| 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 |
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| 引用本文： | 蒋,弘.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[J].科技管理研究,2021,41(6):105-115. |
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| 作者姓名： | 蒋 弘 |
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| 作者单位： | 重庆工商大学会计学院,重庆400067 |
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| 基金项目： | 重庆市教委科学技术研究项目“基于新常态下外部市场风险应对视角的技术创新与并购重组交互作用研究”（KJ1706157）；国家自然科学基金面上项目“产权控制路径下的资本投资与配置效率研究”（71172082） |
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| 摘 要： | 以并购融资事件为起点,在统一框架下研究企业并购融资的后续影响及其研发活动、经营业绩、盈余管理的决定因素。从2006-2016年A股上市公司中筛选得到490家企业作为样本,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,采取债权融资方式并购后,企业研发投入强度会减弱,引发经营业绩下滑和调高利润的盈余管理行为,且采取真实盈余管理比应计盈余管理更为常见并程度更深,特别是非高新技术企业或面临行业竞争程度较大的企业更容易引发程度较深的盈余管理行为。研究给出启示如下:具有研发需求的企业在为并购项目融资时应慎重选择融资方式,国内股权融资偏好现象将进一步加剧;非高新技术企业或面临行业竞争程度较大的企业,其股东、潜在投资者和其他相关人员需要特别关注并购债权融资事件,可通过经济增加值动量指标在有效发现盈余管理的基础上对企业进行惩戒,并促进企业寻求自我突破和改变。
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| 关 键 词： | 并购 融资 企业研发 经济增加值动量 盈余管理 |
| 收稿时间： | 2020/5/20 0:00:00 |
| 修稿时间： | 2021/3/10 0:00:00 |
R&D Activity of Enterprises Under the M&A Financing Influence: An Analysis Taking the Real and the Whitewashed Business Performances as Results |
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| Jiang Hong.R&D Activity of Enterprises Under the M&A Financing Influence: An Analysis Taking the Real and the Whitewashed Business Performances as Results[J].Science and Technology Management Research,2021,41(6):105-115. |
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| Authors: | Jiang Hong |
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| Institution: | (School of Accounting,Chongqing Technology and Business University,Chongqing 400067,China) |
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| Abstract: | Starting from M&A financing events, this paper studies subsequent impact of M&A financing and the determinants of enterprise’s R&D activity, operating performance and earnings management under a unified framework. By using OLS/GLS estimation, GMM estimation and PSM evaluation on 490 samples selected from A-share listed companies from 2006 to 2016, the paper finds that compared with equity financing, the intensity of enterprise’s R&D investment will be weakened after adopting M&A financing, which will lead to the decline of operating performance and the earnings management behavior of raising profits, and it is more common and deeper for enterprises to adopt real earnings management than accrual earnings management, especially for non-high-tech enterprises or enterprises facing greater competition in the industry. The implications of the study are as follows: enterprises with R&D needs should carefully choose financing ways for M&A projects, and the phenomenon of equity financing preference in domestic capital market will be further intensified;for non-high-tech enterprises or enterprises facing greater industry competition, their shareholders, potential investors and other relevant personnel need to pay special attention to M&A debt financing events, on the basis of effectively discovering earnings management through momentum index of economic added value, the enterprise should be punished, in addition, promote the enterprises to seek self-breakthrough and change. |
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| Keywords: | M&A financing R&D EVA momentum earnings management |
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