金项目(2010GXS5D221)的阶段性研究成果
