摘要
本文基于2014—2023年我国A股上市公司数据,实证检验供应链信息披露对企业研发操纵行为的影响及其作用机制。研究发现,提高供应链透明度对企业研发操纵具有显著的抑制作用。机制检验表明,缓解融资约束是供应链透明度抑制研发操纵的关键路径。此外,本文从企业外部治理环境和内部特征两个层面出发,深入剖析了供应链透明度在不同情境下对研发操纵的异质性影响。具体而言,在技术密集型行业、行业竞争性较低、企业风险承担水平较低以及非国有企业中,供应链透明度对研发操纵的抑制作用尤为显著。本文拓展了供应链透明度经济后果的研究范畴,为监管部门制订差异化信息披露政策提供了理论依据,有助于规范企业研发实践,提升创新资源配置效率,维护市场秩序。
Based on data from China's A-share listed companies from 2014 to 2023,this paper empirically examines the impact of supply chain transparency on corporate R&D manipulation and its underlying mechanisms.The findings reveal that enhancing supply chain transparency significantly suppresses corporate R&D manipulation.Mechanism tests indicate that alleviating financing constraints is a key pathway through which supply chain transparency curbs R&D manipulation.Furthermore,from the perspectives of both external governance environments and internal firm characteristics,this study delves into the hetero geneous effects of supply chain transparency on R&D manipulation across different contexts.Specifically,the restraining effect of supply chain transparency is more pronounced in industries with lower competition,technology-intensive sectors,firms with lower risk-taking levels,and non-state-owned enterprises.This research expands the scope of studies on the economic consequences of supply chain transparency,provides a theoretical basis for regulatory authorities to formulate differentiated information disclosure policies,and contributes to standardizing corporate R&D practices,improving the efficiency of innovation resource allocation,and maintaining market order.
作者
谢柯柯
郑琪
XIE Keke;ZHENG Qi(School of Management Studies,Shanghai University of Engineering Science)
出处
《金融经济》
2025年第10期50-63,共14页
Finance Economy
关键词
供应链透明度
研发操纵
融资约束
Supply chain transparency
R&D manipulation
Financing constraints
