| 社会诚信建设抑制企业研发操纵行为了吗？——基于《社会信用体系建设规划纲要(2014—2020年)》实施的准自然实验 |
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| 引用本文：梁慧丽1,黄宏斌2,张玥杨2.社会诚信建设抑制企业研发操纵行为了吗？——基于《社会信用体系建设规划纲要(2014—2020年)》实施的准自然实验[J].财经理论与实践,2025,(6):86-94 |
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| 中文摘要:将《社会信用体系建设规划纲要（2014—2020年）》的实施作为准自然实验，以我国2011—2023年沪深A股上市公司为样本，考察社会诚信建设对企业研发操纵的影响。结果表明：社会诚信建设显著抑制了企业的研发操纵行为；社会诚信建设主要通过“信息不对称缓解”效应和“管理层自利动机削弱”效应抑制企业研发操纵行为；当企业所处区域法治化水平较高、企业融资约束程度较高和企业诚信文化水平较低时，社会诚信建设对企业研发操纵的抑制效果更为显著；社会诚信建设在抑制企业研发操纵后，最终提升了企业自身的创新质量。鉴于此，应持续拓展并深化社会信用体系的建设工作，加大信用联合惩戒的力度，进一步完善社会征信体系,为提升社会信用体系建设的赋能效应提供支持。 |
| 中文关键词:社会诚信建设 研发操纵 信息不对称 管理层自利动机 |
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| Has Social Integrity Construction Suppressed Corporate R&D Manipulation?—A Quasi-Natural Experiment Based on the “Outline of the Plan for the Construction of the Social Credit System (2014—2020)” |
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| Abstract:Using the implementation of the “Outline of the Plan for the Construction of the Social Credit System (2014—2020)” as a quasi-natural experiment, and taking listed companies on the Shanghai and Shenzhen A-share markets from 2011 to 2023 as samples, this study investigates the impact of social integrity construction on corporate R&D manipulation. The research finds that social integrity construction significantly inhibits corporate R&D manipulation behavior. Mechanism tests reveal that social integrity construction mainly inhibits corporate R&D manipulation behavior through two paths: the “information asymmetry alleviation” effect and the “weakening of management self-interest motivation” effect. Further research indicates that when enterprises are located in regions with higher levels of rule of law, higher degrees of financing constraints, and lower levels of corporate integrity culture, the inhibitory effect of social integrity construction on corporate R&D manipulation is more significant. After inhibiting corporate R&D manipulation, social integrity construction ultimately enhances the innovation quality of enterprises themselves. In view of this, it is recommended to continue expanding and promoting the construction of the social credit system, strengthen joint credit punishment, improve the social credit information system, and provide support for enhancing the empowering effect of social credit system reform. |
| keywords:social integrity construction R&D manipulation information asymmetry management’s self-interest motivation |
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